12 U.S.C. § 5334 — Data standards

Page 1848 TITLE 12—BANKS AND BANKING § 5334 (B) limits on the organizational com- plexity and diversification of large financial institutions; (C) requirements for operational separa- tion between business units of large finan- cial institutions in order to expedite resolu- tion in case of failure; (D) limits on risk transfer between busi- ness units of large financial institutions; (E) requirements to carry contingent cap- ital or similar mechanisms; (F) limits on commingling of commercial and financial activities by large financial in- stitutions; (G) segregation requirements between tra- ditional financial activities and trading or other high-risk operations in large financial institutions; and (H) other limitations on the activities or structure of large financial institutions that may be useful to limit systemic risk. (2) Recommendations The study required by this section shall in- clude recommendations for the optimal struc- ture of any limits considered in subparagraphs (A) through (E), in order to maximize their ef- fectiveness and minimize their economic im- pact. (b) Report Not later than the end of the 180-day period beginning on July 21, 2010, and not later than every 5 years thereafter, the Chairperson shall issue a report to the Congress containing any findings and determinations made in carrying out the study required under subsection (a). (Pub. L. 111–203, title I, § 123, July 21, 2010, 124 Stat. 1412.) § 5334. Data standards (a) Definitions In this section— (1) the term ‘‘covered agencies’’ means— (A) the Department of the Treasury; (B) the Board of Governors; (C) the Office of the Comptroller of the Currency; (D) the Bureau; (E) the Commission; (F) the Corporation; (G) the Federal Housing Finance Agency; (H) the National Credit Union Administra- tion Board; and (I) any other primary financial regulatory agency designated by the Secretary; (2) the terms ‘‘data asset’’, ‘‘machine-read- able’’, ‘‘metadata’’, and ‘‘open license’’ have the meanings given the terms in section 3502 of title 44; and (3) the term ‘‘data standard’’ means a stand- ard that specifies rules by which data is de- scribed and recorded. (b) Rules (1) Proposed rules Not later than 18 months after December 23, 2022, the heads of the covered agencies shall jointly issue proposed rules for public com- ment that establish data standards for— (A) the collections of information reported to each covered agency by financial entities under the jurisdiction of the covered agency; and (B) the data collected from covered agen- cies on behalf of the Council. (2) Final rules Not later than 2 years after December 23, 2022, the heads of the covered agencies shall jointly promulgate final rules that establish the data standards described in paragraph (1). (c) Data standards (1) Common identifiers; quality The data standards established in the final rules promulgated under subsection (b)(2) shall— (A) include common identifiers for collec- tions of information reported to covered agencies or collected on behalf of the Coun- cil, which shall include a common non- proprietary legal entity identifier that is available under an open license for all enti- ties required to report to covered agencies; and (B) to the extent practicable— (i) render data fully searchable and ma- chine-readable; (ii) enable high quality data through schemas, with accompanying metadata documented in machine-readable tax- onomy or ontology models, which clearly define the semantic meaning of the data, as defined by the underlying regulatory in- formation collection requirements; (iii) ensure that a data element or data asset that exists to satisfy an underlying regulatory information collection require- ment be consistently identified as such in associated machine-readable metadata; (iv) be nonproprietary or made available under an open license; (v) incorporate standards developed and maintained by voluntary consensus stand- ards bodies; and (vi) use, be consistent with, and imple- ment applicable accounting and reporting principles. (2) Consultation; interoperability In establishing data standards in the final rules promulgated under subsection (b)(2), the heads of the covered agencies shall— (A) consult with other Federal depart- ments and agencies and multi-agency initia- tives responsible for Federal data standards; and (B) seek to promote interoperability of fi- nancial regulatory data across members of the Council. (d) Effective date The data standards established in the final rules promulgated under subsection (b)(2) shall take effect not later than 2 years after the date on which those final rules are promulgated under that subsection. (Pub. L. 111–203, title I, § 124, as added Pub. L. 117–263, div. E, title LVIII, § 5811(a), Dec. 23, 2022, 136 Stat. 3422.) Page 1849 TITLE 12—BANKS AND BANKING § 5341 Statutory Notes and Related Subsidiaries RULES OF CONSTRUCTION APPLICABLE TO PUB. L. 117–263 Pub. L. 117–263, div. E, title LVIII, § 5813, Dec. 23, 2022, 136 Stat. 3424, provided that: ‘‘Nothing in this subtitle [subtitle A (§§ 5811–5813) of title LVIII of div. E of Pub. L. 117–263, enacting this section, section 5335 of this title, and provisions set out as a note under section 5335 of this title], or the amendments made by this subtitle, shall be construed to require the Secretary of the Treasury to collect or make publicly available addi- tional information under the Financial Stability Act of 2010 (12 U.S.C. 5311 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].’’ Pub. L. 117–263, div. E, title LVIII, § 5891, Dec. 23, 2022, 136 Stat. 3438, provided that: ‘‘(a) NO EFFECT ON INTELLECTUAL PROPERTY.—Noth- ing in this title [see Short Title of 2022 Amendment note set out under section 78a of Title 15, Commerce and Trade], or the amendments made by this title, may be construed to alter the legal protections, as in effect on the day before the date of enactment of this Act [Dec. 23, 2022], of copyrighted material or other intel- lectual property rights of any non-Federal person. ‘‘(b) NO EFFECT ON MONETARY POLICY.—Nothing in this title, or the amendments made by this title, may be construed to apply to activities conducted, or data standards used, in connection with monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Mar- ket Committee. ‘‘(c) PRESERVATION OF AGENCY AUTHORITY TO TAILOR REQUIREMENTS.—Nothing in this title, or the amend- ments made by this title, may be construed to prohibit the head of a covered agency, as defined in section 124(a) of the Financial Stability Act of 2010 [12 U.S.C. 5334(a)], as added by section 5811(a) of this title, from tailoring those standards when those standards are adopted under this title and the amendments made by this title.’’ Pub. L. 117–263, div. E, title LVIII, § 5892, Dec. 23, 2022, 136 Stat. 3438, provided that: ‘‘(a) IN GENERAL.—Nothing in this title [see Short Title of 2022 Amendment note set out under section 78a of Title 15, Commerce and Trade], or the amendments made by this title, shall require the disclosure to the public of— ‘‘(1) information that would be exempt from disclo- sure under section 552 of title 5, United States Code (commonly known as the ‘Freedom of Information Act’); or ‘‘(2) information protected under— ‘‘(A) section 552a of title 5, United States Code (commonly known as the ‘Privacy Act of 1974’); ‘‘(B) section 6103 of the Internal Revenue Code of 1986 [26 U.S.C. 6103]; or ‘‘(C) any law administered, or regulation promul- gated, by the Financial Crimes Enforcement Net- work of the Department of the Treasury. ‘‘(b) EXISTING AGENCY REGULATIONS.—Nothing in this title, or the amendments made by this title, shall be construed to require the Secretary of the Treasury, the Securities and Exchange Commission, the Federal De- posit Insurance Corporation, the Comptroller of the Currency, the Director of the Bureau of Consumer Fi- nancial Protection, the Board of Governors of the Fed- eral Reserve System, the National Credit Union Admin- istration Board, the Director of the Federal Housing Finance Agency, or the head of any other primary fi- nancial regulatory agency (as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Pro- tection Act (12 U.S.C. 5301)) designated by the Sec- retary of the Treasury to amend regulations and proce- dures, as in effect on the day before the date of enact- ment of this Act [Dec. 23, 2022], regarding the sharing and disclosure of nonpublic information, including con- fidential supervisory information. ‘‘(c) DATA PRIVACY AND PERSONALLY IDENTIFIABLE IN- FORMATION.—Nothing in this title, or the amendments made by this title, shall be construed to require the Secretary of the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corpora- tion, the Comptroller of the Currency, the Director of the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the National Credit Union Administration Board, the Di- rector of the Federal Housing Finance Agency, or the head of any other primary financial regulatory agency (as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301)) designated by the Secretary of the Treasury to disclose to the public any information that can be used to dis- tinguish or trace the identity of an individual, either alone or when combined with other personal or identi- fying information that is linked or linkable to a spe- cific individual.’’ § 5335. Open data publication All public data assets published by the Sec- retary under this part shall be— (1) made available as an open Government data asset (as defined in section 3502 of title 44); (2) freely available for download; (3) rendered in a human-readable format; and (4) accessible via application programming interface where appropriate. (Pub. L. 111–203, title I, § 125, as added Pub. L. 117–263, div. E, title LVIII, § 5812(a), Dec. 23, 2022, 136 Stat. 3423.) Statutory Notes and Related Subsidiaries RULEMAKING Pub. L. 117–263, div. E, title LVIII, § 5812(c), Dec. 23, 2022, 136 Stat. 3423, provided that: ‘‘(1) IN GENERAL.—The Secretary of the Treasury shall issue rules to carry out the amendments made by this section [enacting this section], 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 Fi- nancial Stability Act of 2010 [12 U.S.C. 5334(b)(2)], as added by section 5811(a) of this title. ‘‘(2) DELEGATION.—Notwithstanding any other provi- sion of law, the Secretary of the Treasury may delegate the functions required under the amendments made by this subtitle [subtitle A (§§ 5811–5813) of title LVIII of div. E of Pub. L. 117–263, enacting this section and sec- tion 5334 of this title] to an appropriate office within the Department of the Treasury.’’ RULE OF CONSTRUCTION Enactment of section not to be construed to require certain additional information to be collected or dis- closed, see section 5813 of Pub. L. 117–263, set out as a note under section 5334 of this title. PART B—OFFICE OF FINANCIAL RESEARCH § 5341. Definitions For purposes of this part— (1) the terms ‘‘Office’’ and ‘‘Director’’ mean the Office of Financial Research established under this part and the Director thereof, re- spectively; (2) the term ‘‘financial company’’ has the same meaning as in subchapter II, and in- cludes an insured depository institution and an insurance company; (3) the term ‘‘Data Center’’ means the data center established under section 5344 of this title;