Sunday, January 24th, 2021

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 predatory that is high-cost payday loans VT loan providers, now desires to purchase Riggs Bank, that will be embroiled in a cash laundering scandal involving, amongst others, Pinochet of Chile, the oil dictator of Equatorial Guinea, plus the Saudi Arabian embassy. Inner City Press / Fair Finance Watch has filed opposition to PNC’s application for regulatory approval, covered (begrudgingly) within the Pittsburgh Post-Gazette plus 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, into the Federal Reserve and OCC, centered on 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 get the Riggs National that is scandal-plagued Corporation. The proposed acquisition, 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 regarding the workplace associated with the Comptroller associated with Currency can also be needed. ICP’s commentary, filed utilizing the FRB and OCC, consist of proof 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 a reaction to ICP’s comments, that SunTrust will no more investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”

ICP’s opinions use recently-released 2003 home loan financing data to show that PNC disproportionately excludes American that is african and candidates from the financing. ICP’s remarks review 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 mainstream house purchase loans, PNC Bank N.A. in 2003 denied applications from Latinos 4.71 times more often than applications from whites. PNC’s disparity for African Us citizens had been incalculable in 2003: PNC made no old-fashioned house purchase loans to African Us citizens in 2003 within the MSA of Newark, NJ.

PNC claims to help make up because of its not enough house purchase financing to folks of color using its do it yourself financing. However in the Newark MSA in 2003 because of this style of loan, PNC Bank N.A. denied the applications of Latinos 3.16 times more often than whites, and rejected African People in the us 2.84 times more often than whites.

With its house MSA of Pittsburgh, PNC Bank NA in 2003 denied the home that is conventional applications of African Us americans 4.62 times more often compared to those of whites. Once more, PNC’s not enough house purchase financing to folks of color had not been constructed for the house enhancement financing: within the Pittsburgh MSA in 2003 because of this style of loan, PNC Bank N.A. denied the applications of Latinos 2.11 times with greater regularity than whites, and rejected African People in the us 2.43 times with greater regularity than whites.

PNC Bank N.A. has 100% denial prices for African Americans’ applications for do it yourself loans within the Jersey City NJ and Newburg, brand brand brand New York MSAs in 2003. It absolutely was barely better in its house state of Pennsylvania. Within the state money, 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 more often than whites. Into the Philadelphia MSA, for refinance loans, PNC Bank N.A. denied the applications of Latinos 2.45 times more often than whites, and denied the applications of African People in america 2.64 times with greater regularity than whites. In this Philadelphia MSA for do it yourself loans, PNC Bank N.A. denied the applications of Latinos 2.72 times with greater regularity than whites, and denied the applications of African Us americans 3.06 times with greater regularity than whites.

PNC’s other bank, PNC Bank Delaware, in 2003 into the Wilmington DE MSA for traditional house purchase loans rejected 100% associated with the loan requests it received from Latinos. For refinance loans in this MSA, PNC Bank Delaware denied the applications of Latinos 2.93 times more often than whites, and denied the applications of African Us americans 2.02 times with greater regularity than whites. For do it yourself loans in this MSA, PNC Bank Delaware denied the applications of Latinos 2.73 times more often than whites, and denied the applications of African Us americans 2.22 times with greater regularity than whites.

ICP’s comments declare that, offered these financing disparities, with this ground alone the general public will be ill-served by permitting PNC to obtain Riggs and its particular branches. And to be viewed, including during the requested hearing, is issue of reductions in service, which happened, including via branch closings, after PNC – United. The Washington Post of 26, 2004, reported: “Brian Goerke, a spokesman for PNC, said the company will initially operate all 51 Riggs branches july. Long-lasting choices about historic structures like the Corcoran branch. haven’t been made, he stated.” The United states Banker newsprint of July 19, 2004, stated that “executives suggested that about 50per cent of Riggs’ 1,400 workers could be cut.” Staff cuts of 50% could be inconsistent with customer solution, while making a contrast that is troubling the windfall anticipated by those in charge of Riggs’ techniques. The Washington Post of August 13, 2004 reports that “”Robert L. Allbritton is slated to received $850,000. Nine other executive officers will get a complete of $4 million.” ICP has asking for general general general general general general public hearings with this ground and particularly on PNC’s financing of problematic payday lenders. As documented because of the Uniform Commercial Code filings ICP has acquired and submitted, PNC funds and allows for instance: