Credit Risk Retention by Securitizers

Forms and Documents

Document Name	Status
1557-0249 Credit Risk Retention Supporting Statement 5-18-21 1244.docx Supporting Statement A	2021-05-27

IC Document Collections

IC ID	Document Title	Status
213554	Underwriting Standards for Qualifying Automobile Loans	Unchanged
208249	Underwriting Standards for Qualifying Commercial Loans	Unchanged
208248	Exemptions for Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans	Unchanged
208247	Exemptions for Qualified Residential Mortgages	Unchanged
208246	Allocation of Risk Retention to an Originator	Unchanged
208245	Qualified Tender Option Bonds	Unchanged
208244	Open Market CLOs	Removed
208242	FNMA and FHLMC	Unchanged
196604	Commercial MBS	Unchanged
196479	Eligible ABCP Conduits	Unchanged
196478	Revolving Master Trusts	Unchanged
196477	Combined Horizontal and Vertical Interests	Unchanged
196443	Standard Risk Retention - Vertical Interest	Unchanged

ICR Details

OMB Control No: 1557-0249	ICR Reference No: 202101-1557-003
Status: Received in OIRA	Previous ICR Reference No: 201804-1557-004
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Credit Risk Retention by Securitizers
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/27/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2021
Responses	167	182
Time Burden (Hours)	2,835	3,139
Cost Burden (Dollars)	0	0

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Abstract: The OCC, FRB, FDIC, SEC, FHFA, and HUD have issued a final rule to implement the credit risk retention requirements of section 15G of the Securities Exchange Act, as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the rule, the securitizer of asset-backed securities must retain a minimum of 5% of the credit risk of the assets collateralizing the asset-backed securities. The rule includes a number of recordkeeping and disclosure requirements.

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Authorizing Statute(s): Statute at Large: 124 Stat. 1891 Name of Statute: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: Statute at Large: 124 Stat. 1891 Name of Statute: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code: 15 USC 78o-11 Name of Law: The Securities Exchange Act of 1934

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 14674	02/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 27677	05/21/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 12

IC Title	Form No.	Form Name
Allocation of Risk Retention to an Originator
Combined Horizontal and Vertical Interests
Commercial MBS
Eligible ABCP Conduits
Exemptions for Qualified Residential Mortgages
Exemptions for Qualifying Commercial Loans, Commercial Real Estate Loans, and Automobile Loans
FNMA and FHLMC
Open Market CLOs
Qualified Tender Option Bonds
Revolving Master Trusts
Standard Risk Retention - Vertical Interest
Underwriting Standards for Qualifying Automobile Loans
Underwriting Standards for Qualifying Commercial Loans

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	167	182	0	-15	0	0
Annual Time Burden (Hours)	2,835	3,139	0	-304	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The decrease in burden is due to the removal of the burden for the Open Market CLO form risk retention.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 05/27/2021

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