WASHINGTON — Though touted as a way to avert the next financial crisis, the massive regulatory reform bill awaiting a Senate vote ignores key contributing factors, including an inefficient and outdated regulatory structure, a broken housing finance market and weak underwriting standards that spurred a wave of unaffordable mortgages.

"As big as the bill is and as major as some of the changes are, there are still a number of things that are left on the table," said Joseph Engelhard, a senior vice president with Capital Alpha Partners LLC.

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