CFPB Announces Joint Final Rule on Adopting Uniform Standards for Reporting Financial Data
This is an official press release from the Consumer Financial Protection Bureau, a US federal body whose publications are in the public domain. The summary below is reproduced with attribution; read the complete release on the Consumer Financial Protection Bureau website.
From the official Consumer Financial Protection Bureau release
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The new standards being adopted establish common identifiers for entities, geographic locations, dates, and certain products and currencies. The standards include a principles-based joint standard with respect to data transmission and schema and taxonomy formats, which would allow financial institutions to submit high-quality, machine-readable data to the agencies.
The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.
Source: Consumer Financial Protection Bureau (public domain). The Finance Monk reproduces this with attribution and links to the original. Informational only — not financial, tax, or legal advice.
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