The Federal Reserve Board on Friday requested 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 publication in the Federal Register.