Sens. Mike Crapo, R-Idaho, and Mark Warner, D-Va., introduced legislation this week that would improve the collection and publication of data standards of eight Federal financial regulatory agencies.
The Financial Data Transparency Act (FDTA) would require eight major United States financial regulatory agencies to adopt common financial data standards that promote the organization, readability, and availability of financial data they are already required to collect from regulated entities.
“Making financial data used by Federal regulators more accessible and understandable to the American public is an important step in improving government transparency and accountability,” Sen. Crapo said in a statement.
If the legislation is passed, the Department of Treasury, Securities and Exchange Commission, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Federal Reserve Board, National Credit Union Administration, and Federal Housing Finance Agency would have two years to finalize data standards through a joint rulemaking.
The agencies would also have another two years to implement those standards in their data reporting. In addition, the agencies would be required to make financial data interoperable for consistency, ease of use and streamlined compliance.
“I have long pushed to modernize our government’s technology infrastructure, and the Financial Data Transparency Act marks another important step toward more consistency and transparency in government data collection and use,” Sen. Warner said.