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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After a California woman spent more than a decade obtaining reparations for Nazi plundering of her family's belongings, the money disappeared from her bank account. Her saga highlights a gap in fraud cases between what consumers expect from their banks and what those banks are in a position to deliver.
By Kevin WackMay 8 -
Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
By Kevin WackMay 5 -
The Federal Deposit Insurance Corp. is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. Three industry groups are suing the state in an effort to stop its attempted crackdown.
By Kevin WackApril 28 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
By Kevin WackMarch 27 -
A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.
By Kevin WackMarch 26 -
The credit card giant says that it is "proactively meeting" with advocacy organizations to gather feedback that would help with the creation of a community benefits plan. The National Community Reinvestment Coalition, which has negotiated 21 such deals since 2016, opposes Capital One's proposed acquisition of Discover.
March 26 -
The blockbuster merger is now in the hands of banking agencies and the Department of Justice, which will have to evaluate its impact on competition.
March 22 -
Some 54% of small businesses said in a recent survey that elevated rates had led to higher debt payments. And in a sign that loan demand remains soft, 37% reported delaying expansion plans or capital spending.
By Kevin WackMarch 18 -
The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.
By Kevin WackMarch 7 -
Surprise overdraft fees and charges incurred by consumers who cash bad checks likely violate the law, state Attorney General Rob Bonta said. His message was especially notable because it was aimed at smaller institutions that have gotten less scrutiny from Washington.
By Kevin WackFebruary 24