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January 29, 2018

The OCC is soliciting comments on the renewal of its information collection on Credit Risk Retention. The information collection request relates to 12 CFR part 43, which implemented section 941(b) of the Dodd-Frank Act. Comments must be submitted by March 30, 2018.

Part 43 sets forth permissible forms of risk retention for securitizations that involve issuance of asset-backed securities. Section 941(b) of the Dodd-Frank Act required, the OCC, FED, FDIC, SEC, and, in the case of the securitization of any residential mortgage asset, the FHFA, and the Department of Housing and Urban Development (HUD) to issue rules that, subject to certain exemptions:

  • Require a securitizer to retain not less than 5% 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
  • Prohibit a securitizer from directly or indirectly hedging or otherwise transferring the credit risk that the securitizer is required to retain under the statute and implementing regulations
     

Related Link: Federal Register Notice

Comment Due Date: March 30, 2018

Keywords: Americas, US, Banking, Securities, Credit Risk, Credit Risk Retention, Information Collection, Asset Backed Securities, Dodd Frank Act, OCC

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