PPittsburgh Independent Media Center Pittsburgh-based PNC Bank, which supports

PPittsburgh Independent Media Center Pittsburgh-based PNC Bank, which supports

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Pittsburgh-based PNC Bank, which supports high-cost predatory payday loan providers, now would like to purchase Riggs Bank, that is embroiled in a cash laundering scandal involving, and others, Pinochet of Chile, the oil dictator of Equatorial Guinea, additionally the 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 as well as 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, 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 because of the PNC Financial Services Group to get the Riggs National that is scandal-plagued Corporation. The proposed acquisition, for $779 million, ended up being established on July 16; now a credit card applicatoin for regulatory is pending in the Federal Reserve Board, the approval associated with the workplace of this Comptroller associated with the Currency will additionally be needed. ICP’s reviews, 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 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 its lending. ICP’s responses evaluate PNC’s recently-released 2003 Residence Mortgage Disclosure Act (HMDA) information, and indicate as an example that within the Newark, NJ Metropolitan Statistical region (MSA), for old-fashioned house purchase loans, PNC Bank N.A. in 2003 denied loan requests from Latinos 4.71 times with greater regularity than applications from whites. PNC’s disparity for African Us citizens had been incalculable in 2003: PNC made no home that is conventional loans to African Us citizens in 2003 into the MSA of Newark, NJ.

PNC claims to help make up because of its not enough house purchase financing to individuals of color along with its do it yourself financing. However in the Newark MSA in 2003 with this style of loan, PNC Bank N.A. denied the applications of Latinos 3.16 times with greater regularity than whites, and rejected African People in america 2.84 times more often than whites.

In its house MSA of Pittsburgh, PNC Bank NA in 2003 denied the main-stream house purchase applications of African Us americans 4.62 times more often compared to those of whites. Once more, PNC’s not enough house purchase financing to individuals of color had not been constructed because of its house enhancement financing: into the Pittsburgh MSA in 2003 with 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 the us 2.43 times with greater regularity than whites.

PNC Bank N.A. has 100% denial prices for African Americans’ applications for do it yourself loans within the Jersey City NJ and Newburg, brand New York MSAs in 2003. It absolutely was barely 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 cashlandloans.net/payday-loans-oh 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 more often 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 with greater regularity than whites.

PNC’s other bank, PNC Bank Delaware, in 2003 when you look at the Wilmington DE MSA for old-fashioned house purchase loans rejected 100% regarding the loan requests it received from Latinos. For refinance loans in this MSA, PNC Bank Delaware denied the applications of Latinos 2.93 times more often than whites, and denied the applications of African Us americans 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 more often than whites, and denied the applications of African People in america 2.22 times with greater regularity than whites.

ICP’s comments declare that, provided these financing disparities, with this ground alone the general public is ill-served by permitting PNC to obtain Riggs as well as its branches. And also to be viewed, including during the requested hearing, is issue of reductions in solution, which took place, including via branch closings, after PNC – United. The Washington Post of 26, 2004, reported: “Brian Goerke, a spokesman for PNC, said the company will initially operate all 51 Riggs branches july. Long-lasting choices about historic structures like the Corcoran branch. haven’t been made, he stated.” The United states Banker magazine of 19, 2004, stated that “executives suggested that about 50per cent of Riggs’ 1,400 workers will be cut. july” Staff cuts of 50% will 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 of August 13, 2004 reports that “”Robert L. Allbritton is slated to received $850,000. Nine other executive officers will receive a complete of $4 million.” ICP has asking for general general public hearings with this ground and particularly on PNC’s capital of problematic payday lenders. As documented because of the Uniform Commercial Code filings ICP has submitted and obtained, PNC funds and enables as an example:

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