Last week, the Consumer Financial Protection Bureau and eight other federal financial regulatory agencies announced a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies.

Officials said the proposal 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.

Along with the CFPB, the other agencies that are part of the rule proposal include:

—Office of the Comptroller of the Currency
—Board of Governors of the Federal Reserve System
—Federal Deposit Insurance Corporation
—National Credit Union Administration
—Federal Housing Finance Agency
—Commodity Futures Trading Commission
—Securities and Exchange Commission
—Department of the Treasury

According to a news release from the CFPB, the proposal is required by the Financial Data Transparency Act of 2022.

Within two years of the final standards being established, the bureau said it is required to finalize its own rule that adopts data standards for collections of information that are regularly filed with or submitted to the CFPB.

The rule proposal is available via this website.