WASHIINGTON—The National Credit Union Administration has joined with other banking agencies and the CFPB to issue a final joint rule that establishes technical standards for data submitted to certain financial regulatory agencies.
The joint final rule is required under the Financial Data Transparency Act (FDTA) of 2022, which requires the agencies to promulgate joint data transmission standards and common identifiers, including a nonproprietary legal entity identifier.
According to America’s Credit Unions, the final joint rule does not mandate the use of any specific standard or impose any immediate changes to collecting information. Instead, applying the joint standards to specific collections of information would be implemented through an Agency-specific rulemaking or other action.
America’s Credit Unions noted it originally submitted comments in October 2024 in a comment letter:
- Supporting the principle that any common standards or identifiers adopted in a final rule should be open, nonproprietary and operate under a free or (in the case of a legal identifier) low-cost licensing regime.
- The agencies should retain the current data taxonomies and schemas applicable to credit unions and refrain from altering current data standards which apply to the 5300 Call Report or 4501A Profile.
While prospective changes to call reports are not considered in the final joint rule, America’s Credit Unions said the agencies note that “to the extent that an individual Agency proposes to adopt a particular data transmission and schema and taxonomy format that implicates the concerns raised in its Agency-specific rulemaking, it may conduct further analysis on particular structured data formats and format types.”
Comment Letter on KYC
Separately, in a comment letter to the Federal Communications Commission (FCC), America’s Credit Unions, the Defense Credit Union Council and other trade association offered support for a proposal to place stricter “know your customer” (KYC) rules on voice service providers.
The letter outlines:
- Support for the FCC’s proposal to require originating providers to collect from all new and renewing customers a basic set of identifying information, including name, physical address, and alternate phone number;
- Agreement with the FCC that originating providers should be required to collect caller records that help originating providers better understand the business caller’s intended purpose in placing calls;
- Support of the FCC’s proposal to impose a $2,500 per call forfeiture amount for originating providers who fail to take “affirmative, effective measures” to prevent callers from originating illegal calls; and
- Call for Subscriber Identity Module (SIM) boxes, which allow illicit actors to send calls or text messages from many different numbers and their possession, to be banned.
