Joint Rule Sets Financial Data Standards Across Major Regulators
The OCC, Federal Reserve Board, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury must use the new standards starting Oct 1, 2026.
Effective Oct 1 2026, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Consumer Financial Protection Bureau, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission and the Department of the Treasury issued a final joint rule establishing common data standards for financial regulatory information. The rule does not alter any existing reporting obligations; agencies will need separate rulemakings to adopt the standards for specific collections.
The final rule adopts ISO 17442 for Legal Entity Identifiers, ISO 4914 for Unique Product Identifiers, ISO 10962 for Classification of Financial Instruments (CFI) for non-swap products, ISO 8601 for dates (excluding the Basic format option), U.S. Postal Service two-letter abbreviations for states and possessions, GENC country and subdivision codes, and ISO 4217 alphabetic currency codes. The agencies declined to adopt the proposed Financial Instrument Global Identifier and clarified that ISO 8601 will be used without reference to the Basic format.
The standards are issued under the Financial Data Transparency Act of 2022, signed Dec 23 2022, which directs the covered agencies to develop interoperable data standards. The Act also required the Commodity Futures Trading Commission to be designated a covered agency on May 3 2024. The agencies may later tailor the standards or adopt additional ones in agency-specific rulemakings.
The rule is codified under docket IDs OCC-2024-0012, R-1837, CFPB-2024-0034, TREAS-DO-2024-0008 and related RINs 1557-AF22, 7100 AG-79, 3064-AF96, 3133-AF70, 3170-AB20, 2590-AB38, 3038-AF43, 3235-AN32, 1505-AC86. Contact points for each agency are listed in the notice.