PNC Bank paid $7.1 million over separate SBA underwriting failures

Summary

PNC Bank agreed to pay $7.1 million to settle False Claims Act claims that it failed to engage in prudent underwriting on loans guaranteed by the Small Business Administration. PNC also agreed to corrective action. Source: https://www.justice.gov/archives/opa/pr/pittsburgh-based-bank-pay-us-failing-engage-prudent-underwriting-practices-sba-loan