Final joint rule issued by NCUA, CFPB, and others

The NCUA, CFPB, and other banking agencies issued a final joint rule that establishes technical standards for data submitted to certain financial regulatory agencies.  

This joint final rule is required under the Financial Data Transparency Act (FDTA) of 2022, which requires the agencies to promulgate joint data transmission standards and common identifiers, including a nonproprietary legal entity identifier.  

The final joint rule does not mandate the use of any specific standard or impose any immediate changes to collecting information. Instead, applying the joint standards to specific collections of information would be implemented through an Agency-specific rulemaking or other action.  

America’s Credit Unions originally submitted comments in October 2024. Those recommendations included:

• Supporting the principle that any common standards or identifiers adopted in a final rule should be open, nonproprietary and operate under a free or (in the case of a legal identifier) low-cost licensing regime.
• The agencies should retain the current data taxonomies and schemas applicable to credit unions and refrain from altering current data standards which apply to the 5300 Call Report or 4501A Profile.

While prospective changes to call reports are not considered in the final joint rule, the agencies note that “to the extent that an individual Agency proposes to adopt a particular data transmission and schema and taxonomy format that implicates the concerns raised in its Agency-specific rulemaking, it may conduct further analysis on particular structured data formats and format types.”