PNC paying $35M to resolve loan claims

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Associated Press

Posted on December 23, 2013 at 5:00 PM

Updated Tuesday, Dec 24 at 9:01 AM

WASHINGTON (AP) — 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.

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

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