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