WASHINGTON—America’s Credit Unions is encouraging CUs to submit feedback on a proposed joint rule that would establish data standards to promote interoperability of financial regulatory data across the agencies.
The rule has been jointly published by the OCC, Fed Board, FDIC, NCUA, CFPB, FHFA, CFTC, SEC, and Treasury.
“Credit union impact will depend on agency-specific rulemakings by the NCUA and CFPB. The agencies have the flexibility to tailor these standards to the credit union industry,” ACU noted.
Effects of Proposal
According to the trade group, the proposal would affect credit unions in several ways, including:
- The proposal would establish data standards to promote interoperability of financial regulatory data across the agencies
- The joint standards would take effect through adoption by implementing agencies through the Agency-specific rulemakings, not the joint rule currently proposed
- A footnote in the preamble clarifies that the NCUA maintains a distinct call report form and associated instructions for federally insured credit unions and would not utilize the FFIEC Call Report Taxonomy for data collection or sharing
Credit unions are encouraged to submit comments to America’s Credit Unions by Oct. 9; comments are due to the agencies by Oct. 21.