Today, the FDIC Board is considering a joint rule, required by the Financial Data Transparency Act (FDTA), which was enacted at the end of 2022.1
The FDTA imposes requirements on the Department of the Treasury, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration Board, and Commodity Futures Trading Commission2 to modernize their collection and dissemination of financial data.
Having relevant and accurate information has always been an essential element of effective financial regulation. The establishment and subsequent adoption of data standards across the nine agencies that are issuing this proposed rule will advance the greater use, sharing, and interoperability of the information collected by the agencies.
The FDIC has worked closely with our partner agencies in the development of this notice of proposed rulemaking, incorporating flexibilities explicitly provided by the FDTA, which will allow us to minimize disruption to and reduce burden on FDIC regulated entities, including smaller regulated entities.
I support the joint proposal and look forward to the comments.
- 1
The FDTA was enacted on December 23, 2022 as Title LVIII of Division E of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023, Pub. L. No. 117-263, 136 Stat. 3421-39 (2022). The FDTA amended, among other acts, the Financial Stability Act of 2010 and the Federal Deposit Insurance Act (“FDI Act”).
- 2
Treasury designated the CFTC as a “covered agency” under the FDTA on May 3, 2024.