Last week, New York Community Bancorp (NYCB) announced that it had replaced its CEO and found "material weaknesses" in its internal controls that govern how loans are reviewed, as reported by the Financial Times.
NYCB has been the subject of renewed anxieties about a potential default in recent months as the bank has racked up higher-than-expected losses on real estate loans. In a recent regulatory filing, the bank said that the deficiencies in its internal controls stemmed from "ineffective oversight, risk assessment and monitoring activities," and promised to lay out a remediation plan in its now-delayed annual report.
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