|September 18, 2013|
Previously published on September 13, 2013
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law by President Obama on July 21, 2010. On April 29, 2011, the Federal banking agencies (the Office of the Comptroller of Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System), the Securities and Exchange Commission (“SEC”), the Department of Housing and Urban Development (“HUD”), and the Federal Housing Finance Agency (“FHFA”) (collectively, the “Agencies”) published a joint notice of proposed rulemaking1 containing proposed rules (the “Original Proposal”) to implement the credit risk retention requirements of Section 941 of the Dodd-Frank Act, codified as Section 15G (“Section 15G”) of the Securities Exchange Act of 1934 (the “Exchange Act”). On August 28, 2013, after receipt of comments from over 10,500 persons, institutions and groups on the Original Proposal, the Agencies released a notice of proposed rulemaking (the “NPR”)2 containing a revised set of proposed rules (the “Proposed Rules”) to implement the credit risk requirements of Section 15G.