Credit Risk Retention-Notification of Extension of Review Period
| Published date | 22 July 2021 |
| Citation | 86 FR 38607 |
| Record Number | 2021-15424 |
| Section | Proposed rules |
| Court | Federal Housing Finance Agency,Housing And Urban Development Department |
Federal Register, Volume 86 Issue 138 (Thursday, July 22, 2021)
[Federal Register Volume 86, Number 138 (Thursday, July 22, 2021)]
[Proposed Rules]
[Pages 38607-38608]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15424]
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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. 34-92326]
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 267
[FR-6172-N-03]
Credit Risk Retention--Notification of 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 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 38608]]
DATES: The period for completion of the review of the subject
residential mortgage provisions and publication of notice disclosing
the determination of this review is extended until December 20, 2021.
Notice of the commencement of the review was published on December 20,
2019 (84 FR 70073), and notice of the extension of the review and of
publication of the determination was published on June 30, 2020 (85 FR
39099).
FOR FURTHER INFORMATION CONTACT:
OCC: Daniel Borman, Counsel, or Kevin Korzeniewski, Counsel, Chief
Counsel's Office, (202) 649-5490; Maria Gloria Cobas, (202) 649-5495,
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; Sean Healey, Lead Financial
Institution Policy Analyst, (202) 912-4611, Division of Supervision and
Regulation; Karen Pence, Deputy Associate 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, Senior Deputy Director, (202) 898-3898;
Kathleen M. Russo, Counsel, (703) 562-2071, [email protected]; Phillip E.
Sloan, Counsel, (202) 898-8517, [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 Capital
Policy, (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: Kurt G. Usowski, Deputy Assistant Secretary for Economic
Affairs, U.S. Department of Housing & Urban Development, 451 7th Street
SW, Washington, DC 20410; telephone number 202-402-5899 (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 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 the
notice announcing the review, unless extended by the agencies, the
agencies publish a notice disclosing the determination of their review.
The agencies published a notification announcing the commencement
of the review in the Federal Register on December 20, 2019 (84 FR
70073). The agencies published a notification announcing their decision
to extend to June 20, 2021, the period for completion of the review and
publication of notification disclosing the determination of the review,
in the Federal Register on June 30, 2020 (85 FR 39099).
The agencies are providing notification that the agencies have
extended the period for completion of their review of the subject
residential mortgage provisions and publication of the notice
disclosing a determination of this review until December 20, 2021.
Michael J. Hsu,
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.
Dated at Washington, DC, on July 6, 2021.
James P. Sheesley,
Assistant Executive Secretary.
Dated: July 6, 2021.
By the Securities and Exchange Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
Sandra L. Thompson,
Acting Director, Federal Housing Finance Agency.
By the Department of Housing and Urban Development.
Lopa P. Kolluri,
Principal Deputy Assistant Secretary for Housing, Federal Housing
Commissioner.
[FR Doc. 2021-15424 Filed 7-21-21; 8:45 am]
BILLING CODE 4810-33-P; I210-01-P; 6714-01-P; 8070-01-P; 8011-01-P;
4210-67-P
