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by Matthew Russell Lee, Patreon Book Substack

SDNY/SOUTH BRONX, Jan 20 – 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, see below. 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?

This concerns the proposal by Fulton to acquire and merge with Blue Foundry

    This is opposition at the earliest possible time.  

     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.   

       Fulton Bank NA in Maryland in 2024 made 373mortgage loans to whites, and only 132 to African Americans. Meanwhile it denied 90 applications from African Americans, and only 83 from whites.     

     Fulton Bank NA in New Jersey in 2024 made 805 mortgage loans to whites, and only 33 to African Americans. Meanwhile it denied 44 applications from African Americans, and only 359 from whites.   

       Fulton Bank NA in Virginia in 2024 made 500 mortgage loans to whites, and only 79 to African Americans. Meanwhile it denied 35 applications from African Americans, and only 77 from whites.   

   Now Fulton wants to buy a "money-losing" bank in New Jersey, and take its branch closing ways there - Fulton has closed many branches - here in the past year and a half, three dozen closings, etc.

   On January 14 Fulton's outside law firm sent FFW some responses to OCC questions with the OCC did not send to FFW, unlike other agencies. FFW / Inner City Press is immediately FOIA-ing, because Fulton is withholding not only branch closings (unlike among others First Third) but even its answer to the debanking questions the OCC is proud of - here is the FOIA:

"This is a FOIA request for the withheld portions of Fulton Bank NA's January 14, 2026 response to OCC questions, including but not limited to Fulton withholding the entirety of its answer on branch closings (contrary to for example Fifth Third being directed by the FRB, after an Inner City Press FOIA request, to disclose the 80 branches it plans to close in connection with Comerica), and Fulton's impermissible withholding of its answer to this OCC question:
' 17. Please describe the bank’s record of, and any policies, procedures and practices, designed to ensure fair access to banking services and avoid engaging in politicized or unlawful debanking, in accordance with the President’s Executive Order “Guaranteeing Fair Banking for All Americans,” including whether the applicant has, or will, directly or indirectly, adversely restrict access to, or adversely modify the conditions of, accounts, loans, or other banking products or financial services of any customer or potential customer on the basis of the customer's or potential customer's political or religious beliefs, or on the basis of the customer's or potential customer's lawful business activities that the financial service provider disagrees with or disfavors for political reasons.' Response: Please see Confidential Exhibit I. "

The OCC said its comment period expires January 15, the day after Fulton gave its incomplete response. FFW has asked for an extension -

On January 15, the Fed told Fulton to make it branch closing plans public." And the OCC? And other Reserve Banks? 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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