We expect to issue guidance on the implementation of section 716 before the July 21, 2013, effective date of the provision.
To implement the risk retention requirements in section 941 of the Dodd-Frank Act, the Federal Reserve, along with other federal regulatory agencies, issued in March 2011 a proposal that generally would force securitization sponsors to retain at least 5 percent of the credit risk of the assets underlying a securitization.