March 3 PNC Financial Services Group Inc
said it had received a subpoena from the U.S. Department of
Justice seeking information about its relationship with certain
merchant and payment processor customers.
The subpoena is related to the return rate for customers
with whom PNC has a depository relationship, the company said in
a regulatory filing on Monday.
"We believe that the subpoena is intended to determine
whether, and to what extent, PNC may have facilitated fraud
committed by third-parties against consumers," PNC said. ()
The Pittsburgh-based bank previously disclosed subpoenas
issued by the U.S. Attorney's Office for the Southern District
of New York over its lending practices related to certain
federally backed mortgage loans.
PNC said in August it had received a subpoena from the same
office seeking information on claims for foreclosure costs
related to the former National City Corp, which PNC bought in
The bank agreed in December to pay $35 million to settle
charges that National City had discriminated against
African-American and Hispanic borrowers.
PNC shares were down 1.4 percent at $80.60 in late-morning
trade on the New York Stock Exchange.