Document ID: SEC-2021-1012-0001
Agency: sec
Document Type: Proposed Rule
Title: Credit Risk Retention: Notification of Extension of Review Period
Posted Date: 2021-07-22T04:00Z

[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, krusso@fdic.gov; Phillip E. 
Sloan, Counsel, (202) 898-8517, psloan@fdic.gov, 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, Ron.Sugarman@fhfa.gov, or Peggy K. Balsawer, 
Associate General Counsel, Office of General Counsel, (202) 649-3060, 
Peggy.Balsawer@fhfa.gov, 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