Credit Risk Retention

Forms and Documents

Document Name	Status
SPST Credit Risk Retention.doc Supporting Statement A	2011-04-25

IC Document Collections

IC ID	Document Title	Status
197434	Underwriting standards for qualifying auto loans (recordkeeping)	New
197433	Underwriting standards for qualifying auto loans (disclosures)	New
197432	Underwriting standards for qualifying CRE loans (recordkeeping)	New
197431	Underwriting standards for qualifying CRE loans (disclosures)	New
197429	Underwriting standards for qualifying commercial loans (recordkeeping)	New
197428	Underwriting standards for qualifying commercial loans (disclosures)	New
197427	Exemption for qualified residential mortgages (One-time disclosure)	New
197426	Exemption for qualified residential mortgages recordkeeping	New
197425	Exemption for qualified residential mortgages disclosures	New
197424	Allocation of risk retention to an orginator recordkeeping	New
197423	Allocation of risk retention to an originator disclosures	New
197422	Premium cash reserve account	New
197421	Commercial mortgage-backed securities recordkeeping	New
197420	Commercial mortgage-backed securities disclosures	New
197419	Eligible ABCP conduits recordkeeping	New
197417	Eligible ABCP conduits disclosures	New
197416	Representative sample recordkeeping	New
197414	Representative sample disclosures	New
197413	Revolving master trusts	New
197412	L-shaped risk retention	New
197411	Horizontal risk retention	New
197410	Vertical risk retention	New

ICR Details

OMB Control No: 3064-0183	ICR Reference No: 201103-3064-003
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No:
Title: Credit Risk Retention
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: 07/07/2011
	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 FDIC, jointly with the OCC, FRB, SEC, FHFA, and HUD have proposed rules to implement the credit risk retention requirements of section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Generally, the rules require securitizers of asset-backed securities to retain not less than five percent of the credit risk of the assets collateralizing the asset-backed securities.

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Authorizing Statute(s): Statute at Large: 124 Stat. 1376 Name of Statute: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD74	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: 22

IC Title	Form No.	Form Name
Eligible ABCP conduits recordkeeping
Underwriting standards for qualifying commercial loans (disclosures)
Representative sample recordkeeping
Eligible ABCP conduits disclosures
Allocation of risk retention to an originator disclosures
Allocation of risk retention to an orginator recordkeeping
Exemption for qualified residential mortgages (One-time disclosure)
Exemption for qualified residential mortgages disclosures
Underwriting standards for qualifying commercial loans (recordkeeping)
Premium cash reserve account
Exemption for qualified residential mortgages recordkeeping
Underwriting standards for qualifying auto loans (disclosures)
Revolving master trusts
Underwriting standards for qualifying CRE loans (recordkeeping)
Underwriting standards for qualifying CRE loans (disclosures)
Commercial mortgage-backed securities disclosures
Commercial mortgage-backed securities recordkeeping
Underwriting standards for qualifying auto loans (recordkeeping)
L-shaped risk retention
Representative sample disclosures
Horizontal risk retention
Vertical risk retention

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This is a new information collection comprised of paperwork burden contained in a proposed rule on credit risk retention mandated by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Note: The discrepancy of 2 hours between the burden shown in the ICR Summary of Burden (59,465 hours)and the estimated burden in the Supporting Statement (59,463)is the result of the automatic rounding function in ROCIS for fractional numbers.)

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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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