Financial regulations

Ocwen Financial subsidiary PHH Mortgage will pay a total of $750,000 to six military members and increase employee training to settle Department of Justice allegations that it conducted foreclosures that violated the Servicemembers Civil Relief Act.

Federal Reserve Board Gov. Lael Brainard said public comments demonstrate a desire among stakeholders for reforms to be implemented consistently across the Fed, OCC and FDIC.

A proposal allowing more lenders to skip outside appraisals could remove a hurdle to quick closings, but appraisers say they could be collateral damage.

Regulators typically write rules before applying them. But the CFPB is attempting the reverse.

The presumptive chair of the House Financial Services Committee will likely take the panel in a sharply new direction and have a new bully pulpit to criticize the Trump administration.

Federal regulators have issued answers to frequently asked questions on appraisal regulations.

The central bank said the proposal is intended to eliminate duplication of rules for entities covered by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

Regulators will continue to issue guidance to articulate general views on appropriate practices, but they will not issue enforcement actions based on violations.

Comptroller of the Currency Joseph Otting writes that the Community Reinvestment Act has not kept pace with changes in banking and needs to be updated.

Sen. Heidi Heitkamp, D-N.D., has compromised with Republicans on key issues and supported other Trump nominees, but she said Kathy Kraninger lacks enough experience to run the consumer bureau.