{"abstract":"The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the final rule) to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by section 941 of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act or Dodd- Frank Act). Section 15G generally requires the securitizer of asset- backed securities to retain not less than 5 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.","action":"Final rule.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"},{"raw_name":"FEDERAL RESERVE SYSTEM","name":"Federal Reserve System","id":188,"url":"https://www.federalregister.gov/agencies/federal-reserve-system","json_url":"https://www.federalregister.gov/api/v1/agencies/188","parent_id":null,"slug":"federal-reserve-system"},{"raw_name":"FEDERAL DEPOSIT INSURANCE CORPORATION","name":"Federal Deposit Insurance Corporation","id":164,"url":"https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation","json_url":"https://www.federalregister.gov/api/v1/agencies/164","parent_id":null,"slug":"federal-deposit-insurance-corporation"},{"raw_name":"FEDERAL HOUSING FINANCE AGENCY","name":"Federal Housing Finance Agency","id":174,"url":"https://www.federalregister.gov/agencies/federal-housing-finance-agency","json_url":"https://www.federalregister.gov/api/v1/agencies/174","parent_id":null,"slug":"federal-housing-finance-agency"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"},{"raw_name":"DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT","name":"Housing and Urban Development Department","id":228,"url":"https://www.federalregister.gov/agencies/housing-and-urban-development-department","json_url":"https://www.federalregister.gov/api/v1/agencies/228","parent_id":null,"slug":"housing-and-urban-development-department"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2014/12/24/2014-29256.html","cfr_references":[{"chapter":null,"citation_url":null,"part":43,"title":12},{"chapter":null,"citation_url":null,"part":244,"title":12},{"chapter":null,"citation_url":null,"part":373,"title":12},{"chapter":null,"citation_url":null,"part":1234,"title":12},{"chapter":null,"citation_url":null,"part":246,"title":17},{"chapter":null,"citation_url":null,"part":267,"title":24}],"citation":"79 FR 77602","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective date: The final rule is effective February 23, 2015.","disposition_notes":null,"docket_ids":["Docket No. OCC-2013-0010","Docket No. R-1411","Release No. 34-73407","File No. S7-14-11"],"dockets":[],"document_number":"2014-29256","effective_on":"2015-02-23","end_page":77766,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2014/12/24/2014-29256.xml","html_url":"https://www.federalregister.gov/documents/2014/12/24/2014-29256/credit-risk-retention","images":{"ER24DE14.000":{"large":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_large.png","medium":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_medium.png","original_size":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_original_size.png"}},"images_metadata":{"ER24DE14.000":{"large":{"identifier":"ER24DE14.000","content_type":"image/png","size":21560,"width":602,"sha":"22ee0a2c8273181a1b706eb86febd993","url":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_large.png","height":533},"medium":{"identifier":"ER24DE14.000","content_type":"image/png","size":6064,"width":284,"sha":"da4e679bb85ae58b301ef177418732ca","url":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_medium.png","height":251},"original_size":{"identifier":"ER24DE14.000","content_type":"image/png","size":133535,"width":2138,"sha":"3e754dc260c99ace6ccf047be5809686","url":"https://img.federalregister.gov/ER24DE14.000/ER24DE14.000_original_size.png","height":1892}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2014-29256?publication_date=2014-12-24","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2014-12-24/2014-29256/mods.xml","not_received_for_publication":null,"page_length":165,"page_views":{"count":10969,"last_updated":"2026-07-27 10:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2014-12-24/pdf/2014-29256.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2014-29256.pdf?1419342453","publication_date":"2014-12-24","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2014/12/24/2014-29256.txt","regulation_id_number_info":{"2590-AA43":{"issue":"201410","html_url":"https://www.federalregister.gov/regulations/2590-AA43/credit-risk-retention-for-asset-backed-securities-","title":"Credit Risk Retention for Asset-Backed Securities ","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201410&RIN=2590-AA43&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"},"1557-AD40":{"issue":"201410","html_url":"https://www.federalregister.gov/regulations/1557-AD40/credit-risk-retention-by-securitizers","title":"Credit Risk Retention by 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Significant"},"3235-AK96":{"issue":"201410","html_url":"https://www.federalregister.gov/regulations/3235-AK96/credit-risk-retention","title":"Credit Risk Retention","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201410&RIN=3235-AK96&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"},"3064-AD74":{"issue":"201410","html_url":"https://www.federalregister.gov/regulations/3064-AD74/credit-risk-retention","title":"Credit Risk Retention","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201410&RIN=3064-AD74&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, 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