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Agencies Extend Comment Period on Risk Retention Proposed Rulemaking

Agencies Extend Comment Period on Risk Retention Proposed Rulemaking

WASHINGTON, D.C. – June 7, 2011 – (RealEstateRama) — 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 August 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.

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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