Industry leaders want federal regulators to decide whether banks are responsible for lending-bias violations committed by independent brokers.

"The industry can operate under almost any set of rules as long as there are rules," said one trade group official, "but it is very hard to operate when you don't have any rules."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.