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.
US Code:
15
USC 78o-11 Name of Law: Securities Exchange Act
PL: Pub.L. 111 - 203 124 Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010
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).
$0
No
No
No
Yes
No
Uncollected
Mark Tokarski 202-452-5241
Mark.E.Tokarski@frb.gov
No
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:
(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;
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.
RegRR_20160926_omb.pdf
Section 18 - Underwriting Standards for Qualifying Automobile Loans - Disclosure