Kevin Wack is American Banker's national editor, and is based in southern California. He was formerly the publication's consumer finance reporter and its Capitol Hill correspondent. Earlier, he worked on financial policy in Washington. He has also reported for the Associated Press and worked as the investigative reporter for the Portland Press Herald in Maine.
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The agency acknowledged that loan performance in the sector has been strong, but cited several reasons to think that might change, including rising interest rates, the effects of inflation and uncertainty about the future of work and commerce.
By Kevin WackAugust 4 -
Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.
By Kevin WackJune 15 -
New York Fed researchers found that banks operating in areas hit by tornadoes, floods and other calamities weren’t financially hurt by those disasters. That surprising result comes with significant caveats, however.
By Kevin WackApril 5 -
Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."
By Kevin WackNovember 1 -
The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.
By Kevin WackSeptember 1 -
The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.
By Kevin WackAugust 23 -
The top executives at Bank of America, Citigroup and Wells Fargo all received less compensation during a year shaped by the pandemic, while several regional bank CEOs got large pay hikes.
By Kevin WackMay 19 -
The Michigan lender agreed in 2012 to pay $133 million to resolve civil fraud charges tied to government-backed mortgages. But the deal with the Justice Department came with a catch that eventually allowed Flagstar to pay far less.
By Kevin WackApril 15 -
The 9-0 ruling markedly diminishes the threat of lawsuits involving automated calls and text messages to consumers.
By Kevin WackApril 6 -
Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession.
By Kevin WackFebruary 17