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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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 -
F.N.B. Corp. in Pittsburgh is cutting a pair of overdraft-related fees by between $2 and $8 — relatively modest changes compared with those enacted by some larger banks. At the same time, it's taking various steps to make it easier for customers to avoid the controversial charges.
November 9 -
The Canadian-owned bank vowed to appeal the large verdict, which illustrated the risks that banks take on when they shoulder the liabilities of companies they acquire.
November 8 -
The North Carolina bank has made 11 insurance-related acquisitions in the last three years, and a top executive forecasts more buying chances as brokerage consolidation continues.
November 4 -
The Minneapolis bank disclosed the investigation four months after the Consumer Financial Protection Bureau reached a settlement with Bank of America over the distribution of unemployment insurance benefits on prepaid debit cards.
November 2
