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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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 -
The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending.
By Kevin WackJanuary 22 -
The median credit score for new mortgages and refinancings climbed to 786 during the third quarter, its highest level in more than two decades, according to a report from the New York Fed.
By Kevin WackNovember 17 -
CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.
By Kevin WackOctober 14 -
Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.
By Kevin WackOctober 1 -
Under fire for saying that the potential pool of talent is "limited," CEO Charlie Scharf issued a memo to employees Wednesday acknowledging that his words reflected his own "unconscious bias" and vowing to improve diversity in the bank's leadership.
By Kevin WackSeptember 23 -
Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.
By Kevin WackSeptember 22 -
A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the coronavirus crisis.
By Kevin WackJuly 10 -
Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.
By Kevin WackJune 28 -
Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.
By Jon PriorJune 11