Credit Risk Retention Rule (Fed. Reg.)

The joint final rule to implement the requirements of Exchange Act Section 15G ("Credit Risk Retention"), as added by Dodd-Frank Section 941 ("Regulation of credit risk retention"), was published in the Federal Register. The rule was adopted jointly by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency, the SEC, and the Housing and Urban Development Department.

The final rule is effective February 23, 2015. Compliance with the rule with respect to asset-backed securities collateralized by residential mortgages is required beginning December 24, 2015. Compliance with the rule with regard to all other classes of asset-backed securities is required beginning December 24, 2016.

See: 79 FR 77602. Related news: SEC, FRB and HUD Join OCC, FDIC and FHFA in Adopting Credit Risk Retention Rules (with Lofchie Comment) (October 22, 2014); FDIC and OCC Approve Final Credit Risk Retention Rule (October 21, 2014).