On June 10, the OCC, Fed, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury finalized joint data standards under the Financial Data Transparency Act of 2022 to make financial regulatory data more interoperable across agencies. As previously covered by InfoBytes, the agencies issued a proposal in 2024 to establish data standards for certain information collections reported to each agency by financial entities under that agency’s jurisdiction and data collected from agencies on behalf of the Financial Stability Oversight Council. The joint rule takes effect October 1 but will not change reporting requirements unless the agencies later incorporate the standards through agency-specific rulemakings or other actions.

The final rule establishes ISO 17442’s Legal Entity Identifier as the joint legal entity identifier standard and standards for unique product identifiers for swaps and security-based swaps; classifications for other financial instruments; dates; geographic locations; currencies; and data transmission, schema and taxonomy formats. The agencies said the principles-based data transmission and format standards are intended to support searchable, machine-readable data; high-quality data through schemas and machine-readable metadata; consistent identification of data elements and assets in metadata; and nonproprietary or open-license formats. After considering comments, the agencies did not adopt the proposed Financial Instrument Global Identifier as a joint standard, clarified that ISO 10962 classifies rather than identifies financial instruments, adopted ISO 8601 for dates without requiring the Basic format, and stated that agencies may tailor or adopt different standards in later agency-specific implementation.