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 would like to purchase Riggs Bank, that will be embroiled in a cash laundering scandal involving, and 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) when you look at the Pittsburgh Post-Gazette plus 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 company Inner City Press / Fair Finance Watch (ICP) has filed two 21-page challenges to applications by the PNC Financial Services Group to get the scandal-plagued Riggs nationwide Corporation. The acquisition that is proposed 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 for the workplace regarding the Comptroller regarding the Currency can also be needed. ICP’s responses, filed aided by 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 more investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICP’s reviews use recently-released home loan financing data to show that PNC disproportionately excludes African United states and Latino candidates from the financing. Read more →