Posted on Tuesday, May 4, 2021

The Financial Transparency Act (FTA) was reintroduced to the 117th Congress by co-sponsors, Representatives Carolyn Maloney (D-NY) and Patrick McHenry (R-NC) as H.R. 2989. If passed, the FTA will improve government operating efficiency by streamlining regulatory reporting.

It calls for eight financial regulatory agencies of the U.S. Financial Oversight Council (FSOC) to adopt and apply uniform data standards for information collected from regulated entities. These agencies include the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), the Federal Reserve, the Federal Housing Finance Agency, the National Credit Union Administration (NCUA), and the Commodity Futures Trading Commission (CFTC). In addition to these agencies, the Municipal Securities Rulemaking Board (MSRB) would also be required to adopt data standards for information submitted to the MSRB’s Electronic Municipal Market Access (EMMA) repository.

The FTA would also require require regulators to adopt a common legal entity identifier.

Track the FTA (H.R. 2989)