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, that will be embroiled in a money laundering scandal involving, amongst others, Pinochet of Chile, the oil dictator of Equatorial Guinea, in addition to 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 depth 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

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/ 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 announced on July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval associated with workplace associated with Comptroller for the Currency may also be needed. ICP’s feedback, filed because of 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”