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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.

Recent Stories from This Author

New Credit Card Firm Aims to Plug Online Security Gap
June 29, 2016 The credit card industry's switch to microchips has improved security, but fraudulent online purchases remain a big...

Clash Brewing Over Robo-Calls from Mortgage Servicers
June 29, 2016 The Federal Housing Finance Agency wants mortgage servicers reaching out to delinquent borrowers to be exempt from tough...

What to Make of Lending Club's Latest Bad News Dump
June 28, 2016 Seven weeks into a crisis precipitated by the ouster of the company's longtime CEO, the embattled marketplace lender is trying...

SCOTUS Leaves Lenders in Lurch by Passing on Case
June 27, 2016 The court's decision to return Madden v. Midland Funding to a lower court leaves unresolved a number of important questions...

Supreme Court Declines to Hear Usury Law Case, Despite Industry's Pleas
June 27, 2016 In a setback for the U.S. consumer finance industry, the Supreme Court said Monday that it will not review a lower court's...

Banks Crow After Acing Tougher Stress Test
June 23, 2016 The industry is better positioned than it was last year to weather a severe economic shock, according to the Fed, but the real...

Kabbage Licenses Its Digital Lending Technology to Scotiabank
June 22, 2016 Kabbage is licensing its digital lending technology to one of Canada's largest banks, which plans to offer an online...

Prosper Revamps Website in Effort to Lure Retail Investors
June 22, 2016 Prosper Marketplace is rolling out a revamped website that is designed to make loans it sells more attractive to individual...

Google Exec Mentions Payday Loans, Porn, Guns in Same Breath
June 16, 2016 The search giant responded Wednesday to critics of its recently established ban on payday loan ads.

Tax Refund Loans Get a Second Life
June 15, 2016 At the same time federal regulators are cracking down on payday loans, another form of short-term credit for low-income...

Synchrony Predicts Increase in Loan Losses; Shares Plunge 14%
June 14, 2016 Synchrony Financial said Tuesday that it is expecting loan losses to rise over the next year as more consumers struggle to pay...

Self-Regulation of Marketplace Lending Does Not Go Far Enough: FTC
June 9, 2016 The federal agency expressed skepticism about industry-developed standards Thursday, suggesting that there is currently no way...

Will Lending Club's Bid to Win Back Investors Scare Off Borrowers?
June 8, 2016 With its very survival at stake, the San Francisco-based marketplace lender is balancing key priorities that are sometimes in...

Big Banks Stand Out with Overdraft Revenue Gains
June 6, 2016 At a time when most banks are finding it harder to make money from overdraft fees, new data shows that Wells Fargo, Bank of...

Bank Honchos Clash Over the Future of the Branch
June 2, 2016 The CEOs of banks that operate only online argued Thursday that their model is the way of the future. Not so fast, responded...

Green Dot-Walmart Customer Backlash Echoes RushCard's Costly Fiasco
June 1, 2016 The prepaid card issuer issued conflicting statements in recent weeks as customers complained that they were unable to access...

Risks in Prime Auto Lending Are Rising for Banks: Moody's
May 26, 2016 The credit rating agency argues in a new report that the financing arms of auto manufacturers are better positioned than banks...

Obama Admin. to Supremes: Don't Take Case that Riled Bankers, Online Lenders
May 24, 2016 The Obama administration and an independent federal banking agency are advising the Supreme Court not to review a lower-court...

Hold the Schadenfreude: Banks Also Stung by Online Lending Shakeout
May 24, 2016 During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some...

Disruption Is Overrated: Wells Fargo's Pragmatic Approach to Innovation
May 24, 2016 The San Francisco bank isn't interested in making splashy investments in technology. At an investor day event Tuesday, Wells...

FICO on Why Its Scores Are Still Relevant
Marketplace lenders have been declaring "FICO-free Zones" and playing down the need for the longstanding measure of creditworthiness. FICO CEO Will Lansing explains how the company's score is evolving and why he believes FICO remains the best (not necessarily the only) way to determine ability to repay a loan.
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