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TREAS/OCC RIN: 1557-AD40 Publication ID: Spring 2011 
Title: ●Credit Risk Retention by Securitizers 
Abstract: The Agencies are requesting comment on proposed rules to implement the requirements of section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act, or Dodd-Frank Act), which is codified as new section 15G of the Securities Exchange Act of 1934 (the Exchange Act). Section 15G of the Exchange Act, as added by section 941 of the Dodd-Frank Act, generally requires the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) (collectively, referred to as the Federal banking agencies), the Securities and Exchange Commission (the Commission), and, in the case of the securitization of any "residential mortgage asset," together with the Secretary of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) (collectively, the Federal banking agencies, the Commission, HUD, and FHFA are referred to as the Agencies), to jointly prescribe regulations, that, subject to certain exemptions, (i) require a securitizer to retain not less than 5 percent of the credit risk of any asset that the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party, and (ii) prohibit a securitizer from directly or indirectly hedging or otherwise transferring the credit risk that the securitizer is required to retain under section 15G and the Agencies' implementing rules. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 43   
Legal Authority: PL 111-203 sec 941    12 USC 93a    12 USC 161    12 USC 1818    15 USC 78o-11   
Legal Deadline:
Action Source Description Date
Final  Statutory  Final Rule  04/21/2011 
Timetable:
Action Date FR Cite
NPRM  06/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Carl Kaminski
Assistant Director
Department of the Treasury
Comptroller of the Currency
Chief Counsel's Office, 400 7th Street SW,
Washington, DC 20219
Phone:202 649-5869
Email: carl.kaminski@occ.treas.gov