Consumer complaint received 2023-07-26
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Getting a line of credit — 
Company: PNC Bank N.A. (CA)

I directed a letter to XXXX XXXX XXXXXXXX XXXX XXXXXXXXXXXX XXXX XXXXXXXXXXXX XXXX  PNC Financial Services Group and PNC Bank N.A . It describes fully the events forming the basis for our complaint. While it includes some personal information, it is the best vehicle to summarize the matter and I have included it in the additional documents section below. 



XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX, XXXX and XXXX XXXX XXXX PNC XXXX XXXX XXXX XXXX XXXX at PNC XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX Dear XXXX XXXX I am writing to you today to bring to your attention a most disturbing and negative interaction my wife and I recently experienced with your financial institution, PNC Bank, N.A. ( hereinafter PNC ). On XX/XX/XXXX, we spoke with a representative of PNC, XXXX XXXX XXXX ( NMLS # XXXX ), with regard to an application for a Home Owner Equity Line of Credit in the amount of {$160000.00}. As background information, we had established a previous HOE line with PNC in XX/XX/XXXX, in the amount of {$100000.00} to assist with home improvements. The increased credit amount was to accommodate additional improvements we had made to our home, subsequent to that time. XXXX XXXX took our application over the telephone, and assured us with our positive credit profile and favorable credit scores, along with our existing relationship, the increased credit request should be no problem. 

We were subsequently contacted by our XXXX XXXX, XXXX XXXX XXXX ( XXXX # XXXX ), who requested standard documentation to support reported income information. We provided XXXX XXXX with all documents requested. In several discussions with XXXX XXXX, it appeared that she was somewhat overwhelmed by our sources of income. My wife and I are retired, and we generate income from a number of investment sources. I retired in XXXX, and XXXX retired in XXXX. We manage our financial affairs in a sound and prudent manner, and have handled all of our credit obligations impeccably over that fifteen year retirement horizon. The manner in which we generate our income is obviously not the typical situation, such as an applicant who is employed and provides prior years W-2s and recent pay stubs to support their income. My impression was that XXXX XXXX had a difficult time understanding our financial situation. 

My wife and I are both retired XXXX, XXXX XXXX. XXXX spent XXXX years in banking, primarily as the XXXX XXXXXXXX for several financial institutions here in XXXX. I spent XXXX years in the industry, primarily in the lending function. I served as the XXXX XXXX XXXX for XXXX independent banks over the last XXXX years of my banking career. I bring this to your attention as evidence that we know the banking industry and how it operates. I know a qualified credit request, and would not apply for a loan for which we did not qualify. 

You can imagine my shock when I was advised by XXXX XXXX on XX/XX/XXXX, that our credit request had been denied by the PNC underwriting department for insufficient income to Page 2 Continuation of Letter to XXXX XXXX XXXX and PNC Bank N.A . 


service the debt. The specific reason identified in the formal Adverse Action Letter we received dated XX/XX/XXXX, was Excessive Obligations in Relation to Income. In several subsequent discussions with XXXX XXXX, wherein I requested additional information and clarification as to how the income and debt service had been calculated, she was unable to provide specific numbers related thereto or the methodology used to derive it by the underwriting department. 

On XX/XX/XXXX, I had a lengthy telephone conversation with XXXX XXXX during which she tried to explain how our annual income amount had been calculated. Her explanation was meaningless to me, as the figure she provided ( {$89000.00} in verified income ) had no correlation to any of the income information we had provided. In fact, it was over {$30000.00} less per year than our income verification documents we had submitted for the previous XXXX year period. Because I was insistent that something was wrong or not properly analyzed, XXXX XXXX said she would file an appeal of the decision and have it reviewed by a second underwriter. I have no idea whether or not she filed the appeal, because I never heard from her again. It is my understanding that the telephone calls dealing with credit applications are all recorded by PNC. If that is the case, I believe you would find a review of the XX/XX/XXXX, telephone call most instructive, in terms of providing an accurate summary of the application process we endured and the frustration we experienced in not being able to get credible answers to reasonable questions. 

Subsequent to the XX/XX/XXXX telephone call, I reviewed all of the information XXXX XXXX had provided relative to the credit underwriting. In an attempt to clarify what I perceived as an erroneous assumption by the PNC underwriter, I sent XXXX XXXX a communique by email outlining where I believed the breakdown occurred. A copy of that email is included for your information. It is interesting to note that at the end of the XX/XX/XXXX telephone call ( a Friday ), XXXX XXXX assured me she would contact me early in the following week to discuss the results of her appeal. On XX/XX/XXXX, ( Sunday ) I directed my email to her. Subsequently, I made XXXX separate telephone calls to her, wherein I left voice-mail messages asking her to acknowledge receipt of the email and to update me on the current status of the appeal. I never received a return call from her. My next communication with PNC was the standard Adverse Action Letter which we received by mail on XX/XX/XXXX. 

To say that the manner in which this credit request was handled by PNC is a stain on the companys reputation is an understatement. My wife and I believe we did not receive fair treatment from your bank, XXXX XXXX. Subsequently I have reviewed the entire application and credit denial process with several former colleagues in the banking industry, each of whom have a high level of knowledge and expertise related to the bank lending function. All agreed and are willing to give testimony to the fact that, based upon generally accepted principles of credit-granting criteria, the credit request was not handled in the appropriate manner. Within that context, it is interesting to note that the credit facility my wife and I were denied by PNC was, in fact, granted by a competitive financial institution. We executed loan documents on XX/XX/XXXX. 

Page 3 Continuation of Letter to XXXX XXXX XXXX and PNC Bank N.A . 


I have taken the time to write to you about this incident, XXXX XXXX, in the hope that some degree of review and action on your part will result in meaningful corrective action within PNC to preclude future applicants from receiving the same treatment my wife and I experienced. As I indicated earlier, we felt that the treatment we received from PNC was eminently unfair. More specifically, we believe that age discrimination played a role in the ultimate credit decision, in direct violation of the Equal Credit Opportunity Act. To that end, I have forwarded a copy of this letter to the governmental agency that administers compliance with that federal statute, the Bureau of Consumer Financial Protection, in the hope that they will take whatever action they deem appropriate. In addition, we have filed a formal consumer complaint with the subject agency regarding the events outlined in this letter. I would be most interested in hearing your thoughts about the matter, once you have had an opportunity to look into it. 


Sincerely, XXXX XXXX XXXX, XXXX. 
XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX ( XXXX ) XXXXXXXX XXXX 
Cc : Bureau of Consumer Financial Protection 1700 G Street NW Washington, DC 20006