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 company has agreed to pay at least $3.75 million to resolve allegations that it violated the District of Columbia’s 24% interest rate cap.
February 8 -
The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.
January 20 -
Two co-founders of the company are expected to give depositions this month in a suit brought by an entrepreneur who says one of them stole her idea of providing credit to immigrants and turned it into a multimillion-dollar venture. Petal denies the allegations.
January 5 -
The regulator has a policy that allows it to convert public enforcement actions into informal, nonpublic ones in cases where banks haven't fully met their obligations. Its inspector general says that the practice may give a false impression to customers and investors.
December 6 -
Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."
November 1 -
The California bank sued a former executive for allegedly taking trade secrets and using them to build a rival fintech. A recent interim ruling frees Aeldra Financial to move ahead with fundraising while the case continues.
October 26 -
Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts.
October 6 -
The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.
October 3 -
Citizens Financial Group's acquisition of Investors Bancorp — one of the biggest banking combinations announced so far this year — may never have happened if the pandemic hadn't interrupted the seller's merger talks with another bank.
September 20 -
The Toronto-based bank will take over the account from Capital One, which is ending its deal with the membership-only retail chain.
September 2
