Pittsburgh 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, which will be embroiled in a cash laundering scandal involving, and 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 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, into the 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 get 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 associated with workplace of this Comptroller associated with Currency may also be needed. ICP’s reviews, filed because of 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 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 responses evaluate 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 main-stream 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 mainstream house purchase loans to African Us citizens in 2003 within the MSA of Newark, NJ.
PNC claims to help make up for the not enough house purchase financing to folks of color having its do it yourself financing. However in the Newark MSA in 2003 because of this form 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 again, PNC’s not enough house purchase financing to folks of color wasn’t made for the house enhancement financing: into the Pittsburgh MSA in 2003 with this style of loan, PNC Bank N.A. denied the applications of Latinos 2.11 times with greater regularity than whites, and rejected African People in the us 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, brand brand brand New York MSAs in 2003. 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 with greater regularity than whites. 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 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 with greater regularity than whites, and denied the applications of African People in america 3.06 times with greater regularity than whites.
PNC’s other bank, PNC Bank Delaware, in 2003 into the Wilmington DE MSA for mainstream house purchase loans rejected 100% associated with 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 with greater regularity 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 Us americans 2.22 times more often than whites.
ICP’s comments declare that, provided these financing disparities, with this ground alone the general public will be ill-served by permitting PNC to get Riggs and its own branches. And also to be looked at, including during the requested hearing, is issue https://installmentcashloans.net/payday-loans-ma/ of reductions in solution, which took place, 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 newsprint of 19, 2004, reported 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’ techniques. The Washington Post of 13, 2004 reports that “”Robert L. Allbritton is slated to received $850,000 august. 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 payday lenders. As documented by the Uniform Commercial Code filings ICP has submitted and obtained, PNC funds and allows as an example: