Sec. 407. Repeal of credit risk retention regulations
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The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended— by striking section 941; and in the table of contents for such Act, by striking the item relating to section 941. The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended— in section 3(a), by striking paragraph
(77)(relating to asset-backed security), as added by section 941(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and by striking section 15G. The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, and the Securities and Exchange Commission may not issue any rule or regulation to require risk retention, the creation or maintenance of a premium capture cash reserve account, or any similar mechanism, unless directly authorized by an Act of Congress. The amendments made by subsection
(a)shall take effect on the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as if included in such Act.
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