PNC Gets Subpoenas for Tax Credits Also Probed at Wells Fargo
- Action part of broader inquiry into low-income housing credits
- Miami federal prosecutors said to have convened a grand jury
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PNC Financial Services Group Inc. received subpoenas from federal prosecutors in Florida over practices related to its purchases of low-income housing tax credits, according to a spokeswoman for the bank.
The action against the Pittsburgh-based lender by the U.S. Attorney’s Office in Miami is similar to an inquiry into Wells Fargo & Co. over its purchase of the credits, according to two people familiar with the matter who asked not to be named because the details are private. The investigations are part of a broader probe into the market, the people said.