US Treasury Secretary Janet Yellen urges Congress to grant regulators more power over the nonbank mortgage industry, citing financial stability risks.

US Treasury Secretary Janet Yellen calls on Congress to give regulators more power to oversee the growing nonbank mortgage industry, stating that it presents unique risks to financial stability. The Financial Stability Oversight Council, chaired by Yellen, is set to release a report and recommendations on the issue, with regulators aiming to address the gap in their power to handle risk within this increasingly significant component of the mortgage market.