Flagstar
Your money may be funding the climate crisis.
Flagstar Bank is a diversified commercial bank founded in 1859. In 2022, Flagstar Bank merged with New York Community Bancorp (NYCB).
The bank has not disclosed sufficient information on its lending activities, so we cannot rule that it lends to fossil fuel companies. We see no evidence of it providing funding to renewable energy projects.
The bank has not measured the greenhouse gas impact of its lending, has not set any climate targets and does not have a policy stating it will not lend to the fossil fuel sector.
According to its website, the bank considers bio-energy and natural gas (methane) to be sustainable fuels.
Financial institutions in this category have shown a weak commitment to environmental sustainability and transparency.
If they engage in energy financing, they are likely to lend far more to fossil fuels than renewable sources. They may have limited or no effective policies to improve their climate impact and may lack meaningful targets for reducing the emissions they are responsible for.
While they might show some engagement in sustainable practices or offer certain green lending products, these efforts are insufficiently developed or prominently displayed to make a significant impact.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
Start to Bank Green Today
Banks live and die on their reputations. Mass movements of money to fossil-free competitors puts those reputations at grave risk. By moving your money to a sustainable financial institution, you will:
Send a message to your bank that it must defund fossil fuels
Join a fast-growing movement of consumers standing up for their future
Take a critical climate action with profound effects