Standardized Data Submission Proposed Rule Approved by NCUA Board
The rule would establish consistent standards of data submissions by financial institutions to regulators.
NCUA Board members unanimously approved an interagency notice of proposed rulemaking that would align data submission standards to all financial regulators by financial institutions, including credit unions.
On Friday afternoon, the NCUA announced the Board’s unanimous approval, by notation vote.
The data submissions proposed rule would establish consistent standards for certain information collections submitted to the NCUA and other financial regulatory agencies, according to the NCUA.
The financial regulatory agencies included in the proposed rulemaking were the Department of Treasury Office of the Comptroller of the Currency, Federal Reserve System, FDIC, NCUA, CFPB, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission and the Department of Treasury.
According to the NCUA, the proposed rule is a requirement of the Financial Data Transparency Act of 2022 and “would promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of legal entities and other common identifiers.”
Once those standards are finalized, the NCUA must issue a separate rule to adopt the “applicable data standards for certain information” the agency collects.
Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register.
READ MORE: Financial Data Transparency Act Joint Data Standards