The final rule sets standards for certain information collected by financial regulators to improve interoperability across agencies through common identifiers and other data elements.
The Federal Reserve Board on Thursday finalized a rule establishing data standards for certain information collections submitted to financial regulatory agencies, advancing implementation of the Financial Data Transparency Act of 2022. The standards, which were also approved by several other federal financial regulatory agencies, are intended to improve interoperability of regulatory data across agencies by standardizing identifiers for legal entities and other data elements. The final rule is broadly similar to the proposal issued in August 2024, with changes reflecting public feedback. The move extends a broader push to make regulatory data more consistent, comparable and easier to use across the financial system.