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, amongst 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) within the Pittsburgh Post-Gazette plus 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 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 get the Riggs National that is scandal-plagued Corporation. The acquisition that is proposed for $779 million, had been established on July 16; now a credit card applicatoin for regulatory is pending during the Federal Reserve Board, the approval for the workplace associated with Comptroller associated with Currency may also be needed. ICP’s commentary, filed aided by the FRB and OCC, consist of proof that PNC funds payday lenders such 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 more investment payday loan providers.