Kucinich Requests More Time for Public Comment on Sale of National City
Washington,
Nov 25, 2008 -
Congressman Dennis Kucinich (D-OH) today requested that Ms. Sandra Pianalto, President of The Federal Reserve Bank of Cleveland, hold a public hearing on the proposed PNC acquisition of National City and to extend the period for public comments for at least an additional 30 days after the current December 2, 2008 deadline.
Comments on the PNC proposal must be submitted in writing and arrive before December 2, 2008 for consideration. Comments should be addressed to Nadine Wallman, Vice President of the Federal Reserve Bank of Cleveland, at 1455 East Sixth Street, Cleveland, OH 44101-2566.
The full text of the letter follows:
November 25, 2008
Ms. Sandra Pianalto
President
Federal Reserve Bank of Cleveland
1455 East 6th Street
Cleveland, Ohio 44114-2594
Dear Ms. Pianalto:
Since the announcement of PNC Bank’s (PNC) proposed acquisition of National City Corporation (NCC), I have learned of the possibility that PNC Bank may have received favorable treatment from the Department of the Treasury. I have made an inquiry to the office of the Comptroller of the Currency regarding this matter. Given the gravity of the loss of National City Bank to the entire Cleveland region of the Federal Reserve Bank and to the people of the region, I ask that you hold a public hearing or meeting at the Federal Reserve Bank of Cleveland or another appropriate and nearby venue in conjunction with 12 C.F.R. § 262.25(d) of the federal banking regulations. I also ask that you provide an extended comment period for at least 30 days after the current Dec. 2 deadline. I intend to provide further comment before the end of the comment period. Thank you for your prompt attention to this matter.
Sincerely,
/S/
Dennis J. Kucinich
Member of Congress
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