By Marc Joffe, Senior Policy Analyst, The Cato Institute The Financial Data Transparency Act (FDTA) promises to provide municipal bond investors with standardized financial data for counties, cities, and special districts that issue debt securities. Rather than work through voluminous PDF financial statements, investors would be able to quickly access standardized data facilitating peer comparison […more]
Items tagged with "FDTA"
Are data standard requirements for municipal bond issuers as outlined in the FDTA just a “solution in search of a problem”? Hear from government entities and data users about how they analyze government financial data today. Learn about their wish list on how to improve the usefulness of data used for peer analysis and policy […more]
By Campbell Pryde, President and CEO, XBRL US, and John Turner, CEO, XBRL International U.S. regulators tasked with implementing the Financial Data Transparency Act (FDTA) would be well-served to consider how governments in other regions have adopted a standardized data approach to reducing administrative burden and improving efficiencies. SBR Case Study Standard Business Reporting (SBR) […more]
The Financial Data Transparency Act (FDTA) calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Bureau of Consumer Financial Protection (CFPB), the Federal Reserve System, the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA).
Sponsored by Donnelley Financial Solutions (DFIN).
By Campbell Pryde, President and CEO, XBRL US
Loopholes in regulatory disclosure requirements allow certain banks to opt out of filing to the SEC, including the recently failed Signature Bank (which also happens to be big enough to be part of the S&P 500). Equity investors need consistent disclosures across all banks. The FDTA could help resolve this kind of regulatory fragmentation.
The U.S. Congress passed legislation on December 15, 2022 that includes requirements for the Securities and Exchange Commission to adopt data standards related to municipal securities. The Financial Data Transparency Act (FDTA) aims to improve transparency in government reporting, while minimizing disruptive changes and requiring no new disclosures. The University of Michigan’s Center for Local […more]
Financial Data Transparency Act (FDTA) On December 23, 2022, President Biden signed into law H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 which includes TITLE LVIII, the Financial Data Transparency Act (FDTA). The FDTA calls for the use of data standards by member agencies of the U.S. Financial Stability […more]