Pittsburgh-based PNC Bank, which supports predatory that is high-cost loan providers, now would like to purchase Riggs Bank, that will be embroiled in a cash laundering scandal involving, and others, Pinochet of Chile, the oil dictator of Equatorial Guinea, together with http://www.cash-central.net 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 depth on www.innercitypress.org/finwatch.html
Inner City Press / Fair Finance Watch Files Challenges to PNC’s Applications to Acquire Scandal-Plagued Riggs National 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 by the PNC Financial Services Group to get the scandal-plagued Riggs nationwide 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 for the workplace for the Comptroller regarding the Currency is likewise needed. ICP’s responses, filed using the FRB and OCC, consist of proof that PNC funds payday lenders such as Check nвЂ™ Go of Washington DC, Inc.