On September 28, 2020 the SEC instituted settled cease-and-desist proceedings against Fulton Financial Corporation. The Commission stated: "From late 2016 through mid-2017 (the"Relevant Period"), Fulton made material misrepresentations and omissions in its public filings and failed to maintain accurate books and records and sufficient internal accounting controls. Specifically, Fulton's public filings during the Relevant Period inaccurately described the process that Fulton used to value its mortgage servicing rights ("MSR") asset and determine its MSR valuation allowance."

The SEC stated: "The SEC's order against Fulton Financial Corporation, a Pennsylvania-based financial services company, finds that the company inaccurately presented its financial performance in late 2016 and early 2017. During two quarters in which Fulton was on track to meet or beat analyst consensus EPS estimates, the order finds that Fulton's public filings included a valuation allowance for its mortgage servicing rights that was at odds with the valuation methodology described in the same filings. The order finds that in mid-2017 Fulton belatedly reversed the valuation allowance, increasing its EPS by a penny in a quarter when it otherwise would have fallen short of consensus estimates. As set forth in the order, Fulton's disclosures created the misleading appearance of consistent earnings across multiple reporting periods."