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The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Housing Agency, the Securities and Exchange Commission, the Department of Housing and Urban Development, and the Board of Governors of the Reserve Board System (the Agencies) adopted final rules to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 780-11), 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 five 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.