Sec. 5811. Data standards
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Subtitle A of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 et seq. ) is amended by adding at the end the following: In this section— the term covered agencies means— the Department of the Treasury; the Board of Governors; the Office of the Comptroller of the Currency; the Bureau; the Commission; the Corporation; the Federal Housing Finance Agency; the National Credit Union Administration Board; and any other primary financial regulatory agency designated by the Secretary; the terms data asset , machine-readable , metadata , and open license have the meanings given the terms in section 3502 of title 44, United States Code; and the term data standard means a standard that specifies rules by which data is described and recorded.
Not later than 18 months after the date of enactment of this section, the heads of the covered agencies shall jointly issue proposed rules for public comment that establish data standards for— the collections of information reported to each covered agency by financial entities under the jurisdiction of the covered agency; and the data collected from covered agencies on behalf of the Council. Not later than 2 years after the date of enactment of this section, the heads of the covered agencies shall jointly promulgate final rules that establish the data standards described in paragraph (1).
The data standards established in the final rules promulgated under subsection (b)(2) shall— 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 to the extent practicable— render data fully searchable and machine-readable; 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; 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; be nonproprietary or made available under an open license; incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles.
In establishing data standards in the final rules promulgated under subsection (b)(2), the heads of the covered agencies shall— consult with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards; and seek to promote interoperability of financial regulatory data across members of the Council. 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. .
The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 123 the following: Sec. 124. Data standards. .
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