Federal Reserve finalizes data standards rule for certain regulatory information collections

The Federal Reserve Board said Thursday that it has approved a final rule establishing data standards for certain information collections submitted to financial regulatory agencies, a move aimed at making reporting more interoperable across the government.

The board said the standards were approved not only by the Federal Reserve but also by several other federal financial regulatory agencies. The rule is intended to create common data formats for information such as legal entity identifiers and other data elements used in regulatory reporting.

What the rule does

The final rule sets data standards for certain information collections covered by the Financial Data Transparency Act of 2022. The Fed said the goal is to improve the consistency and exchange of financial regulatory data across agencies.

The board said the final version is generally similar to an August 2024 proposal, but includes changes reflecting public feedback.

Why it matters

The standards could reduce fragmentation in how banks and other market participants report information to regulators. For firms that submit covered information collections, the change may affect how regulatory data is labeled, structured and shared across agencies.

The board framed the rule as part of a broader effort to improve data interoperability between federal financial regulators. That could make it easier for agencies to compare and use the same information in different supervisory and reporting contexts.

What comes next

The Federal Reserve release did not provide the Federal Register publication date or the rule's effective date. Those details are still to be confirmed, along with which specific information collections and reporting regimes are covered.

Market participants will also be watching for additional statements from other participating agencies and any implementation guidance that follows.