Participate
Pittsburgh-based PNC Bank, which supports predatory that is high-cost loan providers, now would like to purchase Riggs Bank, which can be embroiled in a cash laundering scandal involving, amongst 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) within the Pittsburgh Post-Gazette as well as in greater level
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 organization 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 in the Federal Reserve Board, the approval for the workplace regarding the Comptroller regarding the Currency may also be needed. ICP’s responses, filed using the FRB and OCC, consist of proof that PNC funds lenders that are payday as Check n’ Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNC’s peer SunTrust’s 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 remarks use recently-released home loan financing data to show that PNC disproportionately excludes African United states and Latino candidates from the financing.Continue reading