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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
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/26/2016
Terms of Clearance:

	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

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.

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

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

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

ICR Summary of Burden

	Total Approved	Change Due to New Statute
Annual Number of Responses	195	195
Annual Time Burden (Hours)	2,114	2,114
Annual Cost Burden (Dollars)	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).

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

Agency Contact: Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.gov

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