; Disclosure Standards (1) Data Standards The Exchange shall develop, adopt, and publish standard data definitions for all aspects of loan origination, appraisals, and servicing. In developing such definitions, the Exchange shall consider the data standard-setting work undertaken by the Mortgage Industry Standards Maintenance Organization through the enterprises’ Uniform Mortgage Data Program announced by the Agency on May 24, 2010. (2) Disclosure Standards The Exchange shall develop, adopt, and publish standards for disclosure of loan origination, appraisal, and servicing data, including data required in subsection (a)(2) (relating to underwriting criteria) for residential mortgage loans that comprise qualified securities. (3) Coordination In developing the data and disclosure standards required by this subsection, the Exchange shall ensure that such standards are coordinated. (4) Privacy Protections In prescribing the definitions and standards required under this subsection, the Exchange shall take into consideration issues of consumer privacy and all statutes, rules, and regulations related to privacy of consumer credit information and personally identifiable information. Such standards shall expressly prohibit the identification of specific borrowers. (5) Consultation When reviewing any disclosure standards established under this subsection, the Director shall consult with the Securities and Exchange Commission. (i) Standards for Trustees (1) In General There shall at all times be one or more trustee for each pool of mortgages that acts as collateral for a qualified security. (2) Rulemaking The Director shall issue regulations regarding the qualifications of trustees under paragraph (1) that shall, to the extent practicable, be consistent with the qualification provisions applicable to trustees under section 310(a) of the Trust Indenture Act of 1939 ( 15 U.S.C. 77jjj(a) ). (3) Conflicts of Interest The Director shall issue conflicts of interest regulations that apply to a qualified trustee. Such regulations