The NCUA Board recently approved an interagency proposal to establish data standards for information collections required by the Financial Data Transparency Act of 2022. The standards aim to enhance data interoperability across financial regulatory agencies.

Specifically, to the extent possible, the proposed data standards will:

• Render data fully searchable and machine-readable.
• Enable high quality data through outlines or other means, with accompanying metadata documented in machine-readable forms. The meaning of the data should be clearly defined as required by any regulatory information collection requirements.
• Ensure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement is consistently identified as such in associated machine-readable metadata.
• Be nonproprietary or available under an open license.

The NCUA must issue a separate rule adopting these standards within two years. Comments on the proposed rule are open for 60 days after publication in the Federal Register.