Nine federal agencies issued notice of proposed rulemaking (NPRM) to standardize the data submitted to them, in accordance with the Financial Data Transparency Act of 2022 (FDTA). The Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corp., National Credit Union Administration, Consumer Financial Protection Bureau, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission, and the Department of the Treasury invited stakeholder comment on the proposed rule.
The goal of the NPRM is to establish data standards and promote interoperability of financial regulatory data across the agencies.
“Section 5811 of the FDTA amends subtitle A of the Financial Stability Act of 2010 (Financial Stability Act) by adding a new section [],” the NPRM stated. “Section 124 of the Financial Stability Act directs the agencies jointly to issue regulations establishing data standards for 1) certain collections of information reported to each agency by financial entities under the jurisdiction of the agency, and 2) the data collected from the agencies on behalf of the Financial Stability Oversight Council (FSOC).
“The statute requires the agencies to issue the final joint rule within two years of Dec. 23, 2022,” it further explained. “Section 124 of the Financial Stability Act defines the term ‘data standard’ to mean a standard that specifies rules by which data is described and recorded.”
According to the Financial Stability Act, the data standards must:
Should the rule be implemented, would go into effect 60 days after its publication in the Federal Register.
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