Credit unions are encouraged to submit feedback on a proposed rule jointly published by the OCC, Fed Board, FDIC, NCUA, CFPB, FHFA, CFTC, SEC, and Department of Treasury on establishing data standards to promote interoperability of financial regulatory data across the Agencies. 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.
America’s Credit Unions outlined the interpretive rule via a regulatory comment alert sent to members Monday.
In the email alert, America’s Credit Unions detailed the impact the proposal would have on credit unions and outlined several key points for consideration, 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 October 9; comments are due to the Agencies by October 21.
