§ 1772e. Data standards

Statutory text

Requirement

The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this chapter.

Consistency

The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of this title, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

2022
Financial Data Transparency Act of 2022
Pub. L. 117–263 div. E title LVIII § 5871 · 136 Stat. 2395
Enacted · 12 U.S.C. § 1772e
(June 26, 1934, ch. 750, title I, § 132, as added Pub. L. 117–263, div. E, title LVIII, § 5871, Dec. 23, 2022, 136 Stat. 3436.)
Source evidence
Code source credit
(June 26, 1934, ch. 750, title I, § 132, as added Pub. L. 117–263, div. E, title LVIII, § 5871, Dec. 23, 2022, 136 Stat. 3436.)
Enacted provision · exact public law section
SEC. 5871. DATA STANDARDS. Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.) is amended by adding at the end the following: “SEC. 132. DATA STANDARDS. “(a) Requirement.— The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this Act. “(b) Consistency.— The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 124.” .

1 of 1 references resolved to an enrolled provision

Statutory Notes and Related Subsidiaries

Rulemaking

Pub. L. 117–263, div. E, title LVIII, § 5873, Dec. 23, 2022, 136 Stat. 3436, provided that:

“(a)
In General.—
The National Credit Union Administration Board shall issue rules to carry out the amendments made by this subtitle [subtitle G (§§ 5871–5874) of title LVIII of div. E of Pub. L. 117–263, enacting this section and section 1772f of this title], which shall take effect not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010 [12 U.S.C. 5334(b)(2)], as added by section 5811(a) of this title.
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“(b)
Scaling of Regulatory Requirements; Minimizing Disruption.—
In issuing the rules required under subsection (a), the National Credit Union Administration Board—
“(1)
may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities; and
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“(2)
shall seek to minimize disruptive changes to the persons affected by those regulations.”
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Rule of Construction Regarding No New Disclosure Requirements

Pub. L. 117–263, div. E, title LVIII, § 5874, Dec. 23, 2022, 136 Stat. 3437, provided that: “Nothing in this subtitle [subtitle G (§§ 5871–5874) of title LVIII of div. E of Pub. L. 117–263, enacting this section, section 1772f of this title, and provisions set out as a note under this section], or the amendments made by this subtitle, shall be construed to require the National Credit Union Administration Board to collect or make publicly available additional information under the Federal Credit Union Act (12 U.S.C. 1751 et seq.), beyond information that was collected or made publicly available under that Act, as of the day before the date of enactment of this Act [Dec. 23, 2022].”

Credits

(June 26, 1934, ch. 750, title I, § 132, as added Pub. L. 117–263, div. E, title LVIII, § 5871, Dec. 23, 2022, 136 Stat. 3436.)