The Consumer Finance Protection Bureau (CFPB) doesn't have a direct mandate over the securitization industry, yet it is one of the biggest regulatory wildcards, particularly for deals backed by residential mortgages in the foreseeable future.

Nearly two years after it was signed into law as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the bureau has finalized only three relatively minor rules, and it has yet to enforce any of the major consumer finance-related laws and related regulations that were officially placed under its umbrella last July.

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