U.S. Financial Regulators Propose Unified Data Standards under FDTA

Summary

On August 22, 2024, the Office of the Comptroller of the Currency (OCC) and other federal financial agencies jointly proposed a rulemaking initiative to implement the Financial Data Transparency Act of 2022 (FDTA). The proposal aims to establish standardized data practices across U.S. financial regulatory bodies, enhancing data interoperability and quality. Key highlights include the introduction of joint data standards, common identifiers, and data transmission standards. While the proposal does not immediately impact community banks, regulatory bodies are seeking feedback from community bankers to shape the final rules.