Pittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports

Pittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports

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Pittsburgh-based PNC Bank, which supports high-cost road loans title loans predatory payday loan providers, now desires to purchase Riggs Bank, which can be embroiled in a cash laundering scandal involving, and others, Pinochet of Chile, the oil dictator of Equatorial Guinea, while the Saudi Arabian embassy. Inner City Press / Fair Finance Watch has filed opposition to PNC’s application for regulatory approval, covered (begrudgingly) when you look at the Pittsburgh Post-Gazette as well as in greater level on www.innercitypress.org/finwatch.html

Inner City Press / Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs nationwide Corporation, to your Federal Reserve and OCC, According to Unresolved Riggs Issues, PNC’s Lending Disparities and PNC’s Funding of Predatory Payday Lenders

The customers’ and community company Inner City Press

/ Fair Finance Watch (ICP) has filed two 21-page challenges to applications because of the PNC Financial Services Group to obtain the scandal-plagued Riggs nationwide Corporation. The acquisition that is proposed for $779 million, ended up being established on July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval of this workplace associated with the Comptroller regarding the Currency is likewise required. ICP’s reviews, filed aided by the FRB and OCC, consist of evidence that PNC funds payday lenders such as Check n’ Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNC’s peer SunTrust’s July 12, 2004 reaction to ICP’s comments, that SunTrust will no further investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”

ICP’s reviews use recently-released 2003 home loan financing data to demonstrate that PNC disproportionately excludes African United states and Latino candidates from the financing. ICP’s reviews determine PNC’s recently-released 2003 Residence Mortgage Disclosure Act (HMDA) information, and prove as an example that into the Newark, NJ Metropolitan Statistical region (MSA), for old-fashioned house purchase loans, PNC Bank N.A. (mais…)

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