The Consumer Financial Protection Bureau (CFPB) is one of several US federal financial regulatory agencies to propose a rule to standardise data submissions.
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission, and Department of the Treasury, as well as the CFPB, are inviting public comment on the proposed rule.
The rule, when it comes into effect, aims to establish data standards to promote interoperability of financial regulatory data across these agencies.
The agencies are proposing this rule as required by the Financial Data Transparency Act of 2022.
The CFPB stated that, within two years of the final standards being established, it is required to finalise its own rule that adopts data standards for “collections of information that are regularly filed with or submitted to the CFPB”.
The agencies are inviting comments on the proposed rule for a period of 60 days following publication in the Federal Register.
In October 2023, the CFPB proposed a rule to implement personal financial data rights for consumers, as part of its work to accelerate the shift to Open Banking in the US.
The rule is the first proposal to implement Section 1033 of the Consumer Financial Protection Act.
Last month, several organisations representing the US banking sector requested more time to comply with the CFPB’s Personal Financial Data Rights rule, citing the “complex and time-intensive changes” banks will need to make.
