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Material weaknesses

Banks in Turmoil

What does it mean for a bank to find “material weaknesses”?

by Stephanie Hughes
Mar 4, 2024
Regional lender New York Community Bancorp swapped out its CEO last week following the revelation of what it called “material weaknesses in the company’s internal controls.
New York Community Bank acquired nearly $40 billion in assets from Signature Bank last year. That rapid growth can make it hard for internal controls to keep up.
Spencer Platt/Getty Images
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