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.
Statute at
Large: 124
Stat. 1891 Name of Statute: Dodd-Frank Wall Street Reform and
Consumer Protection Act
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
Total estimated burden
decreased by 312 hours, from 3,451 hours to 3,139 hours. The change
in burden hours was due to improved estimates of the number of
OCC-supervised institutions engaging in securitizations that would
trigger collections of information under the PRA.
No
No
No
No
Yes
No
Uncollected
Kevin Korzeniewski 202
874-5090
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.
1557-0249 Credit Risk Retention Supporting Statement 4-11-18.docx
Underwriting Standards for Qualifying Automobile Loans