Rep. Scott Garrett, R-N.J., is working on a bill that would encourage the re-emergence of a private-label securities (PLS) market by exempting certain loan pools from risk retention and Securities and Exchange Commission (SEC) registration.

The bill would direct the Federal Housing Finance Agency (FHFA) to establish underwriting standards for” traditional loans with various levels of risk,” Rep. told a National Association of Federal Credit Unions (NAFCU) conference Friday morning.

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