Federal Reserve Board sets final data standards for regulatory filings
U.S. financial regulators are moving to align how key regulatory information is submitted and identified across agencies. The Federal Reserve Board says the final rule supports implementation of the Financial Data Transparency Act of 2022 and includes changes made after public feedback on an August 2024 proposal.
Highlights
- Federal Reserve Board and several federal agencies approved a final rule setting data standards for regulatory filings to improve data interoperability.
- The rule establishes requirements for legal entity identifiers and data elements in regulatory submissions, aligning with the Financial Data Transparency Act of 2022.
- The final rule, similar to the August 2024 proposal but revised after public feedback, aims to standardize and streamline reporting for U.S. banks and financial institutions.
Rule sets common reporting framework
As reported by the Federal Reserve System, the Federal Reserve Board on Thursday announces a final rule establishing data standards for certain information collections submitted to financial regulatory agencies. Several other federal financial regulatory agencies also approve the standards alongside the Board.The standards are intended to improve interoperability of financial regulatory data across agencies. They establish data standards for legal entity identifiers and other data elements used in regulatory submissions.
Regulatory coordination and sector impact
The final rule is generally similar to the proposal issued in August 2024, with changes reflecting feedback received from the public. The measure forms part of the implementation of the Financial Data Transparency Act of 2022.For banks and other regulated financial institutions, the rule is aimed at making regulatory data more consistent and easier to compare across agencies. That can support more standardized reporting processes and data use across the U.S. financial regulatory system.
Our earlier article on Mastercard’s $38 billion swipe-fee settlement outlined how Mastercard and Visa secured preliminary U.S. court approval for an agreement with merchants over alleged excessive card processing fees, setting the stage for multi-year fee reductions and interchange caps. We also noted that Mastercard paired the regulatory backdrop with an AI-driven payments initiative, even as near-term market sentiment remained cautious.
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