Pittsburgh-based PNC Bank https://autotitleloansplus.com/payday-loans-sd/, 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, amongst others, Pinochet of Chile, the oil dictator of Equatorial Guinea, and also 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 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, into the Federal Reserve and OCC, According to Unresolved Riggs Issues, PNC’s Lending Disparities and PNCвЂ™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 scandal-plagued Riggs nationwide Corporation. The acquisition that is proposed 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 of this workplace of this Comptroller associated with Currency is likewise needed. ICP’s responses, filed using the FRB and OCC, consist of proof that PNC funds lenders that are payday as Check nвЂ™ Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNCвЂ™s peer SunTrustвЂ™s July 12, 2004 reaction to ICPвЂ™s comments, that SunTrust will no more fund payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICPвЂ™s reviews use recently-released 2003 home loan lending data to show that PNC disproportionately excludes American that is african and candidates from the financing. ICP’s responses assess PNC’s recently-released 2003 Residence Mortgage Disclosure Act (HMDA) information, and display as an example that into 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 more often than applications from whites. PNCвЂ™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 within the MSA of Newark, NJ.
PNC claims to help make up for the lack of house purchase financing to folks of color having its house enhancement financing. however in the Newark MSA in 2003 with this sort 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 with greater regularity than whites.
With its house MSA of Pittsburgh, PNC Bank NA in 2003 denied the home that is conventional applications of African Us americans 4.62 times more often compared to those of whites. Once more, PNCвЂ™s not enough house purchase financing to individuals of color had not been composed for the house enhancement financing: within the Pittsburgh MSA in 2003 with this form of loan, PNC Bank N.A. denied the applications of Latinos 2.11 times with greater regularity than whites, and rejected African People in america 2.43 times with greater regularity than whites.
PNC Bank N.A. has 100% denial prices for African AmericansвЂ™ applications for do it yourself loans within the Jersey City NJ and Newburg, brand brand brand New York MSAs in 2003. It absolutely was hardly 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 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 within the Wilmington DE MSA for traditional house purchase loans rejected 100% associated with loan requests 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 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 more often than whites.
ICP’s comments declare that, offered these financing disparities, with this ground alone the general public could be ill-served by permitting PNC to obtain Riggs and its own branches. And to be looked at, including during the requested hearing, is the question of reductions in solution, which happened, including via branch closings, after PNC – United. The Washington Post of July 26, 2004, 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 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% could be inconsistent with consumer solution, and work out 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 get an overall total of $4 million.” ICP has asking for general general public hearings with this ground and particularly on PNC’s financing of problematic lenders that are payday. As documented because of the Uniform Commercial Code filings ICP has acquired and submitted, PNC funds and allows for instance: