Aug 2 -- The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Consumer Financial Protection Bureau, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission, and Department of the Treasury invite public comment on a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. Final standards established pursuant to this rulemaking will later be adopted for certain collections of information in separate rulemakings by the agencies or through other actions taken by the agencies. The agencies are proposing this rule as required by the Financial Data Transparency Act of 2022. Comments must be received by [60 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER].
On December 23, 2022, the Financial Data Transparency Act of 2022 (FDTA) was signed into law. The FDTA seeks to promote interoperability of financial regulatory data. As explained below, the FDTA directs the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and Department of the Treasury (Treasury) (each referred to individually as the “Agency” and collectively as the “Agencies”) to jointly establish data standards. The FDTA also directs most of the Agencies to issue individual rules adopting applicable joint standards for certain collections of information under their respective purview. In this proposed rule, the Agencies are requesting comment on data standards to be jointly established; individual Agency proposals will follow after adoption of the joint standards. The Agencies seek comment on all aspects of the proposal. . . .
Press releases:
-- FRB
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20240802a.htm
-- CFPB
https://www.consumerfinance.gov/about-us/newsroom/cfpb-joins-federal-regulators-to-propose-rule-to-standardize-data-submitted-to-federal-financial-agencies/
-- SEC
https://www.sec.gov/newsroom/press-releases/2024-93
Proposed rule:
https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20240802a1.pdf [74 pages]
