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Financial regulators request comment on data standards plan

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Financial regulators request comment on data standards plan
The Board of Governors of the Federal Reserve System seal hangs on a desk where Federal Reserve Chair Janet Yellen will speak in Washington, D.C., U.S., on Wednesday, June 17, 2015. The dollar rose before Yellen and policy makers conclude a meeting that will offer investors more clues on the timing of interest-rate increases. Photographer: Andrew Harrer/Bloomberg

Bloomberg News

The Federal Reserve Board on Friday joined eight other agencies in asking for public comment on a rule that would create data standards for information collected and submitted to financial regulators. 

The Federal Deposit Insurance Corp, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Treasury Department, Commodity Futures Trading Commission, Federal Housing Finance Agency, National Credit Union Administration and Securities and Exchange Commission proposed a joint rulemaking to promote the “interoperability of financial regulatory data,” as required by the Financial Data Transparency Act of 2022. 

The act directs federal financial agencies to issue individual rules adopting joint data standards for the collection of certain information. The agencies also are required to consult with each and other departments and agencies. 

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Once the final standards are established, the agencies will each issue separate rules and adopt the data collection standards. The agencies include the Consumer Financial Protection Bureau,. 

The agencies are expected to work together on the adoption of the established joint standards and to monitor developments related to data standards. 

“The field of data standards, data transmission, schemas and taxonomies is rich with well-established practices and is also rapidly evolving, including with proposals to extend existing standards beyond their existing use and with development of new standards,” according to the 74-page notice of proposed rulemaking. 

The Federal Data Transparency Act allows each agency to tailor data standards when the standards are adopted. Each agency in its rulemaking also must seek to “minimize disruptive changes” to small entities and may “reduce any unjustified burden on smaller entities affected by the regulations. The regulators also may adopt other data standards beyond the standard issued jointly. However, no new information collection requirements are required by the act. 

Comments on the data standards proposal are due 60 days after the notices from each agency are published in the Federal Register.

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Finance

Trump bull market is just beginning: Fmr. TD Ameritrade CEO

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Trump bull market is just beginning: Fmr. TD Ameritrade CEO

Corporate America is gearing up for Trump 2.0, having already gotten a flavor of what Trump has in mind. Potentially crushing fresh tariffs on China, even if it means higher levels of US inflation. Mass deportations come with their own set of economic risks. And soon, potentially, a new leader atop the Federal Reserve. Is there any way a top executive could prepare for uncertain outcomes tied to these initiatives from the Trump administration? How does one lead their teams when uncertainty begins to reign supreme again? Yahoo Finance Executive Editor Brian Sozzi sat down with former TD Ameritrade CEO and former head football coach at Coastal Carolina University Joe Moglia. Moglia is not only considered a market master for his work from 2001 to 2008 building TD Ameritrade into a trading powerhouse but also a leadership expert. Moglia shares his perspective on the record-setting year for markets, what’s next for investors, and how to lead with a clear focus in 2025.

For full episodes of Opening Bid, listen on your favorite podcast platform or watch on our website.

Yahoo Finance’s Opening Bid is produced by Rachael Lewis-Krisky.

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UK finance minister to revive regular economic talks with China in January trip, sources says

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UK finance minister to revive regular economic talks with China in January trip, sources says

By Joe Cash

BEIJING (Reuters) – Britain’s finance minister Rachel Reeves will visit China on a two-day trip in January to revive high-level economic and financial talks that have been frozen since 2019, three people with knowledge of the plan said.

Reeves is scheduled to meet China’s vice premier He Lifeng, the country’s economy tsar, on Jan. 11 in Beijing to restart what had been annual talks known as the Economic and Financial Dialogue (EFD), they said.

If those discussions show progress, the two sides could look to re-launch what had been a regular and wider meeting known as the Joint Economic and Trade Commission (JETCO) later next year, the sources said.

British businesses have also pressed to restart meetings of the UK-China CEO Council, a group established by then-Prime Minister Theresa May and then-Premier Li Keqiang in 2018, one of the sources added.

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Reuters reported on Thursday that HSBC Chairman Mark Tucker will lead a business delegation that will visit China next month in a bid to boost trade and investment with a particular focus on financial services.

Reeves will also go to Shanghai, where she will meet with British companies operating in China on Jan. 12, according to the sources, who asked not to be named because they were not authorized to discuss the plans.

Britain decided to suspend most economic dialogues with China in 2020 after Beijing imposed a national security law in Hong Kong, the former British colony. Since then, spying allegations, the war in Ukraine, and the sanctioning of lawmakers have increased tensions between the two countries.

The Labour government, in power in Britain since July, has made improving ties with China one of its main foreign policy goals after a period under successive Conservative governments when relations plunged to their lowest in decades.

In 2022, then-Prime Minister Rishi Sunak, a Conservative, declared the end of a “golden era” of relations with China that one of his predecessors, David Cameron, had championed.

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Over the preceding decade, British and Chinese officials had met annually for high-level trade and investment talks, holding an EFD almost every year and a JETCO every two years.

Those talks resulted in the London-Shanghai stock connect scheme, Britain joining the Beijing-based Asian Infrastructure Investment Bank, and joint investment into green technologies, including the UK’s Hinkley Point C nuclear power plant.

(Reporting by Joe Cash)

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Bloomberg’s Essential (Aussie) Summer Reading List

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Bloomberg’s Essential (Aussie) Summer Reading List

Hello! It’s Rebecca here with your final Australia Briefing of 2024. And what a year it’s been. From the re-election of Donald Trump and the ongoing slowdown in China, to the blockbuster IPOs and corporate scandals closer to home — 2024 will go down as one for the ages.

Before we all revert to the sanctity of our beach towels, I thought I’d load you up with a selection of my favorite pieces from Bloomberg’s Australia newsroom this year. A stockpile of stories, videos and podcasts to help you while away those days by the pool, at the campsite, or wherever the onset of summer takes you…

Is ‘Bluey’ Ending? Disney’s Worried Biggest Kids Show Ever Is at Risk — Essential reading for anyone with a kid, or honestly, a pulse. Did you know that Americans watched 731 million hours of Bluey in 2023, more than NCIS, Grey’s Anatomy, Gilmore Girls or that perennial of the broadcast, cable and streaming eras, Friends? That’s almost as much as my kids.

Australia Has a Top Pension Program. Why Are Many Retirees Still Struggling? — It’s official: Australia’s retirement system is the envy of the wealthy world. So why aren’t we all diving Scrooge McDuck-style into a vat of cash?

Malaria Rates Surge After Mosquito Net Changes Complicate Global Fight — Travel to the depths of Siar Village, Papua New Guinea with our reporters as they explain why the world is losing its fight against malaria.

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World’s Top Retailer Is Now Trying to Save Air New Zealand — We report a lot on the former CEO of this airline, you may know him as the New Zealand PM. But what do you know about the new one?

Investing for the Ultra-Rich: Family Offices Are Booming in Perth, Australia — Twiggy lives there, and so does Gina — but those two reasonably well-off citizens aside, why is Perth a magnet for family offices?

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