Cars » Auto News

PNC Paying $35M to Resolve Loan Claims

Wednesday Dec 25, 2013
  • PRINT
  • COMMENTS (0)
  • LARGE
  • MEDIUM
  • SMALL

PNC Financial Services Group is paying $35 million to resolve government claims of discrimination in residential loans against a Cleveland-based bank that PNC bought in 2009.

The agreement announced Monday by the Justice Department and the Consumer Financial Protection Bureau addresses claims that more than 75,000 African-American and Latino customers of National City Bank paid more for their residential loans between 2002 and 2008. There is no allegation of discrimination by Pittsburgh-based PNC, which bought National City Bank.

Under the terms of the proposed settlement, PNC will pay $35 million dollars into a fund for the benefit of victims of National City Bank’s mortgage discrimination.

The discrimination settlement follows a larger $98 million agreement last week between the government and Detroit-based Ally Financial Inc., concerning car loans.

Copyright Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Add New Comment

Comments on Facebook