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Pittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports
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Pittsburgh-based PNC Bank, which supports high-cost predatory payday lenders, now really wants 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, together with 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, towards 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 by the PNC Financial Services Group to obtain 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 of this workplace associated with the Comptroller regarding the Currency may also be needed. ICP’s feedback, filed aided by 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 further investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICP’s remarks use recently-released 2003 home loan financing data to show 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 show as an example that within the Newark, NJ Metropolitan Statistical region (MSA), for traditional house purchase loans, PNC Bank N.A. Leer más Acerca dePittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports …