Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022

Summary:

The Federal Deposit Insurance Corporation (FDIC) is issuing-in conjunction with 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 Housing Finance Agency, National Credit Union Administration, and Commodity Futures Trading Commission (collectively with the FDIC, the "Agencies")-a joint final rule (Final Rule) as required by the Financial Data Transparency Act of 2022 (FDTA).

The Final Rule, which is designed to promote interoperability of financial regulatory data across the Agencies, establishes data standards for the collections of information reported to each Agency, as required by the FDTA. With respect to the FDIC, the Final Rule adds a new Subpart D to 12 C.F.R. Part 304, the FDIC's regulations on "Forms, Instructions, and Reports."

The standards established pursuant to the Final Rule would later be considered by the FDIC and the other Agencies for potential incorporation (to the extent feasible) into data standards to be adopted for certain collections of information in separate rulemakings by the Agencies.

Statement of Applicability: The contents of, and material referenced in, this FIL apply to the FDIC.

Highlights:

Key Provisions of the Final Rule:

The Agencies are establishing the International Organization for Standardization ("ISO") 17442 - Financial Services - the Legal Entity Identifier ("LEI") as the legal entity identifier joint standard.

The Agencies are also establishing standards for the following pieces of information:

• Unique product identifier;
• Classification of financial instruments;
• Dates;
• States;
• Countries; and
• Currencies.

The Agencies are establishing that the data transmission schema and taxonomy format used have four properties, derived from the requirements listed in the FDTA.