Monday, March 3, 2014
"We believe the subpoena is intended to determine whether, and to what extent, PNC may have facilitated fraud committed by third parties against consumers. We are cooperating with the subpoena," the statement concluded.
A spokesman for PNC, Fred Solomon, declined to comment beyond the statement, which appeared in the Pittsburgh-based banking company's latest 10K filing with the SEC. PNC is no stranger to federal investigators. In its latest 10K filing, the company also discussed subpoenas it had received from the U.S. Attorney's Office for the Southern District of New York regarding sub-prime lending and foreclosure activities by National City Corp., a Cleveland-based bank PNC acquired in 2008.
In December 2013, PNC agreed to pay $35 million to settle fair-lending violations by National City involving minority borrowers. That marked the first fair-lending case to be pressed jointly by the Justice Department and the Consumer Financial Protection Bureau.
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