United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2014_register executive 2014-12-24 article Part II Rules and Regulations D09002ee1c7f81ac8 D09002ee1c7f81bf4 United States Department of the Treasury originator org United States Government Agency or Subagency United States Office of the Comptroller of the Currency originator org United States Government Agency or Subagency United States Federal Reserve System originator org United States Government Agency or Subagency United States Federal Deposit Insurance Corporation originator org United States Government Agency or Subagency United States Federal Housing Finance Agency originator org United States Government Agency or Subagency United States Securities and Exchange Commission originator org United States Government Agency or Subagency United States Department of Housing and Urban Development originator org United States Government Agency or Subagency The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the 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 (the Act or 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. 79 FR 77602 https://www.govinfo.gov/app/details/FR-2014-12-24/2014-29256 2014-29256 fr24de14-15 RIN 1557-AD40 RIN 7100-AD70 RIN 3064-AD74 RIN 2590-AA43 RIN 3235-AK96 RIN 2501-AD53 4810-33-P; 6210-01-P; 6714-01-P; 8010-01-P; 8070-01-P Docket No. OCC-2013-0010 Docket No. R-1411 Release No. 34-73407 File No. S7-14-11 https://www.govinfo.gov/app/details/FR-2014-12-24/2014-29256 https://www.govinfo.gov/content/pkg/FR-2014-12-24/html/2014-29256.htm https://www.govinfo.gov/content/pkg/FR-2014-12-24/pdf/2014-29256.pdf Government Sponsored Enterprises Securities Auto Loans Bank Holding Companies Edge and Agreement Corporations Foreign Banking Organizations Nonbank Financial Companies Savings and Loan Holding Companies State Member Banks Savings Associations Automobile Loans Banks and Banking Commercial Loans Commercial Real Estate Credit Risk Mortgages National Banks Reporting and Recordkeeping Requirements Risk Retention Securitization 165 p. 77602 77766 79 FR 77602 Title 12 Part 1234 12 CFR Part 1234 Title 12 Part 244 12 CFR Part 244 Title 12 Part 373 12 CFR Part 373 Title 12 Part 43 12 CFR Part 43 Title 17 Part 246 17 CFR Part 246 Title 24 Part 267 24 CFR Part 267 RIN 1557-AD40 RIN 7100-AD70 RIN 3064-AD74 RIN 2590-AA43 RIN 3235-AK96 RIN 2501-AD53 Credit Risk Retention; Federal Register Vol. 79, Issue RULE 2014-29256 II DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency FEDERAL RESERVE SYSTEM FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL HOUSING FINANCE AGENCY SECURITIES AND EXCHANGE COMMISSION DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2015-02-23 Docket No. OCC-2013-0010 Docket No. R-1411 Release No. 34-73407 File No. S7-14-11 4810-33-P; 6210-01-P; 6714-01-P; 8010-01-P; 8070-01-P 2014-29256 Final rule.

The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the 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 (the Act or 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.

Effective date: The final rule is effective February 23, 2015. OCC: Kevin Korzeniewski, Attorney, Legislative and Regulatory Activities Division, (202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. Government Sponsored Enterprises Securities Auto Loans Bank Holding Companies Edge and Agreement Corporations Foreign Banking Organizations Nonbank Financial Companies Savings and Loan Holding Companies State Member Banks Savings Associations Automobile Loans Banks and Banking Commercial Loans Commercial Real Estate Credit Risk Mortgages National Banks Reporting and Recordkeeping Requirements Risk Retention Securitization Credit Risk Retention , Phillip.Millman@fhfa.gov Ron.Sugarman@fhfa.gov Thomas.Joseph@fhfa.gov http://federalreserve.gov/boarddocs/rptcongress/securitization/riskretention.pdf http://online.wsj.com/articles/SB124597520948957427 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2325835 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2349840 http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/hsgrroom/loanperformance http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/oe/rpts/fhamktsh/fhamkt http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/oe/rpts/rtc/fhartcqtrly http://ruralhome.org/storage/documents/rd_obligations/fy2013/yearend/usdard-fy13-ye-obligations-combined.pdf http://www.benefits.va.gov/reports/annual_performance_reports.asp http://www.bloomberg.com/news/2014-10-01/fed-scrutiny-of-leveraged-loans-grows-along-with-bubble-concern.html http://www.businessweek.com/news/2014-01-31/leveraged-loan-trades-in-u-dot-s-dot-rise-to-most-since-07-lsta-says http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=9#certified http://www.federalreserve.gov/boarddocs/rptcongress/securitization/riskretention.html http://www.federalreserve.gov/boarddocs/SnLoanSurvey/201408/default.htm http://www.federalreserve.gov/events/conferences/2011/rsr/papers/Acharya.pdf http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20131010a1.pdf http://www.federalreserve.gov/pubs/feds/2008/200863/200863pap.pdf http://www.gpo.gov/fdsys/pkg/FR-2013-03-22/pdf/2013-06567.pdf http://www.loomissayles.com/internet/internetdata.nsf/0/CA96B70BA0BE8BB585257CD8004F1A03/$FILE/The-Myth-of-Overcrowding-in-the-Bank-Loan-Market.pdf http://www.occ.gov/publications/publications-by-type/other-publications-reports/semiannual-risk-perspective/semiannual-risk-perspective-spring-2014.pdf http://www.regulations.gov http://www.sec.gov/Archives/edgar/data/1176320/000114420413002646/v332142_424b5.htm http://www.sec.gov/Archives/edgar/data/1477336/000119312512243201/d357186d424b5.htm http://www.sec.gov/Archives/edgar/data/1488082/000119312512149853/d309744d424b3.htm http://www.sec.gov/comments/s7-14-11/s71411-535.pdf http://www.sec.gov/divisions/riskfin/whitepapers/qrm-analysis-08-2013.pdf http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539751924 http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542355594 http://www.sifma.org/research/statistics.aspx http://www.treasury.gov/initiatives/wsr/Documents/Section946RiskRetentionStudy http://www.urban.org/UploadedPDF/413182-VA-Loans-Outperform-FHA-Loans.pdf http://www.wellscap.com/docs/expert_commentary/global_bank_loans_0214.pdf https://entp.hud.gov/idapp/html/f17npdata.cfm https://www.americansecuritization.com/uploadedFiles/RMBS%20Outline.pdf https://www.eba.europa.eu/regulation-and-policy/single-rulebook/interactive-single-rulebook/-/interactive-single-rulebook/toc/504 https://www.ecb.europa.eu/pub/pdf/other/ecb-boe_case_better_functioning_securitisation_marketen.pdf https://www.onecpd.info/search Vol. 79, no. 247 Office of the Federal Register, National Archives and Records Administration 2014-12-24 continuing daily deposited born digital 487 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2014-12-24 P0b002ee18a81b15f 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr24de14 https://www.govinfo.gov/app/details/FR-2014-12-24 https://www.govinfo.gov/content/pkg/FR-2014-12-24/pdf/FR-2014-12-24.pdf https://www.govinfo.gov/content/pkg/FR-2014-12-24/xml/FR-2014-12-24.xml fdlp 77357 77831 DGPO 2014-12-24 2024-06-02 FR-2014-12-24 machine generated eng FR FR-2014-12-24 79 247