WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has joined forces with several other federal financial regulatory agencies to propose a new rule aimed at establishing data standards for certain information collections. This initiative seeks to enhance interoperability of financial regulatory data across various agencies.
The proposed rule comes as a mandate from the Financial Data Transparency Act of 2022. It aims to set data standards for identifiers of legal entities and other common identifiers, ensuring seamless data integration across different regulatory bodies. The CFPB, along with the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Department of the Treasury, is inviting public comments on the proposal.
Key Objectives
The primary goal is to promote better data interoperability. This means creating a system where data can be easily shared and understood across federal financial regulatory agencies. By standardizing data identifiers, the agencies aim to streamline regulatory processes, reduce redundancies, and improve the efficiency of financial oversight.
Legislative Background
The Financial Data Transparency Act of 2022 requires the establishment of these data standards. Within two years of finalizing these standards, the CFPB must adopt its own rule to implement the data standards for its information collections. This will ensure that the data submitted to the CFPB aligns with the interoperability standards set by the new rule.
Public Participation
Comments on the proposed rule are welcomed and will be accepted for 60 days following its publication in the Federal Register. This period allows stakeholders and the general public to provide input and feedback on the proposed data standards.
Future Implications
Once finalized, these standards will be adopted in separate rulemakings by each agency involved. This collaborative effort signifies a major step towards modernizing financial regulatory data management, ensuring that data collections across different agencies are compatible and efficiently managed.
The CFPB and its partner agencies are committed to fostering a transparent and streamlined regulatory environment. This proposed rule marks a significant advancement in achieving that goal, ultimately benefiting both regulatory bodies and the entities they oversee.
The CFPB and the other federal financial regulatory agencies will continue to keep the public informed as this rulemaking process progresses. Their collective efforts underscore a commitment to enhancing the integrity and efficiency of financial regulatory frameworks.
Summary
The CFPB and other federal agencies are proposing a rule to establish new data standards for financial regulatory information collections. This effort aims to improve data interoperability and is mandated by the Financial Data Transparency Act of 2022. Public comments are invited for 60 days following the publication of the rule in the Federal Register.
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