PGHIMC – Pittsburgh Independent Media Center, Inner City Press

PGHIMC – Pittsburgh Independent Media Center, Inner City Press

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Pittsburgh-based PNC Bank, which supports high-cost predatory payday 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, 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

Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs nationwide Corporation, to your 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 obtain the Riggs National that is scandal-plagued 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 regarding the workplace of this Comptroller associated with the Currency can also be needed. ICP’s reviews, 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 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. ICP’s reviews assess PNC’s recently-released Residence Mortgage Disclosure Act (HMDA) information, and indicate as an example that within the Newark, NJ Metropolitan Statistical region (MSA), for traditional house purchase loans, PNC Bank N.A. denied loan requests from Latinos 4.71 times more often than applications from whites. PNC’s disparity for African Us citizens had been incalculable: PNC made no home that is conventional loans to African Us citizens within the MSA of Newark, NJ.

PNC claims to help make up for the not enough house purchase financing to individuals of color featuring its house enhancement financing. However in the Newark MSA with this variety 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.

In its house MSA of Pittsburgh, PNC Bank NA denied the home that is conventional applications of African People in america 4.62 times more often compared to those of whites. Once again, PNC’s not enough house purchase financing to individuals of color had not been made for the 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 more often 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. Within the state money, the Harrisburg MSA, PNC Bank N.A. for house enhancement loans rejected the applications of Latinos 3.28 times with greater regularity than whites, and denied the applications of African People in america 2.93 times more often than whites. Within the Philadelphia MSA, for refinance loans, PNC Bank N.A. denied the applications of Latinos 2.45 times https://1hrtitleloans.com/payday-loans-ut/ with greater regularity than whites, and denied the applications of African Us americans 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 more often 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, when you look at the Wilmington DE MSA for mainstream house purchase loans rejected 100% for the applications 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 with greater regularity 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 with greater regularity than whites.

ICP’s comments suggest that, offered these financing disparities, with this ground alone the general public will be ill-served by permitting PNC to get Riggs as well as its 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 will be cut.” Staff cuts of 50% could be inconsistent with customer solution, and then make a contrast that is troubling the windfall anticipated by those accountable for Riggs’ methods. The Washington Post reports that “”Robert L. Allbritton is slated to received $850,000. Nine other officers that are executive get a complete of $4 million.” ICP has asking for general general public hearings with this ground and particularly on PNC’s capital of problematic lenders that are payday. As documented because of the Uniform Commercial Code filings ICP has acquired and submitted, PNC funds and allows as an example: