In 2014, the Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) (collectively, the Federal banking agencies), U.S. Securities and Exchange Commission (SEC), Federal Housing Finance Agency (FHFA), and Department of Housing and Urban Development (HUD) (collectively, the agencies) adopted a joint final rule (credit risk retention rule) that implemented the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (Exchange Act), which was added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Board’s credit risk retention rule, which applies to any securitizer of asset-backed securities (securitizer) that is a state member bank (SMB) or a subsidiary of an SMB, is codified in the Board’s Regulation RR - Credit Risk Retention (12 CFR 244). The SEC’s rules regarding credit risk retention (17 CFR 246) apply to any securitizer that is not an insured depository institution (IDI) or a subsidiary of an IDI. Regulation RR and the SEC’s credit risk retention rule include a number of mandatory recordkeeping and disclosure requirements. The Board’s FR RR information collection accounts for the burden associated with the Board’s Regulation RR, as well as the burden associated with the SEC’s credit risk retention rule for securitizers that are, or are a subsidiary of, a bank holding company, savings and loan holding company, intermediate holding company, Edge or agreement corporation, foreign banking organization, or nonbank financial company supervised by the Board.
US Code:
15 USC 78o-11
Name of Law: Securities Exchange Act of 1934
Mark Tokarski 202-452-5241 Mark.E.Tokarski@frb.gov
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FRRR_20200304_omb.pdf
Disclosure Sections 244.18 and 246.18