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Code · BILL · 116th Congress · H.R. 4476 (Introduced in House) — To amend securities, commodities, and banking laws to make the information reported to financial regulatory agencies... · Sec. 601

Sec. 601. Data standards requirements for the Board of Governors of the Federal Reserve System

901 words·~4 min read·/bill/116/hr/4476/ih/section-601

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Section 161(a) of the Financial Stability Act of 2010 ( 12 U.S.C. 5361(a) ) is amended by adding at the end the following: The Board of Governors shall adopt data standards for all financial data that is regularly filed with or submitted to the Board of Governors by any nonbank financial company pursuant to this subsection. The data standards required by this section shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure 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; be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles.
In adopting data standards by rule under this paragraph, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . Section 10 of the Home Owners’ Loan Act ( 12 U.S.C. 1467a ) is amended by adding at the end the following: The Board shall adopt data standards for all information that is regularly filed with or submitted to the Board by any savings and loan holding company, or subsidiary of a savings and loan holding company, other than a depository institution, under this section.
The data standards required by this subsection shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure 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; be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles.
In adopting data standards by rule under this section, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . Section 5 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1844 ) is amended by adding at the end the following: The Board shall adopt data standards for all information that is regularly filed with or submitted to the Board by any bank holding company in a report under subsection (c). The data standards required by this subsection shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure 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; be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles.
In adopting data standards under this subsection, the Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . Section 809 of the Payment, Clearing, and Settlement Supervision Act of 2010 ( 12 U.S.C. 5468 ) is amended by adding at the end the following: The Board of Governors shall adopt data standards for all information that is regularly filed with or submitted to the Board by any financial market utility or financial institution under subsection
(a)or (b). The data standards required by this subsection shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure 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; be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles. In adopting data standards under this subsection, the Board of Governors shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. .
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Sec. 601
Data standards requirements for the Board of Governors of the Federal Reserve System
U.S.C.§ 5361
U.S.C.§ 1467a
U.S.C.§ 1844
U.S.C.§ 5468
Cites 4Cited by 0 across 0 sources
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