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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Lost in the battle between banks and retailers — which is being fought with renewed vigor in the early days of the Trump administration — is any consideration of how caps on interchange fees have affected consumer spending patterns.
February 27 -
MUFG Union Bank is launching PurePoint Financial, a largely online savings bank that will still offer opportunities for face-to-face interaction.
February 23 -
The prepaid card issuer has been striving to overcome the setback it suffered from the discontinuation of a popular product in 2015.
February 22 -
Tala, based in Santa Monica, Calif., makes its loan decisions after analyzing data on the mobile phones of users in Kenya and the Philippines.
February 22 -
When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.
February 22 -
When Zelle launches, it will not allow users to share information about their payments with other folks in their network. That decision puts the P-to-P service on a different course than Venmo, its fast-growing rival.
February 21 -
The mortgage servicer will pay at least $25 million in cash and provide some $200 million in debt relief to borrowers to resolve a range of alleged violations. But Ocwen will also be allowed to resume acquiring servicing rights in the nation's largest state.
February 17 -
After recording a $35.9 million quarterly loss, the online small-business lender said that it plans to reduce its annual expenses by $20 million, cut 11% of its staff and more than double its loan-loss provision from a year earlier.
February 16 -
Bond Street targets small businesses that might be able to qualify for a bank loan but are looking for a faster and easier approval process.
February 15 -
The San Francisco online lender reported a $32 million loss in the fourth quarter, which brought red ink for the full year to $146 million.
February 14
