Alert June 07, 2011

Agencies Extend Risk Retention Rulemaking Comment Period

In April, the OCC, FRB, FDIC and SEC, in conjunction with the Federal Housing Finance Agency and the Department of Housing and Urban Development (the “Agencies”), issued a notice of proposed rulemaking (the “NPR”) to implement the credit risk retention requirements of Section 941 of the Dodd-Frank Act.  For details regarding the NPR, please see the April 19, 2011 Alert.  The Agencies announced today that they are extending the comment period on the NPR from June 10, 2011 to August 1, 2011 to allow interested persons more time to analyze the issues and prepare comments.