[Federal Register Volume 76, Number 112 (Friday, June 10, 2011)]
[Proposed Rules]
[Pages 34010-34011]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14444]
[[Page 34010]]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 43
[Docket No. OCC-2011-0002]
RIN 1557-AD40
FEDERAL RESERVE SYSTEM
12 CFR Part 244
[Docket No. 2011-1411]
RIN 7100-AD 70
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 373
RIN 3064-AD74
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 246
[Release No. 34-64603; File No. S7-14-11]
RIN 3235-AK96
FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1234
RIN 2590-AA43
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 267
RIN 2501-AD53
Credit Risk Retention
AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC);
Board of Governors of the Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC); U.S. Securities and Exchange
Commission (Commission); Federal Housing Finance Agency (FHFA); and
Department of Housing and Urban Development (HUD).
ACTION: Proposed rule; extension of comment period.
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SUMMARY: On April 29, 2011, the OCC, Board, FDIC, Commission, FHFA and
HUD (collectively, the ``Agencies'') published in the Federal Register
a joint notice of proposed rulemaking for public comment to implement
the credit risk retention requirements of section 15G of the Securities
Exchange Act of 1934, as added by the Dodd-Frank Wall Street Reform and
Consumer Protection Act (``Credit Risk NPR'' or ``proposed rule'').
Due to the complexity of the rulemaking and to allow parties more
time to consider the impact of the Credit Risk NPR on affected markets,
the Agencies have determined that an extension of the comment period
until August 1, 2011, is appropriate. This action will allow interested
persons additional time to analyze the proposed rules and prepare their
comments.
DATES: The comment period for the proposed rule published April 29,
2011, at 76 FR 24090, is extended. Comments on the Credit Risk NPR must
be received on or before August 1, 2011.
ADDRESSES: You may submit comments by any of the methods identified in
the Credit Risk NPR. Please submit your comments using only one method.
FOR FURTHER INFORMATION CONTACT:
OCC: Chris Downey, Risk Specialist, Financial Markets Group, (202) 874-
4660; Kevin Russell, Director, Retail Credit Risk, (202) 874-5170;
Darrin Benhart, Director, Commercial Credit Risk, (202) 874-5670; or
Jamey Basham, Assistant Director, or Carl Kaminski, Senior Attorney,
Legislative and Regulatory Activities Division, (202) 874-5090, Office
of the Comptroller of the Currency, 250 E Street, SW., Washington, DC
20219.
Board: Benjamin W. McDonough, Counsel, (202) 452-2036; April C. Snyder,
Counsel, (202) 452-3099; Sebastian R. Astrada, Attorney, (202) 452-
3594; or Flora H. Ahn, Attorney, (202) 452-2317, Legal Division; Thomas
R. Boemio, Manager, (202) 452-2982; Donald N. Gabbai, Senior
Supervisory Financial Analyst, (202) 452-3358; or Sviatlana A. Phelan,
Financial Analyst, (202) 912-4306, Division of Banking Supervision and
Regulation; Andreas Lehnert, Deputy Director, Office of Financial
Stability Policy and Research, (202) 452-3325; or Brent Lattin,
Counsel, (202) 452-3367, Division of Consumer and Community Affairs,
Board of Governors of the Federal Reserve System, 20th and C Streets,
NW., Washington, DC 20551.
FDIC: Beverlea S. Gardner, Special Assistant to the Chairman, (202)
898-3640; Mark L. Handzlik, Counsel, (202) 898-3990; Phillip E. Sloan,
Counsel, (703) 562-6137; Petrina R. Dawson, Counsel, (703) 562-2688; or
Jeannette Roach, Counsel, (202) 898-3785, Federal Deposit Insurance
Corporation, 550 17th Street, NW., Washington, DC 20429.
Commission: Jay Knight, Special Counsel, or Katherine Hsu, Chief,
Office of Structured Finance, Division of Corporation Finance, at (202)
551-3753, U.S. Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-3628.
FHFA: Patrick J. Lawler, Associate Director and Chief Economist,
[email protected], (202) 414-3746; Austin Kelly, Associate
Director for Housing Finance Research, [email protected], (202)
343-1336; Phillip Millman, Principal Capital Markets Specialist,
[email protected], (202) 343-1507; or Thomas E. Joseph, Senior
Attorney Advisor, [email protected], (202) 414-3095; Federal
Housing Finance Agency, Third Floor, 1700 G Street, NW., Washington, DC
20552. The telephone number for the Telecommunications Device for the
Hearing Impaired is (800) 877-8339.
HUD: Robert C. Ryan, Acting Assistant Secretary for Housing--Federal
Housing Commissioner, Office of Housing, Department of Housing and
Urban Development, 451 7th Street, SW., Room 9100, Washington, DC
20410; telephone number (202) 402-5216 (this is not a toll-free
number). Persons with hearing or speech impairments may access this
number through TTY by calling the toll-free Federal Information Relay
Service at 800-877-8339.
SUPPLEMENTARY INFORMATION: On April 29, 2011, the Credit Risk NPR was
published in the Federal Register.\1\ The Credit Risk NPR proposes to
implement the credit risk retention requirements of section 15G of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-11), as added by section
941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(``Dodd-Frank Act''). Section 15G generally requires the securitizer of
asset-backed securities (``ABS'') to retain an economic interest of no
less than five percent in the credit risk of the assets collateralizing
the ABS. Section 15G includes a variety of exemptions from this
requirement, including an exemption for asset-backed securities that
are collateralized exclusively by ``qualified residential mortgages,''
as such term is defined by the Agencies by rule.
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\1\ See 76 FR 24090.
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The Credit Risk NPR would specify credit risk retention
requirements for securitizers of ABS. In designing the proposed rules,
the Agencies sought to ensure that the amount of credit risk retained
would be meaningful--consistent with the purposes of section 15G--while
reducing the potential for the proposed rules to negatively affect the
availability and cost of credit to
[[Page 34011]]
consumers and businesses. In recognition of the complexities of the
rulemaking and the variety of considerations involved in its impact and
implementation, the Agencies requested that commenters respond to
numerous questions. The Credit Risk NPR stated that the public comment
period would close on June 10, 2011.\2\
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\2\ See id.
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The Agencies have received requests from the public for an
extension of the comment period to allow for sufficient time for data
gathering and impact analyses related to the provisions of the proposed
rule.\3\ The Agencies believe that it is important for interested
persons to have additional time to fully review the provisions of the
proposed rule and the questions posed by the Agencies, and to conduct
appropriate data collection and analysis on the potential impact of the
Credit Risk NPR prior to submitting comment. Therefore, the Agencies
are extending the comment period for the Credit Risk NPR from June 10,
2011 to August 1, 2011.
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\3\ See, e.g., comment letters to the Agencies from American
Bankers Association et al. (May 13, 2011) and The Loan Syndications
and Trading Association (May 26, 2011); and press release from
Realogy Corporation (May 10, 2011).
Dated: June 3, 2011.
John Walsh,
Acting Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary under delegated authority, June
6, 2011.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 3rd day of June 2011.
By order of the Board of Directors. Federal Deposit Insurance
Corporation.
Valerie J. Best,
Assistant Executive Secretary.
By the Securities and Exchange Commission.
Dated: June 6, 2011.
Elizabeth M. Murphy,
Secretary.
Dated: June 2, 2011.
Edward J. Demarco,
Acting Director, Federal Housing Finance Agency.
Jointly prescribed with the Agencies.
By the Department of Housing and Urban Development.
Dated: June 6, 2011.
Robert C. Ryan,
Acting Assistant Secretary Housing--Federal Housing Commissioner.
[FR Doc. 2011-14444 Filed 6-9-11; 8:45 am]
BILLING CODE 6714-01-P; BILLING CODE 4810-33-P; BILLING CODE 6210-01-P;
BILLING CODE 8011-01-P; BILLING CODE 8070-01-P; BILLING CODE 4210-67-P