Credit Risk Retention Rule Comment Period Extended

In late March, after considerable delay and reported behind-the-scenes interagency debate, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Department of Housing and Urban Development, the Federal Housing Finance Agency, and the Office of the Comptroller of the Currency (the "Joint Regulators") issued a notice of proposed rulemaking (the "NPR") that included text of a draft rule on credit risk retention in securitizations proposed to be adopted by each Joint Regulator as required by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The NPR solicited public comment on the proposed risk retention rule, and established a June 10, 2011 deadline for the submission of comments. On June 6, 2011, the Joint Regulators extended the comment deadline to August 1, 2011.