NCUA, CFPB Finalize Financial Data Rule; No Immediate Changes For Credit Unions
By CU Today Staff —
WASHINGTON--The NCUA, CFPB, and other banking agencies issued a final joint rule that establishes technical standards for data submitted to certain financial regulatory agencies, America's Credit Unions noted.
This joint final rule is required under the Financial Data Transparency Act (FDTA) of 2022, which requires the agencies to promulgate joint data transmission standards and common identifiers, including a nonproprietary legal entity identifier, ACU noted.
The final joint rule does not mandate the use of any specific standard or impose any immediate changes to collecting information. Instead, applying the joint standards to specific collections of information would be implemented through an Agency-specific rulemaking or other action, ACU said.
America’s Credit Unions originally submitted comments in October 2024. Those recommendations included:
While prospective changes to call reports are not considered in the final joint rule, the agencies note that “to the extent that an individual Agency proposes to adopt a particular data transmission and schema and taxonomy format that implicates the concerns raised in its Agency-specific rulemaking, it may conduct further analysis on particular structured data formats and format types.”
Originally reported by CU Today.