The Federal Reserve, along with eight other US financial regulatory agencies, has finalized a joint rule establishing data standards for financial information collections under the Financial Data Transparency Act of 2022. The rule, announced on June 8, 2026, introduces technical standards designed to make regulatory data more interoperable and machine-readable across the entire US financial system.
What the rule actually does
The FDTA was signed into law in 2022 with a straightforward mandate: make financial regulatory data standardized, open, and machine-readable. The final rule delivers on that promise by establishing seven common identifiers covering entities, instruments, dates, locations, and currencies or products.
Among those identifiers is the Legal Entity Identifier, or LEI, which will serve as the standard way to identify financial entities across agency data collections.
The rule takes effect on October 1, 2026. Individual agencies will then conduct their own separate rulemakings to implement these standards for their specific data collections, meaning the full rollout will happen in phases rather than all at once.
