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 San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.
January 11 -
New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.
January 7 -
The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.
January 5 -
Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.
January 5 -
The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.
December 21 -
The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.
December 17 -
Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.
December 15 -
The accelerating pace of branch closures is partly due to industry consolidation, according to the community reinvestment group that authored the new report.
December 14 -
It has been 15 years since the federal banking agencies issued guidance on an institution’s obligation to inform its regulator about a cyberattack. A proposal to be unveiled this week could establish a more specific notification deadline.
December 14 -
The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.
December 11
