Pittsburgh-based PNC Bank, which supports high-cost predatory payday creditors, now desires to purchase Riggs Bank, this is certainly embroiled in a money laundering scandal involving, as well as others, Pinochet of Chile, the oil dictator of Equatorial Guinea, as the Saudi Arabian embassy. Inner City Press / Fair Finance Watch has filed opposition to PNC’s application for regulatory approval, covered (begrudgingly) to the Pittsburgh Post-Gazette along with in greater degree on 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, dedicated to Unresolved Riggs problems, PNC’s Lending Disparities and PNCs Funding of Predatory Payday Lenders
The shoppers’ and community business Inner City Press
/ Fair Finance Watch (ICP) has filed two 21-page challenges to applications by the PNC Financial Services Group to obtain the scandal-plagued Riggs nationwide Corporation. The proposed acquisition, for $779 million, wound up being established on July 16; now a charge card applicatoin for regulatory is pending during the Federal Reserve Board, the approval with this workplace related to Comptroller about the Currency are often required. ICP’s remarks, filed making use of the FRB and OCC, include proof that PNC funds loan providers which are payday as Check n Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNCs peer SunTrusts July 12, 2004 a response to ICPs comments, that SunTrust will any further investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICPs remarks utilize recently-released 2003 mortgage loan financing information to show that PNC disproportionately excludes African usa and Latino applicants through the funding.