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Financial Data Transparency Act Joint Data Standards
Plain English Summary
A new rule has been introduced by several financial regulatory agencies, including the OCC, FDIC, and SEC, to create common data standards. This will help these agencies share financial data more easily. However, this rule won't change any current reporting requirements right away. Insurance agents should stay informed about these developments, as future changes may affect how they report financial data.
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The OCC, Board, FDIC, NCUA, CFPB, FHFA, CFTC, SEC, and Treasury are publishing a final joint rule to establish data standards to promote interoperability of financial regulatory data across these agencies. The standards established pursuant to this joint rule will later be considered for potential incorporation (to the extent feasible) into data standards to be adopted for certain collections of information in separate rulemakings by the agencies or through other actions taken by the agencies. At the effective date, the joint rule will not change any reporting requirements without further action by the agencies. The agencies are publishing this joint rule as required by the Financial Data Transparency Act of 2022.