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 online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due.
April 30 -
The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.
April 29 -
Unlike recent affairs that were marred by protests, this year's meeting — held online because of the coronavirus outbreak — went smoothly as investors overwhelmingly approved the bank's slate of directors and executive compensation plan.
April 28 -
Lester Owens, who is scheduled to join the bank in July, will report to Chief Operating Officer Scott Powell. He will be charged with implementing a more unified structure across the 260,000-person company.
April 27 -
The former CEO at The Federal Savings Bank, who faces a bribery charge in connection with loans to President Trump's onetime campaign chief, is seeking to keep evidence from his phone out of the upcoming trial.
April 24 -
Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.
April 23 -
More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.
April 22 -
The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.
April 21 -
"One of the advantages is that we can hear from shareholders in faraway places," John Dugan said at Tuesday's annual meeting, which was held entirely online as most of the country remains on lockdown to help stop the spread of the coronavirus.
April 21 -
After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.
April 20
