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The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively the "Federal banking agencies"), the Commission, and, in the case of securitization of any "residential mortgage asset," the Secretary of Housing and Urban Development and the Federal Housing Finance Agency (collectively the "Agencies"), are required by section 941 of the Dodd Frank Act to jointly prescribe regulations on risk retention in offerings of asset-backed securities. The joint regulations adopted by the Agencies meet the Act's requirement that securitizers of asset-backed securities retain not less than 5 percent of the credit risk for any asset that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer. Pursuant to section 941, the joint regulations implement the Act's mandate that asset-backed securities collateralized by qualified residential mortgages, as defined in such joint regulations, be exempt from risk retention. The joint regulations will not require any risk retention for asset-backed securities collateralized by certain assets that meet specified underwriting standards, as prescribed by the Federal banking agencies.