Federal Reserve Board – Federal Reserve Board announces final rule that establishes data standards for certain information collections

The Federal Reserve Board on Thursday announced a final rule establishing data standards for certain compilations of information submitted to financial regulatory agencies. In addition to the Board, the rules have been approved by several other federal financial regulatory agencies.

The standards are designed to promote the interoperability of financial regulatory data between agencies by establishing data standards for legal entity identifiers and other data elements. The final rule is generally similar to the August 2024 proposal, with changes that reflect comments received from the public. It is part of the implementation of the Financial Data Transparency Act of 2022.

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