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SEC RIN: 3235-AK96 Publication ID: Fall 2013 
Title: Credit Risk Retention 
Abstract: 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 proposed by the Agencies would 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 proposed joint regulations would 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. In accordance with the Act, the joint regulations would provide that asset-backed securities collateralized by certain assets that meet specified underwriting standards, as prescribed by the Federal banking agencies, may have less than 5 percent risk retention. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: PL 111-203, sec 941    15 USC 78o-11   
Legal Deadline:
Action Source Description Date
Final  Statutory  The Dodd Frank Act requires adoption of final rules 270 days after enactment.  04/15/2011 
Action Date FR Cite
NPRM  04/29/2011  76 FR 24090   
NPRM Comment Period End  06/10/2011    
NPRM Comment Period Extended  06/10/2011  76 FR 34010   
NPRM Comment Period Extended End  08/01/2011    
Second NPRM  09/20/2013  78 FR 57928   
Second NPRM Comment Period End  10/30/2013 
Next Action Undetermined  To Be Determined 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Information URL:   Public Comment URL:  
RIN Data Printed in the FR: No 
Related Agencies: Joint: HUD, FHFA, FDIC, null/null; 
Agency Contact:
Arthur Sandel
Division of Corporation Finance
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-3783