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Email The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") was signed into law by President Obama on July 21, 2010. On March 28, 2011, the Federal banking agencies (the Office of the Comptroller of Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System), the Securities and Exchange Commission ("SEC"), the Department of Housing and Urban Development ("HUD"), and the Federal Housing Finance Agency ("FHFA") (collectively, the "Agencies") released a joint notice of proposed rulemaking (the "NPR") containing proposed rules ("Proposed Rules") to implement the credit risk retention requirements of Section 941(b) of the Act, codified as Section 15G ("Section 15G") of the Securities Exchange Act of 1934 (the "Exchange Act"). https://www.cadwalader.com/resources/clients-friends-memos/proposed-credit-risk-retention-requirements-for-asset-backed-securities-transactions