Kevin Wack

Staff Writer

Kevin Wack is a California-based reporter for American Banker who covers the U.S. consumer finance industry. He was formerly the newspaper's Capitol Hill correspondent. Earlier, he worked on financial policy in Washington, first as a fellow with the Senate Permanent Subcommittee on Investigations and later as senior editor for the Congressional Oversight Panel for TARP. Wack has also reported for the Associated Press and worked as the investigative reporter for the Portland Press Herald in Maine. A St. Louis native, Wack is a graduate of Stanford University and holds a master's degree from Northwestern University's Medill School of Journalism.

Fair Housing Act

Big banks outlast city of Miami in long legal battle

The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions.

By Kevin Wack

February 4
Crime and misconduct

Manafort's banker seeks to move his trial from New York to Chicago

Stephen Calk and the bank where he formerly served as CEO are both arguing that his bribery trial should be held in Illinois. Prosecutors oppose the move.

By Kevin Wack

January 13
Crime and misconduct

Indicted ex-banker says warrant to search iPhone was tainted

Stephen Calk, who faces a bribery charge in connection with loans his bank made to former Trump campaign chair Paul Manafort, is asking a judge to suppress evidence that prosecutors obtained from his mobile phone.

By Kevin Wack

November 18
State regulators

Pennsylvania regulators hit SoFi with enforcement action

The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed.

By Kevin Wack

November 4
Corporate governance

No shortage of challenges facing Wells Fargo’s new CEO

Charles Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

By Kevin Wack

September 27
Data privacy

California data privacy compromise in peril

New plans for a ballot initiative in November 2020 threaten to overturn concessions that financial institutions, tech firms and other companies have won from state lawmakers.

By Kevin Wack

September 26
Interest rates

Wells Fargo again lowers a key earnings target

For the third time in five months, the San Francisco bank made a downward revision Monday to its guidance on net interest income. An executive cited the impact of lower interest rates.

By Kevin Wack

September 9
Crime and misconduct

Manafort's banker banned by OCC

The ban, which came to light Monday, will remain in effect until either the final disposition of Stephen Calk’s court case or until it is terminated by Comptroller Joseph Otting.

By Kevin Wack

July 1
Debt collection

FCC robocall ruling a setback for banks, debt collectors

The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.

By Kevin Wack

June 6
Affordable housing

Wells Fargo tilts philanthropic focus to affordable housing

The bank has hired Brandee McHale away from Citigroup to head its charitable foundation and implement a new strategy that will place a greater emphasis on rental housing and combating homelessness.

By Kevin Wack

June 5