Perhaps, parts of the CHOICE Act might be siphoned off and made more politically palatable, such as regulatory relief for small community financial institutions.
Issuers of commercial MBS are facing significant problems with risk-retention requirements five months after the rule took effect, according to an industry attorney. Industry participants continue to push for guidance from federal regulators, but the response so far has been limited. “The rule is woefully inadequate as a guidebook for compliance, with massive white space, periodically interrupted by obscure bubbles of facial clarity,” according to Rick Jones, a partner at the Dechert law firm. “Unclear rules and potentially existential liability are not the stuff of a deal easily made.” In a recent commentary, Jones said...
To assess the effectiveness of the rule in meeting the agency’s goals, the CFPB will examine the impact of major provisions of the measure on a set of consumer outcomes, including mortgage costs…