Federal Agencies Issue Proposed Rule on Joint Financial Data Standards

A large group of agencies responsible for financial regulation issued a proposed rule to establish joint data standards in an effort to promote consistency and interoperability of financial regulatory data used by the agencies. 

Pursuant to the Financial Data Transparency Act of 2022, the OCC, Federal Reserve, FDIC, NCUA, CFPB, FHFA, CFTC, SEC, and Department of the Treasury are required to jointly establish data standards to promote interoperability of financial regulatory data.  The joint standards proposed by the agencies would apply to certain types of information collected and reported to each agency by financial entities under their respective jurisdictions.  The proposed rule identifies various standards to be followed for different types of data points, as well as standards governing how the data should be presented in the aggregate and transmitted.

The agencies are seeking comments on all aspects of the proposed rule.  Comments must be received within 60 days after the proposed rule is published in the Federal Register.