National City Bank settlement administrator will contact eligible borrowers soon
Last year, together with the Department of Justice, we filed a complaint against National City Bank (National City) for discriminating in mortgage loan pricing. The complaint alleged that National City charged African-American and Hispanic borrowers higher prices on their mortgage loans than similarly-situated white borrowers between 2002 and 2008. The parties agreed on a settlement, and a federal court has ordered PNC Bank, which purchased National City in 2009, to provide $35 million in relief to minority borrowers who overpaid.
The National City Consent Order Administrator will locate and send checks to minority borrowers who were overcharged. Over the next two weeks, the Administrator will mail packages to all eligible borrowers asking them to participate in the settlement. If you were overcharged and are eligible, you will receive a package that will tell you the specific minimum amount of money you will receive. Your actual payment amount may be greater, depending on how many borrowers participate in the settlement.
Submit your form by mail, e-mail or fax
The packages being sent will include a form that you must sign if you want to receive your payment. You can return this participation form by postage pre-paid mail, e-mail, or fax. Just follow the instructions on the form. Be sure to submit your form by October 21, 2014. Only those eligible consumers who return their form by October 21, 2014 will receive their payment.
If you don’t receive a package in the mail by September 30 but you think you should receive a payment, you can call the National City Consent Order Administrator at (866) 523-6751 to ask about your eligibility. You can also fill out a claim eligibility form and submit it by mail, email or fax.
Participating in the settlement is free
Watch out for scammers claiming that they will help you for a fee or asking for your personal information in order to get your check. When large numbers of consumers receive settlement money, scammers sometimes pop up. The scammer may charge you a fee or try to steal your personal information. While you are of course free to speak with an attorney, you do not need to hire a lawyer or pay anyone a fee in order to participate in this settlement.
As part of this settlement, the National City Consent Order Administrator, the Consumer Financial Protection Bureau, the Department of Justice or your local U.S. Attorney’s office may contact you. You should treat any other contact claiming to be related to this settlement as a scam. Please immediately report any scam to the National City Consent Order Administrator at (866) 523-6751 or info@NationalCityConsentOrder.com.
Still have questions?
If you have any questions, check out the National City Consent Order Administrator website or call (866) 523-6751.
Learn more about how you can protect yourself from credit discrimination.