Financial Data Transparency Act of 2022: Notice of Proposed Rulemaking

Summary

On August 22, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Department of Treasury (collectively, the agencies) published in the Federal Register a joint notice of proposed rulemaking to implement the Financial Data Transparency Act of 2022 (FDTA).

To promote interoperability of financial regulatory data, the proposed rule would establish joint data standards for certain collections of information reported by regulated financial entities and data collected on behalf of the Financial Stability Oversight Council (FSOC). The joint data standards proposed in this rulemaking would not apply to those collections of information until the agencies separately adopt those standards by rulemaking or other action.

Highlights

• Pursuant to the FDTA, the agencies jointly propose to establish joint data standards for (1) certain collections of information reported to each agency by financial entities under the agency’s jurisdiction, and (2) the data collected from the agencies on behalf of the FSOC.
• The FDTA requires the joint data standards to include common identifiers, including a common nonproprietary legal entity identifier (LEI) that is available under an open license for all entities required to report to the agencies. Accordingly, the agencies propose to establish the following common identifiers:
  • For the common nonproprietary LEI: “ISO 17442, Financial Services–Legal Entity Identifier”;
  • For identification of transaction-level reporting of swaps and security-based swaps: Unique Product Identifier as defined by “ISO 4914”;
  • For identification of financial instruments that are not swaps or security-based swaps: Classification of Financial Instruments as defined by “ISO 10962”;
  • For identification of financial instruments: Financial Instrument Global Identifier created by the Object Management Group;
  • For identification of dates: Date as defined by “ISO 8601” using the basic format option, with no punctuation, four-digit year;
  • For identification of a U.S. state, possession, geographic directional, or military “state”: U.S. Postal Service state abbreviations;
  • For identification of countries and their subdivisions: the three-letter country code with the code for subdivisions, as appropriate, as defined by the geopolitical entities, names, and codes; and
  • For identification of currencies: “ISO 4217 Currency Codes.”
• Consistent with the FDTA, the agencies also propose to establish data transmission and schema and taxonomy format standards with the following attributes:
  • Render data fully searchable and machine-readable;
  • Enable high-quality data through schemas, with accompanying metadata documented in machine-readable taxonomy or ontology models, which clearly define the semantic meaning of the data, as defined by the underlying regulatory information collection requirements, as appropriate;
  • Ensure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata; and
  • Are nonproprietary or are available under an open license.
• The application of the joint standards to specific collections of information would take effect through an agency’s adoption by an agency-specific rulemaking or other action.
• The joint proposed rule would not otherwise change an agency’s authority to collect information from the public.

Further Information

Please contact Allison Hester-Haddad, Special Counsel, or Eleonora Cornejo, Counsel, Chief Counsel’s Office at (202) 649-5490.

Theodore J. Dowd II
Acting Senior Deputy Comptroller and Chief Counsel

Related Link

• Notice of Proposed Rulemaking: Financial Data Transparency Act Joint Data Standards (PDF)