US Treasury’s Yellen says Congress should act on nonbank mortgage sector
(Adds context in paragraphs 4-5 and 10-13) May 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for Congress to give regulators more power to oversee the growing nonbank mortgage industry, which she said presented unique risks to financial stability. Yellen spoke during a meeting of the Financial Stability Oversight Council, a regulatory body she chairs and which was created after the 2007-2009 financial crisis. It is tasked with managing risks to the financial system. The council, whose members head other top financial regulators, voted unanimously to approve...
