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PGHIMC – Pittsburgh Independent Media Center, Inner City Press

By January 28, 2021 No Comments

PGHIMC – Pittsburgh Independent Media Center, Inner City Press

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Pittsburgh-based PNC Bank, which supports predatory that is high-cost 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, together with 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 as well as in greater level

Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs nationwide Corporation, to your 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 obtain the scandal-plagued Riggs nationwide Corporation. The acquisition that is proposed for $779 million, was established on July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval regarding the Office of this Comptroller associated with the Currency will additionally be needed. ICP’s commentary, 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 reaction to ICP’s comments, that SunTrust will no more investment payday loan providers. See, e.g., “SunTrust pledges to drop ties to payday & title loan providers,”

ICP’s opinions use recently-released home loan financing data to show that PNC disproportionately excludes African United states and Latino candidates from the financing. ICP’s reviews evaluate PNC’s recently-released Residence Mortgage Disclosure Act (HMDA) information, and show for example that when you look at the Newark, NJ Metropolitan Statistical region (MSA), for main-stream house purchase loans, PNC Bank N.A. denied applications from Latinos 4.71 times with greater regularity than applications from whites. PNC’s disparity for African Us citizens had been incalculable: PNC made no home that is conventional loans to African Us citizens within the MSA of Newark, NJ.

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

With its house MSA of Pittsburgh, PNC Bank NA denied the home that is conventional 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 people of color had not been made because of its house enhancement financing: into the Pittsburgh MSA with this variety 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 Americans’ applications for do it yourself loans into the Jersey City NJ and Newburg, nyc MSAs. It absolutely was barely better in its house state of Pennsylvania. In the state money, the Harrisburg MSA, PNC Bank N.A. for house enhancement loans rejected the applications of Latinos 3.28 times more often than whites, and denied the applications of African People in america 2.93 times with greater regularity than whites. When you look at 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, into the Wilmington DE MSA for traditional house purchase loans rejected 100% of this 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 online payday GA 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 suggest that, offered these financing disparities, with this ground alone the 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, reported: “Brian Goerke, a spokesman for PNC, stated the organization will operate all 51 initially Riggs branches. Long-lasting choices about historic structures for instance the Corcoran branch. haven’t been made, he stated.” The United states Banker newsprint, stated that “executives suggested that about 50per cent of Riggs’ 1,400 workers is cut.” Staff cuts of 50% could be inconsistent with consumer solution, and work out a contrast that is troubling the windfall anticipated by those in charge of Riggs’ methods. The Washington Post reports that “”Robert L. Allbritton is slated to received $850,000. Nine other officers that are executive get a complete of $4 million.” ICP has asking for general general public hearings about this ground and particularly on PNC’s money 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:

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