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by Matthew Russell Lee, Patreon Book Substack

SDNY/SOUTH BRONX, Oct 8 – 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.

   On October 6, amid the pending PNC - FirstBank and Pinnacle - Synovus proposals, Fifth Third announced it will apply to buy damaged Comerica Bank. On October 8-9, it has been opposed, to the Fed and OCC.

   Fair Finance Watch has filed, with Inner City Press on the FOIA:

   Dear FRB Chair Powell, Comptroller Gould:

      This is an early first comment on, the proposal and applications by Fifth Third to acquire Comerica. Beyond the lending disparities preliminarily identified below, the US government's Direct Express payment program was removed from Comerica, part of its weakening, and given to Fifth Third, which now applies to acquire Comerica. Public hearings are needed, and hereby required.  

  Fair Finance Watch has long been concerned about Fifth Third.  Fair Finance Watch has reviewed the just-released 2024 Home Mortgage Disclosure Act data of Fifth Third, not reviewed in any Community Reinvestment Act performance evaluation. 

  In state after state, Fifth Third for African Americans has (many) more denials than originations, while the opposite is true for white borrows. The pattern is striking, starting with two states Fifth Third and Comerica overlap in:   

   In Michigan, the state Comerica abandoned for Texas, Fifth Third in 2024 denied 249 applications from African Americans while making fewer, only 177loans - while it made fully 4189 loans to whites and denied only 1688 applications. This  is disparate.   

  In Florida, where Fifth Third lists 197 branches, Fifth Third in 2024 denied 221 applications from African Americans while making fewer, only 142 loans - while it made fully 2258 loans to whites and denied only 1772 applications. This is disparate.   

  In Illinois, where Fifth Third lists 159 branches, Fifth Third  in 2024 denied 289 applications from African Americans while making fewer, only 187 loans - while it made fully 2320 loans to whites and denied only 1206 applications. This is disparate.  

   In Indiana, where Fifth Third lists 96 branches, Fifth Third in 2024 denied 187 applications from African Americans while making fewer, only 184 loans - while it made fully 3427 loans to whites and denied only 1425 applications. This is disparate.  

   In North Carolina, where Fifth Third lists 84 branches, Fifth Third in 2024 denied 144 applications from African Americans while making fewer, only 141 loans - while it made fully 1259 loans to whites and denied only 506 applications. This is disparate.   

  In Georgia, where Fifth Third lists 35 branches, Fifth Third in 2024 denied 110 applications from African Americans while making fewer, only 93 loans - while it made fully 349 loans to whites and denied only 284 applications. This is disparate. 

    In South Carolina, where Fifth Third lists 16 branches, Fifth Third in 2024 denied 14 applications from African Americans while making fewer, only 11 loans - while it made fully 514 loans to whites and denied only 141 applications. This is disparate.   

     In Tennessee, where Fifth Third lists 16 branches, Fifth Third in 2024 denied 54 applications from African Americans while making only the same, 54 loans - while it made fully 649 loans to whites and denied only 299 applications. This is disparate.  

  Even in Ohio, Fifth Third's home state, Fifth Third in 2024 denied 612 applications from African Americans while making only 685 loans - while it made fully 8356 loans to whites and denied only 3264 applications.  This is a nationwide pattern of disparities. And there is more.

   From the many complaints against Fifth Third, there's a major one by the CFPB itself...

 Inner City Press, which has opposed the FDIC's moves to close itself to public scrutiny - American Banker op-ed here - has now submitted FOIA requests on all this. The FDIC said it will eliminate public notices because it does not receive enough public comments. That is changing, starting now. Watch this site.

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