Several federal financial regulators (the “Agencies”) have approved an interagency final rule to establish data standards that promote interoperability of financial regulatory data (the “Final Rule”). The Final Rule finalizes an interagency proposal that was issued in 2024. The Agencies received over 150 unique comments on the proposal from a wide range of stakeholders, including data standards organizations, financial services firms, industry and trade associations, academics, and governmental entities. In this Legal Update, we provide background regarding the FDTA and summarize key aspects of the Final Rule.
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