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.
-
Industry representatives swiftly rejected a call from the Treasury Department that new legislation is needed to protect small-business owners.
By Kevin WackMay 10 -
Industry representatives swiftly rejected the Treasury Department's assertion that new legislation is needed to protect small-business owners.
By Kevin WackMay 10 -
State officials in California have asked top online lending firms a series of probing questions regarding their compliance with laws and regulations dealing with referral fees, bank partnerships, fair lending and other sensitive issues.
By Kevin WackMay 9 -
The abrupt resignation of the firm's founder and CEO, under a cloud, seems likely to fan investors' growing fears about the marketplace lending sector. It could also hasten regulatory scrutiny.
By Kevin WackMay 9 -
The Clearing House, Dwolla and Ripple Labs are among more than 20 companies that are vying to play a lead role in modernizing the U.S. payment system.
By Kevin WackMay 9 -
The Clearing House, Dwolla and Ripple Labs are among more than 20 companies that are vying to play a lead role in modernizing the U.S. payment system.
By Kevin WackMay 9 -
Prosper Marketplace's decision to eliminate 22% of its workforce is more evidence that the bloom is off the rose for a sector that had been enjoying astronomical growth.
By Kevin WackMay 4 -
Some buyers are hanging in there, but as OnDeck Capital's disappointing first-quarter results show, investors who acquire and securitize marketplace loans are heading for hills. Among the reasons: fear of defaults, unfavorable pricing and shrinking loan yields.
By Kevin WackMay 3 -
OnDeck Capital reported a quarterly loss of $12.6 million as revenues fell short of expectations. At the same time, the New York firm sharply reduced its earnings projection for the rest of the year.
By Kevin WackMay 2 -
During a discussion Monday about the impact of technology on the financial sector, tech executives argued that banks are inefficient because they are paying six-figure salaries to employees whose jobs can be computerized.
By Kevin WackMay 2