Pittsburgh Independent Media Center Pittsburgh-based PNC Bank, which supportsJuly 24, 2021
Pittsburgh-based PNC Bank, which supports high-cost predatory payday creditors, now would like to buy Riggs Bank, this is certainly embroiled in a money laundering scandal involving, among others, Pinochet of Chile, the oil dictator of Equatorial Guinea, whilst the Saudi Arabian embassy. Inner City Press / Fair Finance Watch has filed opposition to PNC’s application for regulatory approval, covered (begrudgingly) into the Pittsburgh Post-Gazette in addition to in greater level on Inner City Press / Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs Corporation that is nationwide the Federal Reserve and OCC, based on Unresolved Riggs problems, PNC’s Lending Disparities and PNCs Funding of Predatory Payday Lenders
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/ 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, finished up being established on July 16; now a charge card applicatoin for regulatory is pending during the Federal Reserve Board, the approval for this workplace connected with Comptroller about the Currency are often needed. ICP’s remarks, filed making use of the FRB and OCC, contain proof that PNC funds loan providers which can be payday as Check n Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNCs peer SunTrusts 12, 2004 a reaction to ICPs comments, that SunTrust will no further investment payday loan providers july. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICPs remarks utilize recently-released 2003 mortgage loan funding information to show that payday loans California PNC disproportionately excludes African usa and Latino prospects from the funding. ICP’s responses assess PNC’s recently-released 2003 Residence Mortgage Disclosure Act (HMDA) information, and show as a example that inside the Newark, NJ Metropolitan Statistical region (MSA), for traditional home purchase loans, PNC Bank N.A. in 2003 denied loan demands from Latinos 4.71 times with greater regularity than applications from whites. PNCs disparity for African us residents had been incalculable in 2003: PNC made no home that is old-fashioned loans to African us residents in 2003 inside the MSA of Newark, NJ.
PNC claims to make up due to the maybe maybe not house that is enough funding to people of color along using its do so yourself funding. In the Newark MSA in 2003 using this design of loan, PNC Bank N.A. denied the applications of Latinos 3.16 times with greater regularity than whites, and rejected African People in the usa 2.84 times with greater regularity than whites. Along with its household MSA of Pittsburgh, PNC Bank NA in 2003 denied the house this is certainly main-stream applications of African us citizens 4.62 times more frequently in comparison to those of whites. Once again, PNCs maybe maybe not house that is enough financing to folks of color was not composed for the home improvement funding: to the Pittsburgh MSA in 2003 this is why form of loan, PNC Bank N.A. denied the applications of Latinos 2.11 times more frequently than whites, and rejected African People in the usa 2.43 times with greater regularity than whites.
PNC Bank N.A. has 100% denial costs for African Us citizens applications for get it done your self loans in to the Jersey City NJ and Newburg, brand name} name name|brand name} groundbreaking York MSAs in 2003. It was hardly better in its house state of Pennsylvania. The Harrisburg MSA, PNC Bank N.A. for house enhancement loans rejected the applications of Latinos 3.28 times more often than whites, and denied the applications of African People in america 2.93 times with greater regularity than whites within the state money. Once you glance at the Philadelphia MSA, for refinance loans, PNC Bank N.A. denied the applications of Latinos 2.45 times more regularly than whites, and denied the applications of African Us americans 2.64 times more regularly than whites. In this Philadelphia MSA for do so yourself loans, PNC Bank N.A. denied the applications of Latinos 2.72 times more frequently than whites, and denied the applications of African Us americans 3.06 times more frequently than whites.
PNC’s other bank, PNC Bank Delaware, in 2003 to the Wilmington DE MSA for main-stream home purchase loans rejected 100% related to applications it received from Latinos. For refinance loans in this MSA, PNC Bank Delaware denied the applications of Latinos 2.93 times more frequently than whites, and denied the applications of African Us americans 2.02 times with greater regularity than whites. For take action your self loans in this MSA, PNC Bank Delaware denied the applications of Latinos 2.73 times with greater regularity than whites, and denied the applications of African Us americans 2.22 times with greater regularity than whites.
ICP’s remarks declare that, provided these funding disparities, using this ground alone the average man or woman could be ill-served by enabling PNC to have Riggs and its own branches. And to be viewed, including during the requested hearing, is dilemma of reductions in solution, which occurred, including via branch closings, after PNC – United. The Washington Post of July 26, 2004, reported: “Brian Goerke, a spokesman for PNC, claimed the corporation will initially run all 51 Riggs branches. Lasting alternatives about historic structures such as the Corcoran branch. have actuallyn’t been made, he claimed.” america Banker newsprint of 19, 2004, stated that “executives recommended that about 50per cent of Riggs’ 1,400 workers is going to be cut. july” Staff cuts of 50% is supposed to be inconsistent with consumer solution, and workout a comparison this is certainly troubling the windfall expected by those in charge of Riggs’ practices. The Washington Post of 13, 2004 reports that “”Robert L. Allbritton is slated to received $850,000 august. Nine other officers that are executive get a whole of $4 million.” ICP has seeking general average man or woman hearings with this specific ground and specially on PNC’s funding of problematic payday lenders. As documented because of the Uniform Commercial Code filings ICP has obtained and submitted, PNC funds and permits as one example: