On August 2, the OCC, Fed, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury (collectively, the agencies) released an interagency
NPRM to establish data standards across these agencies for “certain collections of information reported to each Agency by financial entities” and “the data collected from the Agencies on behalf of the Financial Stability Oversight Council”, as mandated by the
Financial Data Transparency Act of 2022 (FDTA) (enacted as part of the
National Defense Authorization Act in FY 2023). While this is an interagency NPRM, the agencies will issue individual proposals following adoption of and comments on the joint standards.
Under the proposed rule, the agencies will define “collections of information” to have the same meaning as set forth in the Paperwork Reduction Act. The agencies also propose to leverage, as the legal entity unique identifier, the International Organization for Standardization 17442-1:2020, which is a 20-character, alphanumeric standard that “unambiguously” identifies a legal entity. The agencies will also adopt ISO 4914 unique product identifiers for swaps and security-based swaps; ISO 10962 to identify other types of financial instruments; and the U.S. Postal Service’s state abbreviations for state abbreviation, among other things. Last, the agencies will adopt rules to standardize data transmissions, schema and taxonomy formats. The NPRM will be open for comments 60 days after its Federal Register publication.
