PNC paying $35M to resolve loan claims

Posted - Dec. 23, 2013 at 2:06 p.m.



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WASHINGTON (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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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