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The Department of the Treasury, Board of Governors of the Federal Reserve System (FRS), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), and National Credit Union Administration Board (NCUA) are coordinating efforts on a proposed rule establishing data standards for the collections of information reported to each agency by financial entities under their jurisdiction, as well as the data collected from the agencies on behalf of the Financial Stability Oversight Council (FSOC). If finalized, the proposed rule would implement the requirements of section 124 to the Financial Stability Act of 2010 (12 U.S.C. 5321 et seq.), which was added by the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (NDAA). The NDAA requires the agencies to jointly issue proposed rules within 18 months of the NDAA’s enactment, and final rules within two years of enactment.

Overall Description of Deadline: 12 U.S.C. 5334 requires the covered agencies to jointly issue proposed rules within 18 months of enactment and final rules within two years of enactment.