Regulators Set Comment Deadline for Proposed Rule on Common Data Standards

Comments are due by October 21, 2024 for a proposed a rule to establish common data standards "to promote interoperability of financial regulatory data" across federal agencies. The comment deadline was published in the Federal Register.

As previously covered, the OCC, the Federal Reserve, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and the Treasury Department proposed common data standards which would include: (i) common identifiers related to entities, geographic locations, dates and products and currencies and (ii) a principles-based common standard with respect to transmitting and structuring data. The agencies said that final standards for certain additional collections of information would be adopted in separate rulemakings by the agencies. 

The agencies proposed that the joint rule would take effect on the first day of the next calendar quarter that begins 60 days after publication in the Federal Register, but that the "joint standards would take effect through adoption by implementing Agencies through the Agency-specific rulemakings, not the joint rule."