The Federal Reserve and other agencies finalize data standards to improve interoperability of financial regulatory data under the 2022 Financial Data Transparency Act.
The Federal Reserve Board announced a final rule establishing data standards for information collected by financial regulatory agencies. The rule aims to enhance interoperability of regulatory data across agencies by standardizing legal entity identifiers and other key data elements.
The final rule closely mirrors the August 2024 proposal, incorporating public feedback. It is part of the implementation of the Financial Data Transparency Act of 2022, which mandates consistent data reporting standards.
Several federal financial regulatory agencies have approved the standards, which are expected to streamline data sharing and improve regulatory oversight.