PNC Paying $35M To Resolve Loan Claims


SHINGTON (AP) — PNC Financial Services Group is paying $35 million to resolve government claims of discrimination in car 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 car loans between 2002 and 2008. There is no allegation of discrimination by Pittsburgh-based PNC, which bought National City Bank.

The discrimination settlement follows a similar but larger $98 million agreement last week between the government and Detroit-based Ally Financial Inc.

Source: Associated Press