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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The Illinois company is smaller than other banks that have done away with the charges, but it's been substantially less reliant on overdraft revenue than some depositories. Wintrust executives explained the decision as a response to technological changes in consumer banking.
March 2 -
Toronto-Dominion Bank is on the hook for $1.2 after settling litigation over its connection to a massive Ponzi scheme, and Independent Bank Group in Texas agreed to pay $100 million. A third bank, HSBC, settled for a smaller amount.
February 27 -
The sweeping legislative package would require digital-asset businesses to get licensed and add to the authority of the state financial services regulator. Illinois officials say the changes would protect consumers and level the regulatory playing field, but a banking trade group is pushing back against some of the ideas.
February 22 -
The Columbus, Ohio, bank hopes both to reduce costs and increase revenue by consolidating three segments into a single unit. Huntington is particularly focused on building out its wealth management business.
February 16 -
A reporter tried for more than two years to speak with Michael Bacon, the megabank's former chief security officer. Bacon eventually sat for around 30 interviews, painting a detailed picture of the Wells executive suite as the fake-accounts scandal unfolded.
February 9 -
The California Reinvestment Coalition is one of the groups asking the Federal Deposit Insurance Corp. to withhold its approval unless substantial conditions are imposed. The merger would create a $29 billion-asset bank with locations in nine states.
February 8 -
After the scandal explodes, Wells Fargo's former chief security officer embarks on a long journey into the legal system.
February 6 -
An article in the Los Angeles Times provides an opportunity for bank executives to address the underlying problems. Instead comes a focus on damage control.
February 3 -
The bank establishes a committee with the express purpose of addressing employee misconduct. But as the problem of unauthorized customer accounts grows, it stops meeting.
February 2 -
The scandal's roots stretch back more than a decade. In a corporate environment that doesn't welcome bad news, problems fester.
February 1
