PNC FINANCIAL SERVICES GROUP, INC. (PNC) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that PNC FINANCIAL SERVICES GROUP, INC. surfaced in its latest filing.

• The federal banking agencies issued a proposed rule in July 2023 to implement the final components of the Basel III framework, and the status of this rule and potential revisions remain uncertain.July 2023
• PNC is subject to regulatory capital and liquidity requirements established by the Federal Reserve and the OCC, including the SCB determined through the Federal Reserve's CCAR process.
• PNC provides card transaction processing services under agreements with Visa and Mastercard, bearing losses and penalties for merchant breaches.
• PNC has faced fraud including ACH fraud, credit card fraud, and wire fraud through synthetic identities and account takeovers.
• PNC has been alleged to have infringed, misappropriated or otherwise violated third-party intellectual property rights and has suffered related losses.
• Downgrades could negatively impact PNC's right to continue to service mortgages and hold related escrows and reserves, and could trigger obligations under derivative contracts with certain counterparties.