The Consumer Financial Protection Bureau (CFPB) opposes a 20% downpayment on low-risk mortgages. The agency will not use its special rule-writing powers to undermine the Dodd-Frank Act, director Richard Cordray told lawmakers Thursday.

Testifying before the Senate Banking Committee, Cordray made clear that he opposes a proposal backed by the Federal Reserve and other banking regulators that would require a minimum 20% downpayment on loans classified as low risk.

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