As part of the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173; P.L. 111-517), the Federal Reserve and Securities Exchange Commission (SED) have released three proposed rules and requests for comments on appraisal regulations and ABS disclosures (see below). In order to develop a suitable response, MHI is seeking input and feedback on the proposed rules.
1) Appraisal Independence Regulations: interim final rule and request for comments, released October 18, on appraisal independence requirements outlined in Section 1472 of the Dodd-Frank bill. The interim final rule is effective April 1, 2011. To view, click here
2) Disclosures for Asset-Backed Securities (ABS) Required by Section 943 of Dodd-Frank Act: proposed rules and request for comments released October related to representations and warranties in asset-backed securities offerings—to view click here. Comments are due November 15
3) Issuer Review of Assets in ABS Offerings: proposed rule, issued October 19, regarding implementation of sections 932 and 945 of Dodd-Frank Act that require any issuer registering the offer and sale of an ABS to perform a review of the assets underlying the ABS. Comments are due November 15. To view, click here.
For more information, MHI members can contact MHI Vice President of Government Affairs Jason Boehlert at 703-558-0660 or email@example.com.