Republican lawmakers fired off a letter to federal regulators this week, warning the agencies about the dangers of hurriedly implementing mortgage finance reforms outlined in the Dodd-Frank reform act. Sen. Richard Shelby (R-Ala.), a ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, signed the letter with several other Republican lawmakers. "We are concerned regulators are not allowing adequate time for meaningful public comment on the proposed rules," the policy makers wrote. In the letter, the Republican senators say the Securities and Exchange Commission, the Treasury Department and other regulatory agencies have a duty to ensure every proposed Dodd-Frank financial rule is subject to scrutiny and allowed 60 days for public comment. "The rules adopted under the Dodd-Frank Act will have a long-term effect on economic growth; they will affect how consumers and businesses obtain credit, allocate capital and manage risk," the lawmakers said. The Dodd-Frank Act, which will impact everything from mortgage underwriting standards to lender capitalization requirements, has already been challenged by the business community. National Association of Realtors President Ron Phipps has been active in encouraging Congress to reduce heightened underwriting standards in the mortgage industry to support home sales. Write to Kerri Panchuk.