Final Rule

Credit Risk Retention


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 (15. U.S.C. 78o-11), 2 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 assetbacked 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.

Prior Actions

Last Reviewed or Updated: Nov. 7, 2023


File Number
Rule Type
Release Number
SEC Issue Date
Effective Date

One year after the date of publication in the Federal Register with respect to asset-backed securities collateralized by residential mortgages and two years after the date of publication in the Federal Register with respect to all

Federal Register Publish Date
Document Citation

79 FR 77602

1557-AD40, 2501-AD53, 2590-AA43, 3064-AD74, 3235-AK96, 7100-AD70