XBRL US submitted a comment letter to the Federal Housing Finance Agency (FHFA) in response to their Regulatory Review; Request for Comment. Among other areas, the FHFA RFC sought input on legal and marketplace developments that may have rendered current regulations outmoded or inefficient. They also sought feedback on alternative methods to meet various regulatory requirements.
The XBRL US letter focused on these points, raising the following points:
- Encouraged the FHFA to investigate the use of XBRL and the Legal Entity Identifier (LEI) as a means to meet requirements of the recently passed Financial Data Transparency Act (FDTA) legislation.
- Explained that widespread use of data standards in the United States and outside the U.S. is a market advancement that the FHFA should consider adopting. Outmoded data collections in use at the Agency today could be modernized through data standards with benefits to the entire supply chain.
- Proposed XBRL data standards and taxonomies as a far better alternative to the current process of collecting and providing data in text files with PDF technical documentation to support.
Read the letter: XBRL US Comment FHFA Regulatory Review No 2023-N-5