Pittsburgh-based PNC Bank, which supports predatory that is high-cost loan providers, now really wants 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, as well as 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 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, to your 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 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 during the Federal Reserve Board, the approval associated with the workplace of this Comptroller for the Currency may also be needed. ICP's feedback, filed because of the FRB and OCC, include 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 a 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 remarks use recently-released 2003 home loan financing data to show that PNC disproportionately excludes American that is african and candidates from the financing.