WASHINGTON — Regulators are facing mounting pressure from lawmakers and the financial industry to address ongoing concerns about the treatment of collateralized loan obligations under the Dodd-Frank Act, which critics warn could effectively destroy the market.

The most public fight has centered on such assets' inclusion under the Volcker Rule, which could force banks to sell off billions of dollars worth of CLOs before the rule goes into effect in July 2015. But a separate battle is also brewing over the impact of banking agencies' pending risk retention rule.

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