Fed requests comment on data standards rule

The Federal Reserve Board on Friday announced it is requesting comment on a proposed rule that would establish data standards for certain information collections submitted to financial regulatory agencies. In addition to the Board, the standards have been proposed by several other federal financial regulatory agencies. The proposal would promote interoperability of data collected by financial regulatory agencies through the establishment of data standards for identifiers of legal entities and other data elements.

This proposal is part of the implementation of the Financial Data Transparency Act of 2022. Once the final standards are established, the Board will issue a separate rule that adopts those standards for certain information collected by the Board.

Comments on the proposal are due 60 days following joint publication by the Board, the OCC, FDIC, NCUA, CFPB, FHFA, Commodity Futures Trading Commission, SEC, and the Department of the Treasury in the Federal Register.