Pittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports

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 can be embroiled in a cash laundering scandal involving, amongst 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) within 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, towards 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 organization 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, ended up being established on cash central July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval of this workplace regarding the Comptroller regarding the Currency will additionally be needed. ICP’s remarks, filed aided by the FRB and OCC, consist of proof that PNC funds payday lenders such as Check n’ Go of Washington DC, Inc. and elsewhere; ICP contrasts this with PNC’s peer SunTrust’s July 12, 2004 a reaction to ICP’s comments, that SunTrust will no more investment payday loan providers. Continue reading “Pittsburgh Independent Media Center Pittsburgh based PNC Bank, which supports”