U.S. agencies issue final rule on financial data standards

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U.S. financial data standards rule

Highlights

The final rule, issued by nine major U.S. financial agencies, establishes joint data standards for collections under their jurisdictions but requires separate adoption by each agency.
The rule retains ISO 17442 for legal entity identifiers, ISO 4914 for swaps, ISO 8601 for dates, and removes the proposed Financial Instrument Global Identifier standard.
Community banks are excluded from these data standards, and agencies retain authority to tailor or exempt standards when updating future reporting requirements.

Joint standards framework and scope

As reported by the Office of the Comptroller of the Currency, the final rule is being issued jointly with the Federal Reserve, 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.

The rule establishes joint data standards for certain information collections reported to each agency by financial entities under its jurisdiction, as well as data collected on behalf of the Financial Stability Oversight Council. Those standards do not apply to any specific collection until each agency separately adopts them through its own rulemaking or other action.

The agencies say the final rule largely follows the proposal issued on August 22, 2024, with several changes. It does not adopt the proposed Financial Instrument Global Identifier standard, clarifies that ISO 10962 is used to classify rather than identify financial instruments that are not swaps or security-based swaps, keeps ISO 8601 for dates without the basic format option, and states more explicitly that agencies may tailor adopted standards or use standards not established in the joint rule.

Regulatory and industry implications

The final rule sets common identifiers and technical standards intended to make regulatory data searchable, machine-readable and more consistent across agencies. The standards include ISO 17442 for legal entity identifiers, ISO 4914 for swaps and security-based swaps, ISO 8601 for dates, U.S. Postal Service abbreviations for states, geopolitical codes for countries and subdivisions, ISO 4217 for currencies, and ISO 10962 for classification of certain financial instruments.

The agencies also establish transmission, schema and taxonomy standards meant to support metadata and clearer semantic definitions tied to underlying reporting requirements. They say these standards are nonproprietary or available under an open license.

The rule does not change an agency's authority to collect information from the public, and the text states that community banks are not affected by the joint data standards established in this rulemaking. The measure instead creates a common framework that agencies can apply later as they update individual reporting requirements.

In our earlier article on Mastercard and Visa’s $38 billion swipe-fee settlement, we covered the preliminary U.S. court approval and the expected multi-year changes to interchange pricing and fee caps. We also noted Mastercard’s push into new payment technology with its AP4M protocol for AI-enabled transactions, highlighting how regulatory developments and innovation can jointly shape market sentiment.

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