CFPB finalizes joint rule on financial data reporting standards
The CFPB said a joint final rule required by the Financial Data Transparency Act of 2022 will set common identifiers and data format standards for reports submitted to several financial regulatory agencies.
The Consumer Financial Protection Bureau said June 25, 2026, that it finalized a joint rule establishing technical standards for data submitted to certain financial regulatory agencies.
What happened
The CFPB said the joint final rule is required under the Financial Data Transparency Act of 2022. It applies to the CFPB and eight other agencies: the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Federal Housing Finance Agency, the Commodity Futures Trading Commission and the Department of the Treasury.
Rule details
The CFPB said the rule is intended to promote interoperability of financial regulatory data across the agencies. That means data submitted to different regulators would use shared technical standards, making it easier for agencies to compare, process and use information submitted by financial institutions.
The rule also includes standards meant to allow financial institutions to submit machine-readable data to the covered agencies.
According to the CFPB release, the standards establish common identifiers for entities, geographic locations, dates and certain products and currencies.
The rule also includes what the CFPB described as a principles-based joint standard for data transmission and for schema and taxonomy formats. Schemas and taxonomies are technical structures used to organize data so it can be read and processed in consistent ways.
The CFPB said the standards apply across the CFPB, the Treasury Department and the listed banking, securities, commodities, housing finance and credit union regulators.
Background
The CFPB said the rulemaking was required by the Financial Data Transparency Act of 2022. The release did not describe the full text of the law, but said the act requires the joint final rule on technical standards for financial data submitted to certain regulatory agencies.
The CFPB’s release also described the bureau as a federal agency that enforces consumer financial laws.
What the agency said
The CFPB said the rule establishes technical standards for data submitted to certain financial regulatory agencies and is aimed at promoting interoperability across the named agencies.
The bureau said the standards include common identifiers and a joint approach to data transmission, schema and taxonomy formats so financial institutions can submit data in machine-readable form.
Sources
Editorial note: This article was prepared with AI assistance and requires editorial review before publication.
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