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Federal Financial Regulatory Agencies Propose Joint Data Standards

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Federal Financial Regulatory Agencies Propose Joint Data Standards

Nine federal financial regulatory agencies have proposed or will propose joint data standards that would apply to data submitted to the agencies.

As required by the Financial Data Transparency Act of 2022, the data standards for identifiers of legal entities and other common identifiers are meant to promote the interoperability of financial regulatory data across the agencies, the Consumer Financial Protection Bureau (CFPB) said in a Friday (Aug. 2) press release.

Along with the CFPB, the other agencies inviting public comment on the proposed rule concerning these standards include the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission (SEC) and the Department of the Treasury, according to the release and the proposed rule.

In the SEC’s own press release about the proposed joint data standards, SEC Chair Gary Gensler said: “This proposal will make financial data more accessible, uniform and useful to the public. Consistent data standards will make it easier for financial institutions to file reports across multiple agencies. They will also help regulators be more effective and efficient in carrying out our oversight functions.”

The Financial Data Transparency Act was passed as a provision of the National Defense Authorization Act in December 2022, according to a statement issued at the time by Sen. Mark Warner.

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It aims to modernize data collection by the federal financial regulators by requiring them to develop common data formatting standards for the financial data they already collect from regulated institutions, making that data easier to process and use, the statement said.

In May, Warner, House Financial Services Committee Chairman Patrick McHenry, Ranking Member Maxine Waters and Sen. Mike Crapo sent a letter to the heads of eight of the federal financial regulatory agencies, urging them to implement the Financial Data Transparency Act.

The members of Congress said in the letter that implementing the law will make federal financial data more accessible, uniform and useful for the public; facilitate the use of artificial intelligence and other advanced technologies; and lead to greater transparency and market efficiencies.


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Building a scalable finance function at Coca-Cola Europacific Partners

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Building a scalable finance function at Coca-Cola Europacific Partners

Implementing the “Future of Finance Academy”

KPMG in the UK worked with CCEP to co-create a comprehensive learning program for senior managers and associate directors in its finance function. We began by developing a strong understanding of the unique business context in which the company and its finance team operate.

This also helped us determine the best mode of delivery for its globally distributed finance function and identify opportunities to stretch CCEP’s ambitions further.

For example, the KPMG team proposed turning the final module of the course into a showcase presentation. Trainees applied what they had learned to real business challenges and presented their solutions to the board in a business pitch-style competition. Although this added to finance leaders’ already demanding workload, it proved to be one of the course’s most successful elements, enabling participants to put their new skills into practice.

Before work on the Academy began, KPMG developed a detailed plan setting out how the two teams would work together, ensure consistency across the learning modules, maintain quality assurance, and manage changes to scope.

KPMG professionals then collaborated closely with CCEP to co-create bespoke learning content, with CCEP’s senior finance leaders acting as subject matter experts alongside our own finance specialists. 

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Bangladesh Says $300 Billion Climate Finance Goal Falls Short, Calls for More Support

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Bangladesh Says 0 Billion Climate Finance Goal Falls Short, Calls for More Support
DHAKA, June 23 (Reuters) – Bangladesh called on ⁠Tuesday ⁠for more funds and ⁠faster support for developing countries facing escalating threats from climate change, saying the global climate financing goal of $300 billion per ‌year fell short of ‌their needs. Speaking at the World Economic Forum’s …
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EU and Hong Kong in talks on new financial services dialogue, envoy says

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EU and Hong Kong in talks on new financial services dialogue, envoy says

Senior officials from the European Union and Hong Kong are in talks to launch a financial services dialogue, with companies from the bloc keen to explore opportunities in the Northern Metropolis, its top representative in the city has said.

Ambassador Harvey Rouse, head of the EU Office in Hong Kong, made the remarks at the Greenway 2026 forum on Tuesday, where he highlighted opportunities for cooperation on sustainable innovation and the green transition.

In a keynote address, Rouse said Hong Kong had established itself as one of Asia’s leading centres for green and sustainable finance, and that, as “two of the world’s leaders” in this field, both sides had an opportunity to deepen cooperation.

“Indeed, this cooperation is already under way,” he said.

“Senior exchanges between Hong Kong and the European Commission have intensified over the past year with visits of EU officials to Hong Kong and vice versa. Both sides are looking at starting soon a financial services dialogue to enhance cooperation.”

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Rouse said European firms could also provide investment and expertise to support Hong Kong’s green transition.

“This is particularly relevant as Hong Kong develops the Northern Metropolis,” he said, referring to the city’s 30,000-hectare (74,131-acre) megaproject near the border with mainland China.

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