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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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
By Kevin WackMarch 27 -
A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.
By Kevin WackMarch 26 -
The credit card giant says that it is "proactively meeting" with advocacy organizations to gather feedback that would help with the creation of a community benefits plan. The National Community Reinvestment Coalition, which has negotiated 21 such deals since 2016, opposes Capital One's proposed acquisition of Discover.
March 26 -
The blockbuster merger is now in the hands of banking agencies and the Department of Justice, which will have to evaluate its impact on competition.
March 22 -
Some 54% of small businesses said in a recent survey that elevated rates had led to higher debt payments. And in a sign that loan demand remains soft, 37% reported delaying expansion plans or capital spending.
By Kevin WackMarch 18 -
The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.
By Kevin WackMarch 7 -
Surprise overdraft fees and charges incurred by consumers who cash bad checks likely violate the law, state Attorney General Rob Bonta said. His message was especially notable because it was aimed at smaller institutions that have gotten less scrutiny from Washington.
By Kevin WackFebruary 24 -
In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.
By Kevin WackFebruary 22 -
The Los Angeles-based bank said that it's eliminating roles across its footprint. The job cuts follow a year in which expenses soared and losses piled up.
By Kevin WackFebruary 16 -
Wells Fargo's Charlie Scharf and Morgan Stanley's James Gorman recorded the biggest gains among the CEOs whose compensation has been disclosed so far.
By Kevin WackFebruary 13