Sen. Says Risk Retention Rule Must Match CFPB's Standard

Law360, New York (January 23, 2013, 3:04 PM EST) -- A top Republican senator on Tuesday urged federal banking regulators to make sure their forthcoming risk retention rules under the Dodd-Frank Act match new high-quality mortgage standards adopted by the Consumer Financial Protection Bureau, or they risk further hampering the hobbled private mortgage market.

Sen. Bob Corker, R-Tenn., said creating a so-called qualified residential mortgage standard, which determines the types of mortgages that would not be subject to the coming risk-retention rules, that does not line up entirely with the CFPB's qualified mortgage standard would force...
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