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.
-
Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank's Canadian parent company say they expect a return to profitability in the first quarter.
By Kevin WackNovember 30 -
The U.S. Supreme Court heard oral arguments in a case that has large stakes for bankers who get into hot water with their regulators. Conservative justices asked tough questions of a Biden administration lawyer who defended agencies' reliance on administrative law judges.
By Kevin WackNovember 29 -
The bank was recently sued by customers who say they were misled into thinking that their savings accounts were earning competitive rates. Capital One responded with a series of arguments for why the case should be thrown out.
By Kevin WackNovember 13 -
Longtime customers of Capital One's online banking arm thought they were getting the best possible rate, according to a lawsuit. Little did they realize, they say, that they needed to open a new account in order to benefit from interest rate increases.
By Kevin WackNovember 6 -
The student loan servicer said that it's open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.
By Kevin WackOctober 26 -
Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. "There's still a lot of just blocking and tackling that we've got to do to get the bank to work the way it's supposed to," he says.
By Kevin WackOctober 16 -
Blue Ridge Bank in Virginia changed course after its rapid growth in the fintech partnership business landed it in hot water. But the path back to a traditional community banking model is also proving to be bumpy.
By Kevin WackOctober 10 -
The Royal Bank of Canada has made a series of transactions that should boost the profitability of its struggling U.S. subsidiary. Debt securities that had been owned by City National have lost value as a result of rising long-term bond yields.
By Kevin WackOctober 2 -
The Mer Rouge State Bank in Louisiana and Mission National Bank in San Francisco are among 184 banks to receive $70 million of grants from the Bank Enterprise Award Program, its largest awards ever.
By Kevin WackSeptember 21 -
Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.
By Kevin WackSeptember 15