Sec. 701. Data standards
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Title I of the Federal Credit Union Act ( 12 U.S.C. 1752 et seq. ) is amended by adding at the end the following: The Board shall, by rule, adopt data standards for all information and reports regularly filed with or submitted to the Administration under this Act. The data standards required by subsection
(a)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 shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. .
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