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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In a new survey, executives at banks and credit unions registered the highest level of anxiety about a forthcoming data-collection rule in small-business lending.
December 16 -
The overwhelming majority of top leaders at large U.S and Canadian banks expect a prolonged downturn in 2023, according to a recent survey. Almost none of them expect it to be particularly harsh, though.
December 12 -
New York and California are among the states that have laws requiring lenders to make certain disclosures to small-business borrowers. The Consumer Financial Protection Bureau has reached a preliminary determination that a federal statute does not preempt those state laws.
December 8 -
An administrative law judge has recommended that a trio of onetime Wells executives be ordered to pay a combined $18.5 million in connection with the bank's fake-accounts scandal.
December 8 -
After several years when the scandal-plagued bank was focused on cost cutting, CEO Charlie Scharf indicated Tuesday that the company has opportunities to expand revenue across every line of business.
December 6 -
The Consumer Financial Protection Bureau is investigating how the Jack Dorsey-led company handles fraud on its person-to-person payments app. After the bureau accused Block of dragging its feet, a federal magistrate judge gave the company a Jan. 5 deadline.
December 5 -
The baseline scenario used by many banks is for low-single-digit growth in GDP and an unemployment rate of around 4% next year. Some Wall Street analysts are wondering whether those assumptions, which banks use to calculate their loan-loss reserves, are too rosy.
November 30 -
Mal Cullen will take over as chief executive later this week, succeeding Steven Wolff, who is retiring. CIBC Mellon is a joint venture of Bank of New York Mellon and Canadian Imperial Bank of Commerce.
November 29 -
After a judge dismissed a lawsuit brought under the anti-predatory-lending law, the Consumer Financial Protection Bureau and the Federal Trade Commission are urging an appeals court to reverse the ruling. They argue that lenders have little incentive to comply with the 2006 law if the threat of being sued gets diminished.
November 23 -
The subprime consumer lender, whose stock price has sagged this year, is being sold to an asset management firm. Elevate's CEO told employees that "the current market conditions present a challenging backdrop for our organization and so many others in the consumer finance industry."
November 17
