PNC Bank paid $9.5 million over imprudent SBA loan underwriting

Summary

PNC Bank agreed to pay $9.5 million to settle False Claims Act claims involving loans guaranteed by the U.S. Small Business Administration. DOJ alleged PNC failed to follow prudent lending standards, leaving the United States obligated to cover losses when federally backed loans defaulted. Source: https://www.justice.gov/usao-md/pr/pnc-bank-pay-95-million-failing-engage-prudent-underwriting-practices-loans-guaranteed-us