Today, the
New York City Comptroller
The full list of designated banks prior to today's vote is available here.
Following is a statement from Comptroller Lander on today's vote delivered by Deputy Comptroller for Policy
'Just like any other entity seeking to do business with the City, we expect banks to fully comply with the Commission's rules for applications - and for those applications to reflect a sound financial position and a meaningful commitment to community reinvestment and combating discrimination.
'Flagstar Bank has a troubling history of problematic practices. Per the bank's application, Flagstar's credit is currently rated 'speculative' by Fitch, and 'high risk' by Moody's. To our knowledge, it is unprecedented for the Commission to fully designate a bank with these ratings.
'Given the bank's concerning ratings and testimony at today's hearing, a one-year conditional designation for Flagstar would be both appropriate under the Commission's rules and more prudent. Conditional designation would allow City agencies to keep their existing accounts open but preclude the City from doing new business with the bank for one year.
'Because conditional designation was not under consideration by the Commission today I have chosen to vote no on
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