Monday’s announcement of compromise Senate Banking Dodd-Frank reform legislation lays the groundwork for real action in this Congress on a limited number of very substantive changes to the post-crisis finreg framework.  Most public commentary on the Crapo section-by-section focused on changing the $50 billion threshold, but we think the measure’s shift to a leverage ratio (LR) for smaller banks and changes for custody bank pack even more of a mortgage-market punch.

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