by Matthew Russell Lee, Patreon Book Substack
SDNY/SOUTH BRONX, Jan 30 – As US bank regulators loosen rules - including the FDIC moving to eliminate public comment altogether on branch expansion applications - now more big banks are moving to get bigger.
So on December 8 Fair Finance Watch filed with the Federal Reserve and the Office of the Comptroller of the Currency - in advance - against Fulton Financial's newest merger proposal, under the Community Reinvestment Act. The Fed directed Fulton to make its branch closing plans public, as it did with Fifth Third - but on the day the comment period is set to expire, Fulton refused.
Immediate FOIA request and comment:
Now at 4:41 pm on the day the comment period is set to expire, Fulton refused to comply with the FRS' request it make its branch closing thoughts public, as the FRB Cleveland made Fifth Third on Comerica do. Weimmediately filed a FOIA request.
On January 30 Fulton Bank - or tellingly only its outside counsel Dimitri Nionakis of Holland & Knight - filed a short and dismissive response, not addressing the specific branch closing issues raised nor the consumer complaints.
FFW noted that Fulton had a seat on the FRB of Philadelphia's board, and FOIA-ed what safeguards are in place. Still no documents, but on January 20 the FRBP wrote to FFW:
"the Chairman and Chief Executive Officer of FFC and Fulton Bank, N.A., Lancaster, Pennsylvania, serves on this Reserve Bank’s board of directors. As stated in the Application Acknowledgement Letter sent to FFC and in the Reserve Bank’s letter acknowledging the comment you submitted on December 8, 2025, the Board of Governors of the Federal Reserve System (“Board”) is processing the above-noted Application and is considering your comment dated December 8, 2025, in reviewing that Application." Then an enigmatic, "No further action will be taken with respect to your email received by the Board on January 12, 2026." Including by the Board?
Later on January 20 Inner City Press submitted its third timely comment, noting with support another comment. With branch closings still withheld, and conflicts unresolved, the comment period must be extended. Watch this site.
Fulton Bank NA in Delaware in 2024 made 199 mortgage loans to whites, and only 24 to African Americans. Meanwhile it denied five applications from African Americans, and only 68 from whites. This is disparate.
Fulton Bank NA in Pennsylvania in 2024 made 2381 mortgage loans to whites, and only 181 to African Americans. Meanwhile it denied 111 applications from African Americans, and only 616 from whites.
On January 15, the Fed told Fulton to make it branch closing plans public." But they haven't been, yet. Watch this site.
Inner City Press, which has opposed the FDIC's moves to close itself to public scrutiny - American Banker op-ed here - will be submitting FOIA requests on all this. The FDIC said it will eliminate public notices because it does not receive enough public comments. That is now changing. Watch this site.
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