Final FDTA Rule Lays Foundation for Modernized Financial Data, but Successful Implementation is Key

WASHINGTON, D.C., June 9, 2026 – The Data Foundation applauds the release of the final joint rule this week from federal financial regulators implementing the bipartisan Financial Data Transparency Act (FDTA) of 2022. In particular, the Data Foundation welcomes the rule’s establishment of the Legal Entity Identifier (LEI) as the standard for entity identification, which marks a significant turning point in modernizing federal financial reporting. 

On behalf of the Data Foundation, Vice President Ashley Nelle-Davis issued the following statement:

"This final rule represents an important step forward in the journey to modernize our nation's financial data infrastructure, a goal our Data Coalition has advocated for over a decade. The adoption of common, non-proprietary data standards is a practical solution that will directly enhance the efficiency and effectiveness of regulatory oversight while simultaneously reducing reporting errors. For the private sector, this is a tangible example of what data standards can deliver to reduce compliance burdens and support greater market efficiencies. We commend the agencies for their collaboration in reaching this milestone and are committed to working with all stakeholders to ensure the continued successful implementation that benefits the American people."

The Data Foundation’s ongoing support of FDTA’s implementation aligns with our 2026 Advocacy and Policy Priorities, which include encouraging the adoption of a Standard Business Reporting (SBR)-style reporting and ensuring that government data meets the documentation, accessibility, and quality standards necessary to serve as essential training infrastructure for artificial intelligence. 

A Key Step on a Longer Journey

Although the final rule is a major victory for the Data Foundation’s decade-long advocacy efforts, further reforms are still needed to realize the full potential of the FDTA to deliver efficiency for businesses and transparency for the public.

The Data Foundation will continue to advocate for improvements that build on today’s final rule. Our work will focus on ensuring the implementation of the FDTA maximizes benefits for both regulators and the public by advancing the following principles:

• Machine-readable, semantically-rich data standards that promote interoperability, reduce regulatory burden, and enhance transparency in financial reporting.
• Adoption of commonly used, non-proprietary standards for key data elements, including financial instruments, currencies, and geographical identifiers, to ensure consistency and global interoperability.
• Consistent taxonomies and metadata across agencies to improve data interoperability, reduce reporting errors, and lower the compliance burden for reporting entities.
• A shift towards data-centric methodologies and away from inefficient, document-based approaches to regulatory reporting, which will improve data quality and enable more sophisticated analysis.

As implementation moves forward, the Data Foundation stands ready to engage with financial regulatory agencies and help support future iterations of data standards, such as the verifiable LEI (vLEI), to ensure a cohesive and effective implementation of the FDTA for years to come.

About the Data Foundation

The Data Foundation is a Washington, DC-based, non-profit, non-partisan organization. It is a trusted authority on the use of open, accessible data to fuel a more efficient, effective, and accountable government; spark innovation; and provide insights to the country's most pressing challenges. It conducts research, facilitates collaborative thought leadership, and promotes advocacy programs that advance practical policies for the creation and use of accessible, trustworthy data and evidence. The Data Foundation is recognized by Candid Guidestar with the Platinum Seal of Transparency and by Charity Navigator as a 4-Star non-profit. To learn more, visit www.datafoundation.org. (LEI: 254900I43CTC59RFW495)

Media Contact

J.B. Wogan, Director of Communications
Phone: (202) 964-1130
Email: media@datafoundation.org

Additional Resources:

• About the FDTA
• Data Foundation Fact Sheet on the Final Rule