PGHIMC – Pittsburgh Independent Media Center, Inner City Press
Pittsburgh-based PNC Bank, which supports high-cost predatory payday loan providers, now would like to purchase Riggs Bank, which can 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) when you look at the Pittsburgh Post-Gazette plus in greater level
Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs nationwide Corporation, towards the Federal Reserve and OCC, predicated on 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 by 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 workplace associated with Comptroller associated with the Currency can also be needed. ICP’s commentary, 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 reaction to ICPвЂ™s comments, that SunTrust will no further investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”
ICPвЂ™s responses use recently-released home loan financing data to demonstrate that PNC disproportionately excludes American that is african and candidates from the financing.