Six federal agencies have approved and will submit a Federal Register notice that extends the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to Aug. 1, 2011, to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by June 10, 2011.
The proposed rule generally would require sponsors of asset-backed securities to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. The proposal was issued by the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development.
Federal Register notice: HTML | 182 KB PDF Media Contacts: Federal Reserve Barbara Hagenbaugh (202) 452-2955 FDIC David Barr (202) 898-6992 FHFA Stefanie Johnson (202) 414-6376 HUD Melanie N. Roussell (202) 708-0980 OCC Dean DeBuck (202) 874-5770 SEC Office of Public Affairs (202) 551-4120
