§ 5334. Data standards

• (a) In this section—
  • (1) the term “covered agencies” means—
    • (A) the Department of the Treasury;
    • (B) the Board of Governors;
    • (C) the Office of the Comptroller of the Currency;
    • (D) the Bureau;
    • (E) the Commission;
    • (F) the Corporation;
    • (G) the Federal Housing Finance Agency;
    • (H) the National Credit Union Administration Board; and
    • (I) any other primary financial regulatory agency designated by the Secretary;
  • (2) the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44 ; and
  • (3) the term “data standard” means a standard that specifies rules by which data is described and recorded.
• (b)
  • (1) Not later than 18 months after December 23, 2022 , the heads of the covered agencies shall jointly issue proposed rules for public comment that establish data standards for—
    • (A) the collections of information reported to each covered agency by financial entities under the jurisdiction of the covered agency; and
    • (B) the data collected from covered agencies on behalf of the Council.
  • (2) Not later than 2 years after December 23, 2022 , the heads of the covered agencies shall jointly promulgate final rules that establish the data standards described in paragraph (1).
• (c)
  • (1) The data standards established in the final rules promulgated under subsection (b)(2) shall—
    • (A) include common identifiers for collections of information reported to covered agencies or collected on behalf of the Council, which shall include a common nonproprietary legal entity identifier that is available under an open license for all entities required to report to covered agencies; and
    • (B) to the extent practicable—
      • (i) render data fully searchable and machine-readable;
      • (ii) enable high quality data through schemas, with accompanying metadata documented in machine-readable taxonomy or ontology models, which clearly define the semantic meaning of the data, as defined by the underlying regulatory information collection requirements;
      • (iii) ensure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata;
      • (iv) be nonproprietary or made available under an open license;
      • (v) incorporate standards developed and maintained by voluntary consensus standards bodies; and
      • (vi) use, be consistent with, and implement applicable accounting and reporting principles.
  • (2) In establishing data standards in the final rules promulgated under subsection (b)(2), the heads of the covered agencies shall—
    • (A) consult with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards; and
    • (B) seek to promote interoperability of financial regulatory data across members of the Council.
• (d) The data standards established in the final rules promulgated under subsection (b)(2) shall take effect not later than 2 years after the date on which those final rules are promulgated under that subsection.