The National Credit Union Administration (NCUA) Board has unanimously approved an interagency notice of proposed rulemaking aimed at establishing data standards for specific information collections submitted to the NCUA and other financial regulatory agencies. The decision was made by notation vote.
This proposal, mandated by the Financial Data Transparency Act of 2022, seeks to enhance the interoperability of financial regulatory data among various agencies by setting data standards for identifiers of legal entities and other common identifiers.
According to the plan, within two years after finalizing these standards, the NCUA must issue a separate rule adopting applicable data standards for certain information it collects.
Public comments on the proposed rule will be accepted for 60 days following its publication in the Federal Register.
The NCUA is an independent federal agency established by Congress to regulate, charter, and supervise federal credit unions. It manages the National Credit Union Share Insurance Fund, which insures deposits of over 135 million account holders in all federal credit unions and most state-chartered credit unions. Additionally, the NCUA protects consumers and educates the public on consumer protection and financial literacy issues.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572
