NCUA Board Approves Proposed Rule to Standardize Data Submitted to Federal Financial Regulatory Agencies

The National Credit Union Administration Board unanimously approved, by notation vote, an interagency notice of proposed rulemaking that would establish data standards for certain information collections submitted to the NCUA and other financial regulatory agencies.

The proposal is required by the Financial Data Transparency Act of 2022. It 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.

Within two years of the final standards being established, the NCUA is required to issue a separate rule that adopts applicable data standards for certain information collected by the NCUA.

Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register.