Credit Risk Retention-Notification of Commencement of Review; Extension of Review Period

Citation85 FR 39099
Record Number2020-13830
Published date30 June 2020
SectionProposed rules
CourtFederal Housing Finance Agency,Housing And Urban Development Department,The Comptroller Of The Currency Office
Federal Register, Volume 85 Issue 126 (Tuesday, June 30, 2020)
[Federal Register Volume 85, Number 126 (Tuesday, June 30, 2020)]
                [Proposed Rules]
                [Pages 39099-39100]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2020-13830]
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                DEPARTMENT OF THE TREASURY
                Office of the Comptroller of the Currency
                12 CFR Part 43
                [Docket No. OCC-2019-0012]
                FEDERAL RESERVE SYSTEM
                12 CFR Part 244
                [Docket No. OP-1688]
                FEDERAL DEPOSIT INSURANCE CORPORATION
                12 CFR Part 373
                RIN 3064-ZA07
                FEDERAL HOUSING FINANCE AGENCY
                12 CFR Part 1234
                [Notice No. 2019-N-7]
                SECURITIES AND EXCHANGE COMMISSION
                17 CFR Part 246
                [Release No. 34-89100]
                DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
                24 CFR Part 267
                [FR-6172-N-02]
                Credit Risk Retention--Notification of Commencement of Review;
                Extension of Review Period
                AGENCY: Office of the Comptroller of the Currency, Treasury (OCC);
                Board of Governors of the Federal Reserve System (Board); Federal
                Deposit Insurance Corporation (FDIC); U.S. Securities and Exchange
                Commission (Commission); Federal Housing Finance Agency (FHFA); and
                Department of Housing and Urban Development (HUD).
                ACTION: Notification of commencement of review; extension of review
                period.
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                SUMMARY: The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies)
                are providing notice of the extension of the period for the review, and
                publication of determination of the review, of the definition of
                qualified residential mortgage; the community-focused residential
                mortgage exemption; and the exemption for qualifying three-to-four unit
                residential mortgage loans, in each case as currently set forth in the
                Credit Risk Retention Regulations (as defined below) as adopted by the
                agencies.
                [[Page 39100]]
                DATES: The period for completion of the review of the subject
                residential mortgage provisions and publication of notice disclosing
                determination of this review is extended until June 20, 2021.
                FOR FURTHER INFORMATION CONTACT:
                 OCC: Daniel Borman, Senior Attorney, (202) 649-6929 or, for persons
                who are deaf or hearing impaired, TTY, (202) 649-5597, Chief Counsel's
                Office; Ajay Palvia, (202) 649-5505, Senior Financial Economist, Office
                of the Comptroller of the Currency, 400 7th Street SW, Washington, DC
                20219.
                 Board: Flora H. Ahn, Special Counsel, (202) 452-2317, David W.
                Alexander, Senior Counsel, (202) 452-287, or Matthew D. Suntag, Senior
                Counsel, (202) 452-3694, Legal Division; Donald N. Gabbai, Lead
                Financial Institutions Policy Analyst, Division of Supervision and
                Regulation, (202) 452-3358; Karen Pence, Assistant Director, Division
                of Research & Statistics, (202) 452-2342; Nikita Pastor, Senior
                Counsel, Division of Consumer & Community Affairs, (202) 452-3692;
                Board of Governors of the Federal Reserve System, 20th and C Streets
                NW, Washington, DC 20551.
                 FDIC: Rae-Ann Miller, Associate Director, (202) 898-3898; Kathleen
                M. Russo, Counsel, (703) 562-2071, [email protected]; or Phillip E.
                Sloan, Counsel, (703) 562-6137, [email protected], Federal Deposit
                Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                 Commission: Arthur Sandel, Special Counsel; Kayla Roberts, Special
                Counsel; Katherine Hsu, Chief, (202) 551-3850, in the Office of
                Structured Finance, Division of Corporation Finance; or Chandler Lutz,
                Economist, (202) 551-6600, in the Office of Risk Analysis, Division of
                Economic and Risk Analysis, U.S. Securities and Exchange Commission,
                100 F Street NE, Washington, DC 20549.
                 FHFA: Ron Sugarman, Principal Policy Analyst, Office of Financial
                Analysis, Modeling and Simulations, (202) 649-3208,
                [email protected], or Peggy K. Balsawer, Associate General Counsel,
                Office of General Counsel, (202) 649-3060, [email protected],
                Federal Housing Finance Agency, Constitution Center, 400 7th Street SW,
                Washington, DC 20219. The telephone number for the Telecommunications
                Device for the Deaf is (800) 877-8339.
                 HUD: Keith Becker, Deputy Assistant Secretary for Risk Management &
                Regulatory Affairs, U.S. Department of Housing & Urban Development, 451
                7th Street SW, Washington, DC 20410; telephone number (202) 402-3722
                (this is not a toll-free number). Persons with hearing or speech
                impairments may access this number through TTY by calling the toll-free
                Federal Relay at (800) 877-8339.
                SUPPLEMENTARY INFORMATION: The credit risk retention regulations are
                codified at 12 CFR part 43; 12 CFR part 244; 12 CFR part 373; 17 CFR
                part 246; 12 CFR part 1234; and 24 CFR part 267 (the Credit Risk
                Retention Regulations). The Credit Risk Retention Regulations require
                the OCC, Board, FDIC, and Commission, in consultation with the FHFA and
                HUD, to commence, and give notice of commencement of, a review of the
                following provisions of the Credit Risk Retention Regulations no later
                than December 24, 2019: (1) The definition of qualified residential
                mortgage (QRM) in section _.13 of the Credit Risk Retention
                Regulations; (2) the community-focused residential mortgage exemption
                in section _.19(f) of the Credit Risk Retention Regulations; and (3)
                the exemption for qualifying three-to-four unit residential mortgage
                loans in section _.19(g) of the Credit Risk Retention Regulations
                (collectively, the ``subject residential mortgage provisions''). The
                Credit Risk Retention Regulations also require that, after completion
                of this review, but no later than six months after publication of a
                notification announcing the review, unless extended by the agencies,
                the agencies publish a notification disclosing the determination of
                their review. Notification of the commencement of the review was
                published in the Federal Register on December 20, 2019 (84 FR 70073).
                 This notification is being published to give notice that, due to
                various factors considered among the agencies, including market and
                other disruptions precipitated by COVID-19, the agencies have
                determined to extend the period for completion of their review of the
                subject residential mortgage provisions and publication of notice
                disclosing determination of this review until June 20, 2021.
                Brian P. Brooks,
                Acting Comptroller of the Currency.
                 By order of the Board of Governors of the Federal Reserve System
                acting through the Secretary of the Board under delegated authority.
                Ann E. Misback,
                Secretary of the Board.
                Federal Deposit Insurance Corporation.
                 By order of the Board of Directors.
                 Dated at Washington, DC, on June 19, 2020.
                James P. Sheesley,
                Acting Assistant Executive Secretary.
                 Dated: June 19, 2020.
                 By the Securities and Exchange Commission.
                Vanessa A. Countryman,
                Secretary.
                Mark A. Calabria,
                Director, Federal Housing Finance Agency.
                 By the Department of Housing and Urban Development.
                Len Wolfson,
                Acting Assistant Secretary for Housing--Federal Housing Commissioner.
                [FR Doc. 2020-13830 Filed 6-29-20; 8:45 am]
                BILLING CODE 6210-01-P; 4810-33-P; 6210-01-P; 3064-01-P; 8070-01-P;
                8011-01-P; 4210-67-P
                

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