Recordkeeping and Disclosure Requirements Associated with Credit Risk Retention (Reg RR)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
RegRR_20160926_omb.pdf	Supporting Statement A	Uploaded 2016-09-26	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
223293	Section 18 - Underwriting Standards for Qualifying Automobile Loans - Disclosure		New
223292	Section 18 - Underwriting Standards for Qualifying Automobile Loans - Recordkeeping		New
223291	Section 17 - Underwriting Standards for Qualifying CRE Loans - Disclosure		New
223290	Section 17 - Underwriting Standards for Qualifying CRE Loans - Recordkeeping		New
223289	Section 16 - Underwriting Standards for Qualifying Commercial Loans - Disclosure		New
223288	Section 16 - Underwriting Standards for Qualifying Commercial Loans - Recordkeeping		New
223287	Section 15 - Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans - Disclosure		New
223286	Section 15 - Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans - Recordkeeping		New
223285	Section 13 and 19(g) - Exemption for Qualified Residential Mortgages and Exemptions for Securitizations of Certain Three-to-Four Unit Mortgage Loans - Disclosure		New
223284	Section 13 and 19(g) - Exemption for Qualified Residential Mortgages and Exemptions for Securitizations of Certain Three-to-Four Unit Mortgage Loans - Recordkeeping		New
223283	Section 11 - Allocation of Risk Retention to an Originator - Disclosure		New
223282	Section 11 - Allocation of Risk Retention to an Originator - Recordkeeping		New
197181	Section 10 - Qualified Tender Option Bonds - Disclosure		New
197180	Section 9 - Open Market CLOs - Disclosure		New
197179	Section 8 - FNMA and FHLMC ABS - Disclosure		New
197178	Section 7 - Commercial Mortgage-Backed Securities - Disclosure		New
197168	Section 7 - Commercial Mortgage-Backed Securities - Recordkeeping		New
197167	Section 6 - Eligible ABCP Conduits - Disclosure		New
197166	Section 6 - Eligible ABCP Conduits - Recordkeeping		New
197165	Section 5 - Revolving Pool Securitizations - Disclosure		New
197164	Section 5 - Revolving Pool Securitizations - Recordkeeping		New
197163	Section 4 - Standard Risk Retention - Combined Horizontal and Vertical Interests - Disclosure		New
197162	Section 4 - Standard Risk Retention - Combined Horizontal and Vertical Interests - Recordkeeping		New
197161	Section 4 - Standard Risk Retention - Vertical Interest - Disclosure		New
197160	Section 4 - Standard Risk Retention - Vertical Interest - Recordkeeping		New
197159	Section 4 - Standard Risk Retention - Horizontal Interest - Disclosure		New
197157	Section 4 - Standard Risk Retention - Horizontal Interest - Recordkeeping		New

ICR Details

OMB Control No: 7100-0372	ICR Reference No: 201104-7100-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: Reg RR
Title: Recordkeeping and Disclosure Requirements Associated with Credit Risk Retention (Reg RR)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/26/2016
	Date Received in OIRA: 09/26/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2019	36 Months From Approved
Responses	195	0	0
Time Burden (Hours)	2,114	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Board, OCC, FDIC, SEC, the Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) (collectively, the agencies) have adopted a joint final rule that would implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 15G generally requires the securitizer of asset-backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as “qualified residential mortgages,” as such term is defined by the agencies by rule. On September 20, 2013, the agencies published a joint notice of proposed rulemaking in the Federal Register for public comment (78 FR 57928). On December 24, 2014, the agencies published a joint notice of final rulemaking in the Federal Register (79 FR 77602). The final rule is effective on February 23, 2015. Compliance with the rule with respect to asset-backed securities collateralized by residential mortgages is required beginning December 24, 2015. Compliance with the rule with regard to all other classes of asset-backed securities is required beginning December 24, 2016.

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Authorizing Statute(s): US Code: 15 USC 78o-11 Name of Law: Securities Exchange Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD70	Final or interim final rulemaking	79 FR 77602	12/24/2014

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 24090	04/29/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 57928	09/20/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 27

table that charts list of burden

IC Title	Form No.	Form Name
Section 4 - Standard Risk Retention - Combined Horizontal and Vertical Interests - Disclosure
Section 9 - Open Market CLOs - Disclosure
Section 4 - Standard Risk Retention - Vertical Interest - Recordkeeping
Section 7 - Commercial Mortgage-Backed Securities - Disclosure
Section 8 - FNMA and FHLMC ABS - Disclosure
Section 4 - Standard Risk Retention - Horizontal Interest - Recordkeeping
Section 10 - Qualified Tender Option Bonds - Disclosure
Section 5 - Revolving Pool Securitizations - Disclosure
Section 6 - Eligible ABCP Conduits - Disclosure
Section 7 - Commercial Mortgage-Backed Securities - Recordkeeping
Section 4 - Standard Risk Retention - Combined Horizontal and Vertical Interests - Recordkeeping
Section 4 - Standard Risk Retention - Horizontal Interest - Disclosure
Section 4 - Standard Risk Retention - Vertical Interest - Disclosure
Section 18 - Underwriting Standards for Qualifying Automobile Loans - Recordkeeping
Section 18 - Underwriting Standards for Qualifying Automobile Loans - Disclosure
Section 11 - Allocation of Risk Retention to an Originator - Disclosure
Section 16 - Underwriting Standards for Qualifying Commercial Loans - Recordkeeping
Section 16 - Underwriting Standards for Qualifying Commercial Loans - Disclosure
Section 17 - Underwriting Standards for Qualifying CRE Loans - Disclosure
Section 5 - Revolving Pool Securitizations - Recordkeeping
Section 6 - Eligible ABCP Conduits - Recordkeeping
Section 11 - Allocation of Risk Retention to an Originator - Recordkeeping
Section 13 and 19(g) - Exemption for Qualified Residential Mortgages and Exemptions for Securitizations of Certain Three-to-Four Unit Mortgage Loans - Recordkeeping
Section 13 and 19(g) - Exemption for Qualified Residential Mortgages and Exemptions for Securitizations of Certain Three-to-Four Unit Mortgage Loans - Disclosure
Section 15 - Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans - Recordkeeping
Section 15 - Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans - Disclosure
Section 17 - Underwriting Standards for Qualifying CRE Loans - Recordkeeping

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	195	0	195	0	0	0
Annual Time Burden (Hours)	2,114	0	2,114	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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 credit risk retention recordkeeping and disclosure requirements are contained in section 15G of the Securities Exchange Act of 1934 (15. U.S.C. § 78o-11), as added by section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).

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Annual Cost to Federal Government: $0

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: 09/26/2016

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