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 retail industry, which wants the Federal Reserve to lower a decade-old price cap, has been complaining that higher prices for consumers mean heftier interchange fees. But banks are pointing out that the $10 billion-asset threshold below which financial institutions are exempt from the cap hasn’t been adjusted for inflation.
June 30 -
Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.
June 15 -
The two regional banks announced plans to abandon nonsufficient fund fees and make other moves that will reduce the revenue they collect from cash-strapped consumers.
June 13 -
Despite high inflation and a tight labor market, median compensation at certain banks hasn’t budged much, according to a new report from a left-leaning group. “We can give people a more fair reward for their labor,” one of the co-authors said.
June 9 -
The chief executives of KeyCorp, Comerica, Cullen/Frost, First Republic and Bank of America all received pay bumps of between 31% and 64% in 2021. Here's a look at the industry's top-10 finishers.
June 6 -
The Birmingham, Alabama, bank is moving its head of consumer banking, Scott Peters, into a new role as chief transformation officer to build new technology infrastructure.
May 12 -
The CEOs of both Upstart and Oportun said this week that while they will maintain their existing interest rate limits, some higher-risk customers will no longer qualify for their loans as borrowing costs rise.
May 10 -
Erin Komorowski, a seven-year company veteran, will spearhead efforts to respond to climate change and increase diversity.
May 6 -
More than two years into the pandemic, banks hit several turning points during the first quarter. On the positive side, commercial loan growth finally materialized, but there were also snags, particularly in fee income.
April 25 -
New York Fed researchers found that banks operating in areas hit by tornadoes, floods and other calamities weren’t financially hurt by those disasters. That surprising result comes with significant caveats, however.
April 5
