15 - 02 2021
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PGHIMC – Pittsburgh Independent Media Center, Inner City Press

PGHIMC – Pittsburgh Independent Media Center, Inner City Press Participate Pittsburgh-based PNC Bank, which supports predatory that is high-cost loan providers, now desires to purchase Riggs Bank, that is embroiled in a cash laundering scandal involving, amongst others, Pinochet of Chile, the oil dictator of Equatorial Guinea, together with Saudi Arabian embassy. Inner City Press […]

PGHIMC – Pittsburgh Independent Media Center, Inner City Press

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Pittsburgh-based PNC Bank, which supports predatory that is high-cost loan providers, now desires to purchase Riggs Bank, that is embroiled in a cash laundering scandal involving, amongst others, Pinochet of Chile, the oil dictator of Equatorial Guinea, together with 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 plus in greater level

Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs nationwide Corporation, towards the Federal Reserve and OCC, predicated 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, had been established on July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval associated with workplace of this Comptroller for the Currency may 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 response 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 responses use recently-released home loan financing data to show that PNC disproportionately excludes American that is african and candidates from the financing. ICP’s reviews review PNC’s recently-released Residence Mortgage Disclosure Act (HMDA) information, and prove as an example that into the Newark, NJ Metropolitan Statistical region (MSA), for main-stream house purchase loans, PNC Bank N.A. denied applications from Latinos 4.71 times more often than applications from whites. PNC’s disparity for African Us citizens had been incalculable: PNC made no old-fashioned house purchase loans to African Americans within the MSA of Newark, NJ.

PNC claims to help make up because of its not enough house purchase financing to folks of color along with its do it yourself easy car title loans financing. However in the Newark MSA 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 america 2.84 times with greater regularity than whites.

With its house MSA of Pittsburgh, PNC Bank NA denied the traditional house purchase applications of African People in america 4.62 times with greater regularity compared to those of whites. Once more, PNC’s not enough house purchase financing to individuals of color wasn’t constructed because of its house enhancement financing: into the Pittsburgh MSA because of this variety of loan, PNC Bank N.A. denied the applications of Latinos 2.11 times with greater regularity than whites, and rejected African People in america 2.43 times more often than whites.

PNC Bank N.A. has 100% denial prices for African Americans’ applications for do it yourself loans into the Jersey City NJ and Newburg, nyc MSAs. It absolutely was hardly better in its house state of Pennsylvania. The Harrisburg MSA, PNC Bank N.A. for home improvement loans denied the applications of Latinos 3.28 times more frequently than whites, and denied the applications of African Americans 2.93 times more frequently than whites in the state capital. Within 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 more often than whites.

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

ICP’s comments suggest that, provided these lending disparities, with this ground alone the general public will be ill-served by permitting PNC to obtain Riggs and its own branches. And to be viewed, including in the requested hearing, is issue of reductions in solution, which took place, including via branch closings, after PNC – United. The Washington Post, reported: « Brian Goerke, a spokesman for PNC, stated the organization will initially run all 51 Riggs branches. Long-lasting choices about historic structures for instance the Corcoran branch. haven’t been made, he stated. » The American Banker newsprint, stated that « executives suggested that about 50per cent of Riggs’ 1,400 workers could be cut. » Staff cuts of 50% will be inconsistent with customer solution, and work out a unpleasant contrast to the windfall anticipated by those in charge of Riggs’ techniques. The Washington Post reports that «  »Robert L. Allbritton is slated to received $850,000. Nine other officers that are executive receive an overall total of $4 million. » ICP has asking for general public hearings about this ground and particularly on PNC’s money of problematic payday lenders. As documented by the Uniform Commercial Code filings ICP has submitted and obtained, PNC funds and allows for instance:

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