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

1Certain limitations apply to presidential candidates receiving funds from the Presidential Election Campaign Fund or the Presidential Primary Matching Payment Account. See 11 CFR 110.10. 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. 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.

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, krusso@fdic.gov; or Phillip E. Sloan, Counsel, (703) 562–6137, 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 Financial Analysis, Modeling and Simulations, (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: 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;