PNC FINANCIAL SERVICES GROUP INC

Community Reinvestment Act

In March 2025, the federal banking agencies announced, in light of recent litigation, their intent to issue a proposal to rescind the CRA final rule issued in October 2023. Implementation of the new rule would have imposed additional costs and would have impacted how PNC’s CRA performance was assessed going forward. The proposal also would reinstate the CRA framework that existed prior to the 2023 final rule, which currently remains in effect.

Congressional Review Act

In March and April 2025, the U.S. Senate and the House of Representatives, respectively, passed a Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s December 2024 final rule that would have restricted overdraft fees for certain insured depository institutions, including PNC Bank (the “CFPB Overdraft Rule”). The CFPB Overdraft Rule requires covered financial institutions either to charge no more than $5 for consumer overdraft fees or adopt one of two alternatives: (i) apply protections to overdraft programs similar to those that apply to credit cards or (ii) charge an overdraft fee amount that is no more than the cost of providing consumers with overdraft protection, as calculated according to parameters set by the CFPB. If finalized as law, the Congressional Review Act resolution would prevent the CFPB Overdraft Rule from taking effect and prohibit the CFPB from issuing a substantially similar rule in the future.