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 financial advisory firm cited recent conversations with the Federal Deposit Insurance Corp., where the current leadership is widely seen as unwelcoming of efforts to open new ILCs.
October 11 -
The industry must adapt quickly to the changing preferences of entrepreneurs and the innovation of nonbanks such as PayPal and Square, according to speakers at American Banker's Small Biz Banking Conference. Traditional players such as U.S. Bancorp and Comerica say they're making the necessary investments.
October 5 -
The new offering is the latest step in the Minneapolis bank's push to provide digital tools that will help build deeper relationships with commercial clients.
October 3 -
When local prosecutors in Los Angeles investigated fake accounts at the San Francisco bank, they were hampered by a provision of state law that prevented them from issuing subpoenas before filing suit. That problem has been remedied under legislation signed by Gov. Gavin Newsom.
September 30 -
The class-action lawsuit was brought on behalf of mortgage borrowers who were allegedly placed into forbearance during the early days of the pandemic without their consent.
September 16 -
Earlier this year, canvassers visited branches in five California counties to ask about account options. Some 37% of those who spoke Spanish were unable to talk to a banker, compared with 15% of English speakers, according to a report by the Roosevelt Institute.
September 8 -
The Phoenix bank is forming an executive leadership team that it said will ensure continuity within its senior ranks. The moves come five months after CEO Kenneth Vecchione received a contract extension through at least 2024.
September 7 -
After the Office of the Comptroller of the Currency cracked down on a $2.8 billion-asset bank, industry observers expect more scrutiny of the ties between banks and financial technology startups.
September 6 -
The 2012 order, which came alongside fines to U.S. authorities totaling nearly $2 billion, had sullied the London-based bank's reputation. "Over the last decade HSBC's employees have worked hard to transform the bank's financial crime risk management capabilities," HSBC says.
September 1 -
The state Supreme Court heard oral arguments in a lawsuit involving one of the nation's largest debt buyers. At issue is how much detail the industry must disclose about what consumers allegedly owe.
August 31
