FINRA and the MSRB plan to cut the reporting time for TRACE-eligible trades from 15 minutes to just one.

While credit unions will be treated on par with banks, state housing finance agencies will be fully exempted from capital requirements imposed on those participating in the Ginnie MBS program.

Changes to Form FR-2004 help distinguish between the specified pool and to-be-announced positions of primary dealers.

FHFA is working on an alternative to the single counterparty fee, triggered by a controversial provision in the new capital rule, that requires the GSEs to hold capital against one another as counterparties.

Industry groups argue that assessing fees on commingled collateral could undermine market confidence in the UMBS.

The Mortgage Industry Standards Maintenance Organization backed Ginnie’s updates to the digital collateral program.

Ginnie and FHFA are working together to set capital and liquidity requirements for nonbanks. Separately, Ginnie is working to allow for changes at the loan level and FHFA is considering reforms involving the Federal Home Loan Banks.

The Mortgage Bankers Association has asked the SEC to review the margin requirements in Rule 4210, arguing that lenders use to-be-announced securities to hedge their interest rate exposure rather than for speculation purposes.

Small lenders may be able to avoid some of the margin requirements by diversifying the pool of broker-dealers they use for hedging.

Higher prices on mortgages for highly qualified borrowers could mean more cross-subsidy for less qualified borrowers.