TITLE: Federal Deposit Insurance Corporation Issues Joint Rule Establishing Financial Data Standards
BODY:
On June 10, 2026, the Federal Deposit Insurance Corporation (FDIC) issued a final rule in conjunction with eight other federal financial regulators establishing data standards under the Financial Data Transparency Act of 2022 (FDTA). The co-issuing agencies include the Department of the Treasury, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission, Federal Housing Finance Agency, National Credit Union Administration, and Commodity Futures Trading Commission.
The final rule adds a new Subpart D to 12 C.F.R. Part 304, the FDIC's regulations on "Forms, Instructions, and Reports." The rule establishes standardised data formats for information collections reported to each agency, designed to promote interoperability of financial regulatory data across the agencies. Key provisions establish the International Organization for Standardization (ISO) 17442 – Financial Services – the Legal Entity Identifier (LEI) as the joint standard for legal entity identification. The rule also establishes standards for unique product identifiers, classification of financial instruments, dates, states, countries, and currencies. Additionally, the agencies establish that the data transmission schema and taxonomy format used must have four properties derived from the FDTA's requirements.
The FDIC previously proposed this joint rule in a notice of proposed rulemaking issued as FIL-54-2024. The data standards established under the final rule will be considered by the FDIC and other agencies for potential incorporation into data standards to be adopted for certain collections of information in separate rulemakings. The final rule applies to the FDIC and all co-issuing agencies.
REFERENCES:
https://www.fdic.gov/news/financial-institution-letters/2026/fil26028.html