August 8, 2024

CFPB Issues Proposed Financial Data Transparency Standards

Cozen O'Connor

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Cozen O'Connor

The CFPB, along with other federal financial regulators, issued proposed Financial Data Transparency Act Joint Data Standards (“proposed rule”) to establish data standards for certain collections of information submitted to financial regulatory agencies.
The proposed rule, proposal of which is required by the Financial Data Transparency Act of 2022, 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.
Comments on the proposed rule are due 60 days from July 30, 2024.

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