On December 11, 2009, the House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009 (“Bill”). The Bill consolidates and revises numerous financial reform bills that were introduced in the House in the past few months. Title I of the Bill contains a revised version of the Financial Stability and Improvement Act of 2009 that was originally released on October 27, 2009. Subtitle F of Title I (aka the Credit Risk Retention Act of 2009) relates specifically to asset-backed securitization reform (“ABS Bill”) and was also revised to address issues raised by the industry after release of the October draft (“ABS Proposal”). The differences between the ABS Bill and the ABS Proposal are outlined in our client alert.
Please click here to read our client alert.