Law and regulation

Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.

The railroad industry executive will replace Raymond Fortin as general counsel.

The tax law is expected to eliminate 300,000 affordable housing units over 10 years in part because it will reduce the value of banks’ low-income tax credits, which finance half of all affordable housing units.

The Office of the Comptroller of the Currency said Tuesday that Norman Williams will oversee the three research and analysis divisions that assess financial and economic risks to banks.

The Consumer Financial Protection Bureau on Wednesday launched a rate spread calculator and validation tool for financial companies reporting Home Mortgage Disclosure Act data starting Jan. 1.

Banks reported $6.4 billion in trading revenue in the third quarter, down 3.6% from the previous quarter, on falling interest rate and foreign exchange revenue, the Office of the Comptroller of the Currency said.

The McLean, Va., company and several other banks have disclosed the charges they expect to record in the fourth quarter due to lower values on their deferred tax assets.

Moments after the Consumer Financial Protection Bureau said it would reopen its mortgage disclosure rule, the bureau announced that the effective date for the prepaid rule would similarly be scrapped.

The Trump administration and acting Consumer Financial Protection Bureau chief Mick Mulvaney won round one in a legal battle challenging Mulvaney's leadership. His critics will have a tall order trying to win round two.

The number of newly chartered credit unions can’t compensate for consolidation across the industry, and many sources say that isn’t likely to change anytime soon.