Company Directory - Flagstar Bank
Company Details - Flagstar Bank
Flagstar Bank
WebsiteFlagstar Bank is a financial institution that provides a comprehensive range of banking services including residential mortgages, commercial banking products, and other financial services for both consumers and businesses.
CCI Score
CCI Score: Flagstar Bank
-19.82
0.01%
Latest Event
Flagstar Bank Branch Closures Impact Vulnerable Communities
Flagstar Bank is set to close 52 branch locations in 2025 as part of a broader trend toward digital banking. This move, highlighted in a Newsweek article, is expected to disproportionately affect marginalized groups such as low-income households, the elderly, and residents in rural areas who rely on physical branch access.
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ENABLER
Flagstar Bank is currently rated as an Enabler.
Latest Events
- MAR282025
Flagstar Bank is set to close 52 branch locations in 2025 as part of a broader trend toward digital banking. This move, highlighted in a Newsweek article, is expected to disproportionately affect marginalized groups such as low-income households, the elderly, and residents in rural areas who rely on physical branch access.
- FEB062025
OpenSecrets data reveals that Flagstar Bank's PAC is making contributions to other PACs and party committees during the 2023-2024 election cycle, with data released on February 06, 2025. The record does not indicate support for any specific authoritarian or far‐right agenda.
+0
Political Contributions and Lobbying Efforts
March 28
The article provides factual data on Flagstar Bank's PAC contributions to other political committees for the 2023-2024 cycle. There is no evidence in the provided information that these contributions are intended to bolster authoritarian or far-right influences. As such, the event is rated neutrally in the category 'Political Contributions and Lobbying Efforts'.
- DEC192024
Flagstar Bank was fined $3.5 million by the SEC for allegedly making materially misleading statements about its handling of a 2021 cyberattack that compromised the personal information of 1.5 million customers. The bank failed to disclose the breach in its website and financial filings, leading to both a penalty and a cease-and-desist order.
-40
Public and Political Behavior
March 28
Flagstar Bank's public communications, including its website and filings, contained misleading statements regarding its cybersecurity breaches. This lack of transparency undermines public trust and accountability, representing a negative act in its public and political behavior.
Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
-50
Business Practices and Ethical Responsibility
March 28
The bank negligently provided materially misleading disclosures in its filings and website regarding the cyberattack and subsequent data breach, failing to uphold its obligation for transparent and ethical business practices.
Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
- OCT212024
Flagstar Bank, a subsidiary of New York Community Bancorp (NYCB), announced a workforce reduction affecting 700 employees as part of its strategic transformation, with additional job impacts expected from the sale of its mortgage servicing and third-party origination business.
-70
Labor Relations and Human Rights Practices
March 28
The mass layoff of 700 employees significantly undermines worker rights and job security, reflecting a shift in corporate priorities towards restructuring and cost-cutting over employee welfare. This decision, which adversely affects vulnerable workers, runs counter to progressive labor practices and is indicative of troubling business practices.
Flagstar Bank Announces Workforce Reduction Of 700 Employees – NMP
- OCT182024
Flagstar Bank announced the layoff of 700 workers, representing approximately 8% of its total workforce, as part of a broader restructuring plan following the sale of its mortgage servicing unit. The move aims to reposition the bank in a competitive market but raises concerns over the treatment and security of its employees.
-50
Labor Relations and Human Rights Practices
March 28
The decision to lay off 700 workers significantly undermines worker security and labor rights. From an anti-fascist and pro-worker perspective, such mass layoffs during a corporate restructuring suggest a prioritization of profits over employee welfare, reflecting negatively on the company's ethical responsibility toward its workforce.
Flagstar Bank to lay off 700 workers, more expected after mortgage servicing unit sale
- OCT182024
Flagstar Bank, a subsidiary of New York Community Bancorp, has announced a major restructuring effort that includes cutting approximately 1,900 jobs. The initial phase saw 700 positions eliminated with further layoffs expected following the sale of its mortgage servicing business to Mr. Cooper, an effort aimed at streamlining operations post-integration of legacy banks.
-70
Labor Relations and Human Rights Practices
March 28
The large-scale job cuts directly affect worker stability and undermine labor rights. From an anti-fascist perspective that champions workers' rights, such drastic measures to reduce headcount at the expense of employees reflect a disregard for the welfare of the working class. The restructuring, though positioned as necessary for efficiency, disproportionately harms marginalized and vulnerable workers.
Flagstar Bank to cut nearly 1,900 jobs amid cost reduction efforts
- SEP252024
Flagstar Bank released its 2023 Environmental, Social, and Governance Report, outlining its progress in achieving early carbon emissions targets and demonstrating its commitment to sustainability and social responsibility.
+60
Business Practices and Ethical Responsibility
March 28
The release of the ESG Report highlights Flagstar Bank's proactive commitment to responsible business practices by emphasizing sustainable operations, social responsibility, and transparent governance. This positive step reflects its dedication to ethical practices that support community wellbeing, aligning with progressive, anti-authoritarian principles.
Flagstar Bank Releases 2023 Environmental, Social, and Governance Report
- SEP252024Flagstar Bank Releases 2023 ESG Report Showcasing Sustainability and Social Equity Initiatives
71.42
Flagstar Bank published its 2023 Environmental, Social, and Governance Report detailing achievements such as a 34% reduction in Scope 1 and 2 greenhouse gas emissions, enhanced DEI measures including in-language loan documents and expanded mentorship programs, and significant investments in community reinvestment through CRA and philanthropic grants.
+80
Business Practices and Ethical Responsibility
March 28
The report demonstrates Flagstar Bank's commitment to responsible business practices by exceeding its carbon reduction targets, implementing inclusivity measures in its workforce and services, and actively supporting DEI initiatives. These actions reflect strong ethical business practices that enhance corporate accountability and safeguard marginalized communities.
FLAGSTAR BANK RELEASES 2023 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT
+70
Economic and Structural Influence
March 28
Flagstar Bank's robust community reinvestment strategy, as evidenced by its significant investment in CRA initiatives and philanthropic grants, underlines its commitment to reducing economic disparities and promoting social welfare, which supports marginalized communities and aligns with progressive values.
FLAGSTAR BANK RELEASES 2023 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT
- DEC032022
In early December 2022, Flagstar Bank suffered a significant cybersecurity breach in which personal data, including Social Security numbers of approximately 1,547,169 customers, was accessed. The delayed notification to affected customers and recurring cybersecurity issues have raised serious concerns about the bank’s commitment to protecting sensitive customer information.
-40
Business Practices and Ethical Responsibility
March 28
The data breach and the bank's delayed response underscore a neglect of ethical business practices. In a sector that handles extremely sensitive personal and financial data, the failure to promptly notify and adequately secure customer information significantly undermines trust and raises concerns about the institution's commitment to duty of care, marking a negative impact on its ethical responsibility.
- JUN302022
Flagstar Bank raised $248,404 in the 2021-2022 election cycle, as detailed in an OpenSecrets PAC profile, highlighting its involvement in political fundraising activities that can translate into significant political influence.
-20
Political Contributions and Lobbying Efforts
March 28
The report on Flagstar Bank's PAC fundraising reveals that the bank raised $248,404 during the 2021-2022 election cycle. This level of political fundraising can enhance corporate influence over political processes, potentially prioritizing corporate interests over democratic accountability. From an anti-authoritarian perspective, such contributions are concerning because they can facilitate undue influence in political decision-making.
- DEC152021
Flagstar Bank is facing three class action lawsuits from customers alleging negligence in protecting personal data after a two‐day cyberattack in December compromised the PII of over 1.5 million users. This follows a similar breach in 2020 and has led to criticism of the bank’s cybersecurity and disclosure practices.
-50
Business Practices and Ethical Responsibility
March 28
Flagstar Bank’s repeated failure to protect customer data, as evidenced by the recent December breach and a previous incident in 2020, reflects negligent business practices. This lack of diligence undermines consumer trust and ethical responsibility in its operations.
-50
Technology and Services Impact
March 28
The bank demonstrated significant lapses in its cybersecurity measures by failing to protect sensitive personal information during the December cyberattack. This negligence in managing technology services not only exposed customer data but also delayed transparent disclosure, thereby undermining public trust.
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