CHARLOTTE, N.C. -- Protecting credit markets from another meltdown requires sound underwriting standards and a requirement that issuers have "skin in the game," says the chief risk officer of JPMorgan Chase ( JPM). "All the other aspects of it are nice to have, (but) the most important thing is sound underwriting standards, " Barry Zubrow said Thursday, in an interview following a panel discussion at the Federal Reserve Bank of Richmond's Credit Markets Symposium. "If not, we will always find some way to get back into the next crisis." The standards are basic: proper documentation, lending against proper value, certainty that borrowers are truthful, and a basic review of credit standards, Zubrow said. Regulators must enforce the standards, not only for banks, but also for mortgage brokers. In the wake of the crisis, he said, investors are more discerning, and, for JPMorgan, "the product we originate today is a much better product." At the same time, he said, regulation must be sufficiently selective, "so as to not aggregate bad times and to not promote good times." In the words of University of Chicago finance professor Raghuram Rajan, another speaker, regulation must also be "cycle proof (because) regulation set against the cycle will not stand." In bad times, he said, regulation can erode under pressure from an industry that feels constrained. As for requiring skin in the game, Zubrow said, "Something needs to be adopted on a global scale in the simplest form whenever a dealer or bank organizes a securitization pool, (requiring) them to retain some percentage. There has to be coordinated regulation to make that happen. But no one expects it to be a replacement prophylactic for good underwriting practices."