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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UMB Financial hired an outside company to provide customer service in connection with some of its credit cards and debit cards. In a lawsuit, the Missouri bank alleges that the vendor suddenly stopped performing its duties, and that the bank's own employees had to step into the void.
August 10 -
Ybarra, who leads the megabank's sprawling institutional clients group, plans to depart in the first half of next year. Citi says it's assessing how to allocate his responsibilities.
August 7 -
The Minneapolis company is issuing stock to the Japanese banking giant that previously owned MUFG Union Bank in order to repay part of a $3.5 billion obligation. The move will also boost a key capital ratio, which sagged after the deal was completed, but is expected to cut into U.S. Bancorp's earnings per share.
August 3 -
Under a written agreement, Quontic pledged not to distribute capital without the permission of its regulators. It's the third enforcement action in five years against the small New York-based bank.
July 6 -
A challenge to the SEC's use of administrative law judges could have big implications for bank regulators. The FDIC, Fed, OCC and CFPB could be forced to go to federal court in cases that would otherwise be handled in-house.
July 5 -
Following regulatory stress tests, three midsize institutions expect to be required to maintain larger stress capital buffers. The reverse is true for four of the nation's largest banks.
June 30 -
Cullen/Frost, Columbia, Synovus, Valley National and Associated all have relatively large exposures to the office sector, which has been hurt by the popularity of remote work. Their executives point to factors that offer protection, including the geographic composition of their portfolios and the types of buildings that serve as collateral.
June 27 -
For years, the Japanese-owned bank engaged in deception with respect to three different kinds of fees, regulators found. U.S. Bank inherited the liability when it acquired MUFG Union last year.
June 15 -
Both regional banks announced weaker guidance for net interest income than they had foreseen two months ago. The disclosures highlighted pressures that figure to take up a lot of the oxygen during second-quarter earnings season.
June 14 -
The credit card company says it could raise interest rates, charge new fees and implement penalty-based pricing if late fees get capped at $8. But its ability to maneuver is constrained by a 14-year-old federal law.
June 12
