Finance
Financial regulators request comment on data standards plan
![Financial regulators request comment on data standards plan Financial regulators request comment on data standards plan](https://arizent.brightspotcdn.com/dims4/default/7368eca/2147483647/strip/true/crop/4000x2100+0+221/resize/1200x630!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F4f%2F22%2F5533b5ca49f28dd1d956a09b18cc%2Ffed.jpg)
Bloomberg News
The Federal Reserve Board on Friday joined eight other agencies in asking for public
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.
Once the final standards are established, the agencies will each issue separate rules and adopt the data collection standards. The agencies include
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,”
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.
![](https://newspub.live/wp-content/uploads/2022/03/np-logo.png)
Finance
Federal Financial Regulatory Agencies Propose Joint Data Standards
![Federal Financial Regulatory Agencies Propose Joint Data Standards Federal Financial Regulatory Agencies Propose Joint Data Standards](https://www.pymnts.com/wp-content/uploads/2023/12/CFPB-1.jpg)
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.
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.
Finance
Del. governor's race in new territory with Hall-Long's campaign finance scandal
![Del. governor's race in new territory with Hall-Long's campaign finance scandal Del. governor's race in new territory with Hall-Long's campaign finance scandal](https://whyy.org/wp-content/uploads/2023/12/bethany-hall-long-campaign-gov-6.jpg)
Rep. Phillips says Hall-Long lied about conducting ‘audit’
But the ranks of critics have grown and include two women in the state House of Representatives.
State Reps. Sophie Phillips and Madinah Wilson-Anton, both Democrats from Bear who have not been supporters of Hall-Long’s candidacy, called on her to withdraw from the race.
Such strident statements from Democrat lawmakers about a high-ranking party member whose gubernatorial bid is supported by Democrat House Speaker Valerie Longhurst are basically unheard of in Delaware.
Phillips told WHYY News that she was appalled by the state report’s findings.
“I was honestly shocked. I didn’t know any of that to be true,” Phillips said. “As an elected official, I need to be able to trust the executive branch and especially someone who’s going to be in charge of running a $6 billion budget. So yes, just utter shock. I don’t think she is the right person to run in a general election against the Republicans either.”
House Minority Leader Mike Ramone of Pike Creek and former Rehoboth Beach police officer Jerry Price are facing off in the Republican gubernatorial primary. The primary winners will face off in the Nov. 5 general election.
Phillips, who is in her first two-year term, said she was infuriated by what the state report concluded about what last fall Hall-Long had called an “audit” of her campaign finances by Summit CPA Group of Middletown.
Hall-Long had never released the audit, despite calls by her primary opponents and government transparency groups to do so. Hall-Long instead announced in November that, while her handpicked accounting firm found “errors’’ in the finance reports, “no wrongdoings or violations were found.”
The state report countered that Summit CPA Group and its principal, Karen Remick, “did not appear to seek audit evidence beyond the Longs’ representation that certain credit card charges were campaign related, and further accepted purported 2016 charges as campaign related with no documentation the charges had occurred.”
The report also said Remick would not cooperate with the state’s review, which began in January. Dana Long was interviewed but not the lieutenant governor. The report didn’t specify why not, and neither Albence’s office nor Hall-Long would say why she did not speak with former FBI boss Lampinski.
Phillips said it’s now clear that Hall-Long’s statements about the Summit CPA Group over the last nine months “turned out to be a lie.”
Wilson-Anton, elected in 2020, said Hall-Long’s actions are disqualifying.
“This is not the behavior of someone who is fit to run for office, let alone fit to lead our state as governor,’’ said Wilson-Anton, who nevertheless expressed some affection for Hall-Long.
“She is a sweet lady. I honestly believe she means well,” Wilson-Anton said. “But that’s not enough. We need our governor to be competent and visionary, and that means they can’t put untrustworthy people in positions of power and public trust, especially when they have a history of violating that public trust and abusing their power.”
Dana Long had been arrested for stealing Republican campaign signs near Middletown during his wife’s 2014 race for state Senate. She won that election by 267 votes out of 12,193 cast, won the race for lieutenant governor in 2016, and was re-elected in 2020.
Finance
Mitsubishi Heavy Industries, Ltd. Global Website | MHI Revises Green/Transition Finance Framework and Issues The Third Series of MHI Transition Bonds
Tokyo, August 2, 2024 – Mitsubishi Heavy Industries, Ltd. (MHI) submitted a revised shelf registration statement to the Director-General of the Kanto Local Finance Bureau today in preparation for its planned issuance of transition bonds via public offering in the Japanese bond market.
MHI was selected as a model example for the “2021 Climate Transition Finance Model Projects” being supported by the Ministry of Economy, Trade and Industry (METI) in March 2022, and issued its first transition bonds in September 2022. This will be our third issuance of transition bonds.
MHI also revised its Green/Transition Finance Framework to apply various latest principles and guidelines, reflect plans such as MHI’s 2024 Medium-Term Business Plan, and add uses of proceeds (solar power, biogas production, nuclear energy systems, synthetic fuel such as sustainable aviation fuel (SAF)). MHI’s bonds are issued according to this framework.
The Mitsubishi Heavy Industries Group has defined two growth areas: “Energy Transition”, which aims to decarbonize the energy supply side, and “Smart Infrastructure”, which targets to realize the decarbonization, and promote the energy efficiency, manpower saving in the energy demand side. As part of the financing necessary for focusing on businesses in these areas, and promote decarbonization, electrification and intelligence in its existing businesses, MHI is utilizing sustainable finance such as transition bonds and green bonds.
By issuing the bonds, MHI will promote its energy transition initiatives and contribute to realizing a Carbon Neutral society.
Outline of the Issuance
Bond name (expected) | Mitsubishi Heavy Industries, Ltd. 44th Series Unsecured Bond (with inter-bond pari passu clause) (The 3rd Series of Mitsubishi Heavy Industries Transition Bonds) |
---|---|
Maturity (expected) | 5 years |
Issue amount (expected) | JPY 10 billion |
Issue timing (expected) | Late August 2024 |
Use of proceeds (expected) | New investments and refinancing of existing investments relating to eligible businesses or projects (decarbonize existing infrastructure, build hydrogen solutions ecosystem, build a CO2 solutions ecosystem) |
Lead managers | Nomura Securities Co., Ltd. Mizuho Securities Co., Ltd. SMBC Nikko Securities Inc. Daiwa Securities Co., Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. BofA Securities Japan Co., Ltd. |
Outline of the Green/Transition Finance Framework
Evaluation of the transition bond’s suitability | MHI receives second-party opinions from a second-party institution, DNV Business Assurance Japan K.K., on compatibility with the following principles, guidelines, etc.
|
|
---|---|---|
Use of proceeds (green projects) |
Eligible businesses and/or projects | Eligibility Criteria (bold text indicates new projects) |
Renewable Energy |
|
|
Clean Energy |
|
|
Use of proceeds (transition projects) |
Eligible businesses and/or projects | Eligibility Criteria (bold text indicates new projects) |
Decarbonize existing infrastructure |
|
|
Build a hydrogen solutions ecosystem |
|
|
Build a CO2 solutions ecosystem |
|
Relevant SDGs
Related releases
News dated August 25, 2023
News dated July 28, 2023
News dated September 2, 2022
News dated August 5, 2022
News dated March 18, 2022
News dated August 26, 2021
News dated August 2, 2021
News dated November 17, 2020
News dated October 30, 2020
-
Mississippi3 days ago
MSU, Mississippi Academy of Sciences host summer symposium, USDA’s Tucker honored with Presidential Award
-
World1 week ago
Typhoon Gaemi barrels towards China’s Fujian after sinking ship off Taiwan
-
News1 week ago
Video: Biden Says It’s Time to ‘Pass the Torch’ to a New Generation
-
News1 week ago
Video: Kamala Harris May Bring Out Trump’s Harshest Instincts
-
Politics6 days ago
Republicans say Schumer must act on voter proof of citizenship bill if Democrat 'really cares about democracy'
-
News1 week ago
Who Can Achieve the American Dream? Race Matters Less Than It Used To.
-
World5 days ago
More right wing with fewer women – a new Parliament compendium
-
Politics1 week ago
House unanimously votes to create Trump assassination attempt commission