Federal Reserve System April 29, 2011 – Federal Register Recent Federal Regulation Documents
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Request for Information Relating to Studies Regarding the Resolution of Financial Companies Under the Bankruptcy Code
Section 216 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') requires the Board, in consultation with the Administrative Office of the United States Courts (the ``AOUSC''), to conduct a study regarding the resolution of financial companies under Chapter 7 or Chapter 11 of the United States Bankruptcy Code (Title 11, U.S. Code) (the ``Bankruptcy Code''). Section 217 of the Dodd-Frank Act requires the Board, in consultation with the AOUSC, to conduct a study regarding international coordination relating to the resolution of systemic financial companies under the Bankruptcy Code and applicable foreign law. Section 216 and Section 217 of the Dodd-Frank Act each identifies specific issues that are to be studied under the relevant section. The Board is issuing this request for information through public comment to assist the Board in conducting these studies.
Credit Risk Retention
The OCC, Board, FDIC, Commission, FHFA, and HUD (the Agencies) are proposing rules to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 78o- 11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 15G generally requires the securitizer of asset-backed securities to retain not less than five percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as ``qualified residential mortgages,'' as such term is defined by the Agencies by rule.
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