meta_id 3232115

On June 11, 2026, the Federal Reserve Board announced a final rule establishing data standards for certain information collections submitted to financial regulatory agencies. The rule has been approved by several other federal financial regulatory agencies in addition to the Board. The final rule establishes data standards for identifiers of legal entities and other data elements to promote interoperability of financial regulatory data across agencies. This standardisation enables more efficient data sharing and coordination among federal financial regulators. The rule reflects feedback received during the public comment period following the proposal issued in August 2024, with modifications made to address stakeholder concerns. The final rule implements provisions of the Financial Data Transparency Act of 2022 (FDTA), which mandates the establishment of consistent data standards across the federal financial regulatory system. By creating uniform standards for data collection and submission, the rule reduces compliance burden on financial institutions that report to multiple regulators and improves the quality and consistency of regulatory data. The standardised approach facilitates better regulatory oversight and coordination among agencies responsible for supervising financial institutions. Financial institutions and other entities subject to information collection requirements from the Federal Reserve Board and other federal financial regulatory agencies should review the final rule to understand the new data standards applicable to their reporting obligations. The rule becomes effective upon publication in the Federal Register. Institutions should ensure their systems and processes comply with the established data standards for legal entity identifiers and related data elements. **References:** - Federal Reserve Board Press Release, June 11, 2026 - Federal Register Notice: Financial Data Transparency Act Joint Data Standards - Board Memo