Regulatory Alerts2024-08-09 | FIL-54-2024Proposed Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022
The FDIC, in joint action with seven other federal financial regulators, issued a Notice of Proposed Rulemaking to establish standardized data reporting requirements for supervised financial entities under the Financial Data Transparency Act of 2022. The proposal designates the ISO Legal Entity Identifier as the primary standard, mandates specific identifiers for financial instruments and geographic data, and requires all transmitted information to be fully searchable, machine-readable, consistently metadata-tagged, and nonproprietary or openly licensed. By adding Subpart D to the FDIC’s regulations, the Agencies will standardize how financial entities submit information and how regulators collect data for the Financial Stability Oversight Council, with public comments due 60 days after Federal Register publication.