Kevin Wack
American Banker
Los Angeles, CA, United States
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Past articles by Kevin:
How eight banks are weighing the fallout from the Ukraine war
The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected. → Read More
Wells Fargo employees feared for their jobs, consumer banking head says
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.” → Read More
Mobile banking startup notches key win in suit brought by East West Bank
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. → Read More
California will study feasibility of public banking option for consumers
Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts. → Read More
Big banks face surtax in Washington state after court upholds 2019 law
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. → Read More
How the Citizens-Investors merger deal fell into place
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. → Read More
CIBC nabs Costco credit card partnership in Canada
The Toronto-based bank will take over the account from Capital One, which is ending its deal with the membership-only retail chain. → Read More
Former Wells Fargo execs, OCC set to square off at fake-account trial
The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13. → Read More
Who the K-shaped recovery is leaving behind
The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: Renters, front-line workers and minority small-business owners. → Read More
What the child tax credit — a windfall for families — means for banks
In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx. → Read More
Credit card balances rebounded slightly in second quarter, N.Y. Fed says
Consumers who had paid down balances during the pandemic started spending more, while issuers made additional credit available, according to researchers at the Federal Reserve Bank of New York. The findings suggest the start of a return to more normal borrowing patterns in the card industry. → Read More
Report that cleared Wells Fargo board of misconduct gets a second look
A 2017 investigation into the fake-account scandal — conducted by the board of directors with a major assist from the law firm Shearman & Sterling — was billed as independent and objective. Was it? → Read More
Wells Fargo’s head of regulatory relations is stepping down
Sarah Dahlgren, who joined the scandal-plagued company in 2018, is departing of her own accord, according to a spokesman. → Read More
Which bank CEOs received big raises, pay cuts in 2020
The top executives at Bank of America, Citigroup and Wells Fargo all received less compensation during a year shaped by the pandemic, while several regional bank CEOs got large pay hikes. → Read More
Green Dot to buy tax refund unit from Republic Bank for $165M
The deal should allow the prepaid card issuer to expand its footprint in a business that it entered seven years ago. → Read More
Varo CEO predicts profits by 2023 as losses pile up
By becoming a bank, the digital-only challenger zigged when other fintechs zagged. Some of the short-term consequences of that decision — including heavy regulatory costs — are becoming clearer even as chief Colin Walsh says the company will stick with its long-term growth strategy. → Read More
Big banks on defense after Fed sides with retailers on debit swipe fees
A Federal Reserve proposal that would require banks to give merchants more choices in routing certain debit transactions could be a prelude to a more consequential change: A lower cap on interchange fees for banks with more than $10 billion of assets. → Read More
Do Wells Fargo, U.S. Bancorp investigations signal a new era at CFPB?
The banks disclosed this week that they are under scrutiny for conduct that may have harmed consumers. The timing raises questions about whether the Consumer Financial Protection Bureau under President Biden is poised to bring more enforcement actions against large banks than it did under Trump-appointed Director Kathy Kraninger. → Read More
What Supreme Court’s FTC ruling means for LendingClub
The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision. → Read More
Outrage over OCC bid to extract higher fines from former Wells Fargo execs
A group representing bank directors says the regulator’s sudden attempt to increase penalties by millions of dollars would set a dangerous precedent. → Read More