Credit Risk Retention by Securitizers

Forms and Documents

Document	Type	Status	Availability
Securitization.doc	Supporting Statement A	Uploaded 2011-06-13	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
196604	Representative Sample (Recordkeeping)		New
196479	Creditor Requirement		New
196478	Exemptions for Qualified Commercial, CRE, and Auto Loans		New
196477	Exemption for Qualified Residential Mortgages		New
196443	Premium Cash Reserve Account and Allocation of Risk Retention		New
196439	Risk Retention, Master Trusts, Rep. Samples (Disclosures), ABCP Conduits, and Commercial MBS		New

ICR Details

OMB Control No: 1557-0249	ICR Reference No: 201101-1557-002
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Credit Risk Retention by Securitizers
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 06/13/2011
	Date Received in OIRA: 04/29/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The OCC, FRB, FDIC, SEC, FHFA, and HUD have issued a proposed rule to implement the credit risk retention requirements of section 15G of the Securities Exchange Act, as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the rule, the securitizer of asset-backed securities must retain a minimum of 5% of the credit risk of the assets collateralizing the asset-backed securities. The rule includes a number of recordkeeping and disclosure requirements.

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Authorizing Statute(s): Statute at Large: 124 Stat. 1891 Name of Statute: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: Statute at Large: 124 Stat. 1891 Name of Statute: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code: 15 USC 78o-11 Name of Law: The Securities Exchange Act of 1934

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD40	Proposed rulemaking	76 FR 24090	04/29/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Risk Retention, Master Trusts, Rep. Samples (Disclosures), ABCP Conduits, and Commercial MBS
Premium Cash Reserve Account and Allocation of Risk Retention
Exemption for Qualified Residential Mortgages
Creditor Requirement
Exemptions for Qualified Commercial, CRE, and Auto Loans
Representative Sample (Recordkeeping)

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden is due to a new statutory requirement.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/29/2011

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