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Economy and Business


PNC settles claims that NCB discriminated against minority buyers for years
PNC bought Cleveland National City Bank in 2009, and found itself handling allegations that National City charged minority lenders more in interest and fees.
by WKSU's M.L. SCHULTZE


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M.L. Schultze
 
Former Ohio Attorney General Richard Cordray runs the Consumer Financial Protection Bureau, one of the architects of the settlement.
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PNC Financial Services Group has agreed to pay $35 million to African-American and Hispanic homeowners. That’s to settle claims that the Cleveland bank it bought hooked those borrowers into higher-cost loans. WKSU’s M.L. Schultze has more on the deal announced today.

LISTEN: Settling a half-dozen years of discrimination at NCB

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If approved by a federal judge, the deal among PNC, the Justice Department and Consumer Financial Protection Bureau will settle  allegations that – from 2002 through 2008 -- National City Bank “engaged in a pattern or practice of discrimination” against more than 75,000 African-American and Hispanic borrowers. 

PNC bought National City in 2009. Before that, the complaint says National City gave its loan officers and mortgage brokers discretion to charge borrowers higher rates and fees based not on credit worthiness, but on race and national origin. Minority borrowers ended up paying more than white borrowers.  

U.S. Attorney Steve Dettelbach calls the practices “a troubling epilogue” to National City’s long history in Cleveland. 

Both Dettelbach and PNC stressed the the settlement predated PNC’s acquisition of National City. In a statement, PNC says after the purchase, “we took steps to improve policies and procedures.” 

The $35 million will go into an independently administered fund, and qualifying customers will be notified.

 

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