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The lack of standardized data reporting in the U.S. financial regulatory system is burdensome for reporting entities and inhibits society’s ability to use the information. Rep. Carolyn Maloney (D-NY) and Rep. Patrick McHenry (R-NC) have co-sponsored the Financial Transparency Act (H.R. 4476) to transform financial services industry reporting. This bipartisan bill directs the major financial regulators in the United States to adopt consistent data standards and practices for information that is already being collected from industry. By addressing the data pain points of regulators and reporting entities, the Financial Transparency Act creates a framework to improve the efficiency of regulatory reporting, reduce compliance burdens, and improve the quality of available information. During this webinar participants will hear from the congressional champions, current and former financial regulatory officials, and private sector leaders about the prospects for this important bill. On July 21, the EDM Council and the Data Coalition hosted a webinar to explore the rationale for the proposal, the potential benefits, and what you can do to facilitate its enactment.
Who attended: Financial services industry data professionals and industry public affairs teams, congressional staff, financial service agency regulators, data analytics industry experts.