CFPB, Fed join rulemaking on interoperability of data collected by financial regulators

Two federal financial regulators on Friday added their names to a joint proposed rule that would set data standards for certain information collections submitted to financial regulatory agencies.

The proposal, issued just one day prior by the Federal Deposit Insurance Corp. (FDIC), was joined Friday by the Federal Reserve Board and Consumer Financial Protection Bureau (CFPB). Its aim is to “promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of legal entities and other common identifiers,” according to the CFPB’s announcement.

This proposal would help implement the Financial Data Transparency Act of 2022. The Fed said that once final data standards are established, the central bank will issue a separate rule that adopts those standards for certain information it collects. The notice of proposed rulemaking states that agencies have two years from Dec. 23, 2022, to issue their final joint rule.

Other agencies slated to join in the rulemaking include the Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), Commodity Futures Trading Commission (CFTA), Securities and Exchange Commission (SEC), and Treasury.

Public comments will be due 60 days after the proposal is published in the Federal Register.

CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies

Federal Reserve Board requests comment on a proposed rule that would establish data standards for certain information collections

Notice for Federal Register