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FDIC | RIN: 3064-AD74 | Publication ID: Spring 2015 |
Title: Credit Risk Retention | |
Abstract:
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities Exchange Commission, the Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development (the Agencies) are adopting a joint final rule to 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. 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.
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Agency: Federal Deposit Insurance Corporation(FDIC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 373 | |
Legal Authority: 12 U.S.C. 1811et seq. 12 U.S.C. 3103 et seq. 15 U.S.C. 78o to 11 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: http://www.fdic.gov/regulations/laws/index.html | Public Comment URL: www.FDIC.gov/regulations/laws/federal |
RIN Data Printed in the FR: No | |
Related Agencies: Joint: TREAS/OCC, FRS, FHFA, HUD, SEC; | |
Agency Contact: Rae-Ann Miller Assistant Director, Division of Supervision and Consumer Protection Federal Deposit Insurance Corporation 550 17th Street NW, Washington, DC 20429 Phone:202 898-8523 Email: rmiller@fdic.gov George Alexander Assistant Director, Division of Resolutions and Receiverships Federal Deposit Insurance Corporation 550 17th Street NW., Washington, DC 20429 Phone:202 898-3718 Email: galexander@fdic.gov Kathleen M. Russo Supervisory Counsel Federal Deposit Insurance Corporation 550 17th Street NW., Washington, DC 20429 Phone:703 562-2071 Email: krusso@fdic.gov Phillip E. Sloan Counsel Federal Deposit Insurance Corporation VS-E-7012, 3501 Fairfax Drive, Arlington, VA 22226 Phone:703 562-6257 Email: psloan@fdic.gov |