Links in “Agencies”

FDIC report recommends that banks test their securities portfolios' exposure to rising rates, consider increasing their holdings of shorter-maturity or variable-rate securities, lock in profits by selling longer-term securities, and prepare for shifts in customer behavior as interest rates climb. [12/27]

American Express settles allegations that it used to deceptive marketing and unfair billing practices in selling credit card add-on products to its customers. $59.5 million will go to restitution to customers and $16.2 million will to go three separate penalties to the CFPB, the FDIC and the OCC. [12/26]

CFPB's consumer education efforts include statements that "borrowers who fall behind now have more options to take control" and the CFPB will "stand with borrowers." [12/24]

In its industry outlook for 2014, an institutional brokerage dubs 2014 "the year of the regulator" and forecasts "the beginning of a more aggressive regulatory stance." [12/24]

CFPB and DOJ file $35 million joint complaint against National City Bank (through successor PNC Bank) for seven-year span (2002 to 2008) of charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers. [12/24]

OCC's 3rd quarter mortgage industry report notes ongoing overall improvement. Key elements include increase in current mortgages (91.4% up from 88.6% in 2012), decreases in early stage delinquency (2.6% down from 15.5% a year ago), and foreclosures (48% reduction). [12/24]

New Children’s Online Privacy Protection Act (COPPA) parental consent method approved by FTC is knowledge-based identification or “out-of-wallet” information, which focuses on info that cannot be determined by looking at an individual’s wallet and are difficult for someone other than the individual to answer. [12/24]

New Federal Housing Finance Director, Mel Watt, announced on Friday that he plans to delay implementation of planned mortgage fee increases. The FHFA had announced earlier this month a plan for a 10-basis point increase in guarantee fees (g-fees), along with an increase to the loan-level price adjustment. [12/23]

DOJ and the CFPB bring the hammer down, announcing the largest auto loan discrimination settlement in history against Detroit-based Ally Bank for engaging in nationwide pattern or practice of racial discrimination involving overages. Action comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. See also this coverage. [12/23]

Either definition requires meeting the level for last two consecutive years: "small bank/savings association" means assets of less than $1,202 million and, therefore, "intermediate small bank/savings association" $300 million to $1,202 million. [12/20]