§5334 — Title 12 Banks and Banking | U.S. Code

Summary

Heads of the main federal financial regulators must work together to create common data rules. The covered agencies are 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 regulator the Secretary names. The terms data asset, machine-readable, metadata, and open license use the meanings in Title 44, section 3502. They must publish proposed rules for public comment within 18 months after December 23, 2022, and issue final rules within 2 years after that date. The rules must set common identifiers (including a nonproprietary legal entity identifier available under an open license) and, when possible, make data searchable and machine-readable, use clear schemas and machine-readable metadata that define meaning, mark data tied to reporting requirements, be nonproprietary or openly licensed, reuse voluntary consensus standards, and follow accounting and reporting principles. They must consult other federal agencies and promote interoperability. The standards take effect no later than 2 years after the final rules are issued.

Title 12, §5334

Banks and Banking — Source: USLM XML via OLRC

(a)In this section—

(1)the term “covered agencies” means—

(A)the Department of the Treasury;

(B)the Board of Governors;

(C)the Office of the Comptroller of the Currency;

(D)the Bureau;

(E)the Commission;

(F)the Corporation;

(G)the Federal Housing Finance Agency;

(H)the National Credit Union Administration Board; and

(I)any other primary financial regulatory agency designated by the Secretary;

(2)the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44; and

(3)the term “data standard” means a standard that specifies rules by which data is described and recorded.

(b)(1)Not later than 18 months after December 23, 2022, the heads of the covered agencies shall jointly issue proposed rules for public comment that establish data standards for—

(A)the collections of information reported to each covered agency by financial entities under the jurisdiction of the covered agency; and

(B)the data collected from covered agencies on behalf of the Council.

(2)Not later than 2 years after December 23, 2022, the heads of the covered agencies shall jointly promulgate final rules that establish the data standards described in paragraph (1).

(c)(1)The data standards established in the final rules promulgated under subsection (b)(2) shall—

(A)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

(B)to the extent practicable—

(i)render data fully searchable and machine-readable;

(ii)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;

(iii)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;

(iv)be nonproprietary or made available under an open license;

(v)incorporate standards developed and maintained by voluntary consensus standards bodies; and

(vi)use, be consistent with, and implement applicable accounting and reporting principles.

(2)In establishing data standards in the final rules promulgated under subsection (b)(2), the heads of the covered agencies shall—

(A)consult with other Federal departments and agencies and multi-agency initiatives responsible for Federal data standards; and

(B)seek to promote interoperability of financial regulatory data across members of the Council.

(d)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.

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Statutory Notes and Related Subsidiaries

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Construction

Applicable to Pub. L. 117–263 Pub. L. 117–263, div. E, title LVIII, § 5813, Dec. 23, 2022, 136 Stat. 3424, provided that: “Nothing in this subtitle [subtitle A (§§ 5811–5813) of title LVIII of div. E of Pub. L. 117–263, enacting this section, section 5335 of this title, and provisions set out as a note under section 5335 of this title], or the

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made by this subtitle, shall be construed to require the Secretary of the Treasury to collect or make publicly available additional information under the Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.), beyond information that was collected or made publicly available under that Act, as of the day before the date of enactment of this Act [Dec. 23, 2022].” Pub. L. 117–263, div. E, title LVIII, § 5891, Dec. 23, 2022, 136 Stat. 3438, provided that: “(a) No Effect on Intellectual Property.—Nothing in this title [see

Short Title

of 2022 Amendment note set out under section 78a of Title 15, Commerce and Trade], or the

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made by this title, may be construed to alter the legal protections, as in effect on the day before the date of enactment of this Act [Dec. 23, 2022], of copyrighted material or other intellectual property rights of any non-Federal person. “(b) No Effect on Monetary Policy.—Nothing in this title, or the

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made by this title, may be construed to apply to activities conducted, or data standards used, in connection with monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee. “(c) Preservation of Agency Authority To Tailor Requirements.—Nothing in this title, or the

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made by this title, may be construed to prohibit the head of a covered agency, as defined in section 124(a) of the Financial Stability Act of 2010 [12 U.S.C. 5334(a)], as added by section 5811(a) of this title, from tailoring those standards when those standards are adopted under this title and the

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made by this title.” Pub. L. 117–263, div. E, title LVIII, § 5892, Dec. 23, 2022, 136 Stat. 3438, provided that: “(a) In General.—Nothing in this title [see

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of 2022 Amendment note set out under section 78a of Title 15, Commerce and Trade], or the

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made by this title, shall require the disclosure to the public of—“(1) information that would be exempt from disclosure under section 552 of title 5, United States Code (commonly known as the ‘Freedom of Information Act’); or “(2) information protected under—“(A) section 552a of title 5, United States Code (commonly known as the ‘Privacy Act of 1974’); “(B) section 6103 of the Internal Revenue Code of 1986 [26 U.S.C. 6103]; or “(C) any law administered, or regulation promulgated, by the Financial Crimes

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Network of the Department of the Treasury. “(b) Existing Agency

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.—Nothing in this title, or the

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made by this title, shall be construed to require the Secretary of the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the National Credit Union Administration Board, the Director of the Federal Housing Finance Agency, or the head of any other primary financial regulatory agency (as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301)) designated by the Secretary of the Treasury to amend

Regulations

and procedures, as in effect on the day before the date of enactment of this Act [Dec. 23, 2022], regarding the sharing and disclosure of nonpublic information, including confidential supervisory information. “(c) Data Privacy and Personally Identifiable Information.—Nothing in this title, or the

§5334 Data standards

Summary

Title 12, §5334

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