Volume 25 - Number 01
January 6, 2014
CFPB, DoJ Want $35 M From PNC To Settle Mortgage Allegations
The CFPB and the Department of Justice are seeking $35 million in damages from PNC Bank to settle allegations that one of its acquisitions National City Bank discriminated against African Americans and Hispanic borrowers during the housing boom by charging them higher rates. The alleged activity took place between 2002 and 2008, the government said. PNC, though, did not buy National City until the fall of 2008, agreeing to pay roughly $5.8 billion for the bank. Based on their joint investigation, which began in 2011, the...
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