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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A showdown between megabanks such as JPMorgan Chase and the likes of Apple and PayPal could be the prelude to a broader fight.
February 7 -
Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.
January 29 -
The companies pledged to share data with regulators, abide by certain restrictions on pricing and submit to regular examinations. But the voluntary pacts stop short of placing restrictions on existing revenue models.
January 27 -
Capital One Financial is the latest credit card issuer to release loss reserves because its loans have performed better than expected during the pandemic.
January 27 -
A tax that banks successfully opposed throughout the Obama administration was endorsed by the president on the campaign trail and is supported by many prominent Democrats in Congress as a means of funding government spending.
January 26 -
The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending.
January 22 -
Consumers have largely kept up with their payments during the pandemic, but Discover chief Roger Hochschild says he expects defaults to rise as structural changes in the economy lead to more layoffs of white-collar workers.
January 21 -
Its Marcus unit continues to invest in new products and business lines, delaying its path to profitability, according to Goldman Sachs CEO David Solomon.
January 19 -
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.
January 15 -
CEO Charlie Scharf’s long-awaited expense-reduction plan got a chilly reception from investors.
January 15
