U.S. Regulators Finalize Joint Data Standards Under Financial Data Transparency Act
Several U.S. financial regulators have finalized a joint rule establishing common data standards under the Financial Data Transparency Act (FDTA) of 2022, a move aimed at improving the consistency and interoperability of financial regulatory data across federal agencies.
The rule was finalized by the Office of the Comptroller of the Currency (OCC), Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and the U.S. Department of the Treasury.
According to the agencies, the standards are intended to support the collection, sharing, and analysis of financial regulatory data across multiple institutions and government bodies. The final rule will take effect on October 1, 2026.
Background of the Rule
The joint action follows a proposal issued by the agencies in 2024 to establish standardized data requirements for certain information collected from financial entities under their respective jurisdictions. The proposal also covered data collected on behalf of the Financial Stability Oversight Council (FSOC).
The agencies emphasized that the final rule does not immediately alter existing reporting requirements. Financial institutions will only have to follow these standards if regulators later include them in their reporting requirements through separate rulemaking or regulatory actions.
Standards Adopted Under the Final Rule
The final rule establishes a range of common standards covering legal entities, financial instruments, data formats, and reporting structures.
Among the key provisions, the agencies adopted the ISO 17442 Legal Entity Identifier (LEI) as the joint standard for identifying legal entities across regulatory data collections.
The rule also adopts standards for:
- Unique product identifiers for swaps and security-based swaps
- Classification of certain financial instruments
- Dates and time-related data
- Geographic locations
- Currencies
- Data transmission methods
- Data schemas
- Taxonomy formats
Focus on Machine-Readable Data
The agencies stated that the principles-based approach to data transmission and formatting is intended to support searchable and machine-readable data systems.
The framework is also expected to promote the use of machine-readable metadata, improve the identification of data elements and assets, and encourage the use of nonproprietary or open-license data formats.
Regulators noted that these measures are intended to improve how financial data is organized, exchanged, and analyzed across different regulatory bodies.
Changes From the Original Proposal
The agencies made several adjustments to the final rule after reviewing comments received during the consultation process.
One notable change involves the proposed Financial Instrument Global Identifier (FIGI). While FIGI had been included in the original proposal, regulators ultimately decided not to adopt it as a joint data standard.
The agencies also clarified the role of ISO 10962, stating that the standard is intended to classify financial instruments rather than serve as a unique identifier for them.
In addition, the final rule adopts ISO 8601 as the standard for date reporting. However, regulators did not require the use of the standard’s Basic format, providing flexibility in implementation.
The agencies further stated that individual regulators may tailor the standards or adopt different approaches when implementing them through future agency-specific rulemakings.
Impact on Regulatory Reporting
The adoption of joint data standards represents a coordinated effort by U.S. financial regulators to create a more consistent framework for regulatory reporting and data management.
While the rule does not immediately change how financial institutions report information, it establishes a foundation for future implementation of standardized reporting requirements across multiple regulatory agencies.
The framework is expected to support greater interoperability of financial data while providing agencies with a common set of standards that can be incorporated into future reporting systems and regulatory processes.
