October 15, 2014 Alert - FRB to Vote on Final Credit Risk Retention Rules
On October 22, 2014 at 3:30pm, the Board of Governors of the Federal Reserve (“FRB”) will consider whether to adopt final Credit Risk Retention rules. According to the FRB, the specific subject of the Open Meeting will be:
    Final Credit Risk Retention Rule under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

SFIG will provide an update following the open meeting. We will then hold a call within a few days of the meeting to walk the membership through the key elements of the final rule.

If you would like to participate in SFIG’s Risk Retention Task Force, please contact Alyssa.Acevedo@sfindustry.org.

The Securities and Exchange Commission, Office of the Comptroller of the Currency, the Treasury Department, the FRB, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the Department of Housing and Urban Development Notice of Proposed Rulemaking regarding credit risk retention can be found here and SFIG’s response can be found here.

SFIG also released a joint response with LSTA and SIFMA last year that focused on Open Market CLO’s, which can be found here.
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