PNC Discloses Mortgage-Loan Probes

August 9, 2013
Wall Street Journal 
mortgage lending news

PNC Financial Services Group Inc. on Thursday said it was the target of multiple mortgage-related probes, the third large bank in the past week to disclose new investigations. The Pittsburgh bank said in a regulatory filing that the U.S. Justice Department has authorized the filing of a civil lawsuit against the bank related to its mortgage pricing. PNC said the Justice Department's Civil Rights Division and the Consumer Financial Protection Bureau are jointly investigating whether mortgage-related pricing by National City Corp., which the bank acquired in 2008, as well as PNC had a "disparate impact on protected classes" of borrowers.
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