WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Mike Crapo (R-ID), senior members of the Senate Committee on Banking, Housing, and Urban Affairs, introduced legislation to improve the collection and publication of data collected by federal financial regulatory agencies. The Financial Data Transparency Act requires financial regulators to develop common standards that promote the organization, readability, and availability of financial data they collect from regulated institutions – rules that will make data easier for the public to use and for agencies to process.
“I have long pushed to modernize our government’s technology infrastructure, and the Financial Data Transparency Act marks another important step toward more consistency and transparency in government data collection and use,” said Sen. Warner. “I’m proud to work once again with Senator Crapo on these issues. We look forward to providing greater transparency and usability for investors and consumers, along with streamlined data submissions and compliance for our regulated institutions.”
“Thank you to Senator Warner for his ongoing work with me on these issues,” said Sen. Crapo. “Making financial data used by federal regulators more accessible and understandable to the American public is an important step in improving government transparency and accountability.”
The Financial Data Transparency Act will make information reported to financial regulators electronically searchable, reducing the private sector’s regulatory compliance burdens while enhancing transparency and accountability to the benefit of consumers and investors. Specifically, the legislation directs the Department of the Treasury, Securities and Exchange Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Bureau of the Consumer Financial Protection, Federal Reserve Board, National Credit Union Administration, and Federal Housing Finance Agency to implement data standards developed through a joint rulemaking.
Text of this legislation is available here. A fact sheet is available here.