I 

114TH CONGRESS 

1ST SESSION H. R. 2477 

To amend securities, commodities, and banking laws to make the information 

reported to financial regulatory agencies electronically searchable, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 20, 2015 

Mr. ISSA (for himself, Mr. MCHENRY, Mr. HULTGREN, Mr. BLUM, Mr. 

SCHWEIKERT, Mr. ABRAHAM, Mr. POLIS, Mr. QUIGLEY, Mrs. CAROLYN

B. MALONEY of New York, Mr. ELLISON, Mr. DELANEY, and Mr. 

ROYCE) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in 

each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend securities, commodities, and banking laws to make 

the information reported to financial regulatory agencies 

electronically searchable, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Financial Transparency Act of 2015’’. 


tkelley on DSK3SPTVN1PROD with BILLS
2 

•HR 2477 IH

1 (b) TABLE OF CONTENTS.—The table of contents for 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—OFFICE OF FINANCIAL RESEARCH 

Sec. 101. Authority to promulgate data standards for use by member agencies. 

Sec. 102. Specific data standards and characteristics. 

Sec. 103. Open data publication by the Office of Financial Research. 

Sec. 104. Rulemaking. 

Sec. 105. Classified and protected information. 

Sec. 106. No new disclosure requirements. 

TITLE II—SECURITIES AND EXCHANGE COMMISSION 

Sec. 201. Data standards requirements for the Securities and Exchange Commission. 

Sec. 202. Open data publication by the Securities and Exchange Commission. 

Sec. 203. Data transparency at the Municipal Securities Rulemaking Board. 

Sec. 204. Data transparency at national securities associations. 

Sec. 205. Shorter-term burden reduction and disclosure simplification at the 

Securities and Exchange Commission; sunset. 

Sec. 206. No new disclosure requirements. 

TITLE III—FEDERAL DEPOSIT INSURANCE CORPORATION 

Sec. 301. Data standards requirements for the Federal Deposit Insurance Corporation. 

Sec. 302. Open data publication by the Federal Deposit Insurance Corporation. 

Sec. 303. Rulemaking. 

Sec. 304. No new disclosure requirements. 

TITLE IV—OFFICE OF THE COMPTROLLER OF THE CURRENCY 

Sec. 401. Data standards and open data publication requirements for the Office 

of the Comptroller of the Currency. 

Sec. 402. Rulemaking. 

Sec. 403. No new disclosure requirements. 

TITLE V—BUREAU OF CONSUMER FINANCIAL PROTECTION 

Sec. 501. Data standards and open data publication requirements for the Bureau of Consumer Financial Protection. 

Sec. 502. Rulemaking. 

Sec. 503. No new disclosure requirements. 

TITLE VI—FEDERAL RESERVE SYSTEM 

Sec. 601. Data standards requirements for the Board of Governors of the Federal Reserve System. 

Sec. 602. Open data publication by the Board of Governors of the Federal Reserve System. 

Sec. 603. Rulemaking. 

Sec. 604. No new disclosure requirements. 

TITLE VII—COMMODITY FUTURES TRADING COMMISSION 


tkelley on DSK3SPTVN1PROD with BILLS
3 

•HR 2477 IH

Sec. 701. Data standards. 

Sec. 702. Open data publication by the Commodity Futures Trading Commission. 

Sec. 703. Rulemaking. 

Sec. 704. No new disclosure requirements. 

TITLE VIII—NATIONAL CREDIT UNION ADMINISTRATION 

Sec. 801. Data standards. 

Sec. 802. Open data publication by the National Credit Union Administration. 

Sec. 803. Rulemaking. 

Sec. 804. No new disclosure requirements. 

TITLE IX—FEDERAL HOUSING FINANCE AGENCY 

Sec. 901. Data standards requirements for the Federal Housing Finance Agency. 

Sec. 902. Open data publication by the Federal Housing Finance Agency. 

Sec. 903. Rulemaking. 

Sec. 904. No new disclosure requirements. 

1 TITLE I—OFFICE OF FINANCIAL 

2 RESEARCH 

3 SEC. 101. AUTHORITY TO PROMULGATE DATA STANDARDS 

4 FOR USE BY MEMBER AGENCIES. 

5 Section 153 of the Financial Stability Act of 2010 

6 (12 U.S.C. 5343) is amended— 

7 (1) in subsection (a), by amending paragraph 

8 (2) to read as follows: 

9 ‘‘(2) promulgating data standards for the infor10 mation reported to member agencies by financial en11 tities under the jurisdiction of the member agency 

12 and the data collected from member agencies on be13 half of the Council;’’; and 

14 (2) in subsection (c), by amending paragraph 

15 (2) to read as follows: 


tkelley on DSK3SPTVN1PROD with BILLS
4 

•HR 2477 IH

1 ‘‘(2) STANDARDIZATION.—Member agencies, in 

2 consultation with the Office, shall implement regula3 tions promulgated by the Office under paragraph (1) 

4 to standardize the types and formats of data re5 ported to member agencies or collected on behalf of 

6 the Council, as described in subsection (a)(2). If a 

7 member agency fails to implement such regulations 

8 prior to the expiration of the 3-year period following 

9 the date of publication of final regulations, the Of10 fice, in consultation with the Chairperson, may im11 plement such regulations with respect to the finan12 cial entities under the jurisdiction of the member 

13 agency.’’. 

14 SEC. 102. SPECIFIC DATA STANDARDS AND CHARACTERIS15 TICS. 

16 Section 153 of the Financial Stability Act of 2010 

17 (12 U.S.C. 5343) is amended by adding at the end the 

18 following: 

19 ‘‘(g) DATA STANDARDS.— 

20 ‘‘(1) COMMON IDENTIFIERS AND DATA FOR21 MATS.—The data standards promulgated under sub22 section (c) shall include— 

23 ‘‘(A) common identifiers for information 

24 reported to member agencies or collected on be25 half of the Council, including a common legal 


tkelley on DSK3SPTVN1PROD with BILLS
5 

•HR 2477 IH

1 entity identifier for all entities required to re2 port to member agencies; and 

3 ‘‘(B) common data formats for information 

4 reported to member agencies or collected on be5 half of the Council. 

6 ‘‘(2) DATA STANDARD REQUIREMENTS.—The 

7 data standards promulgated under subsection (c) 

8 shall, to the extent practicable— 

9 ‘‘(A) render information fully searchable 

10 and machine-readable; 

11 ‘‘(B) be nonproprietary; 

12 ‘‘(C) incorporate standards developed and 

13 maintained by voluntary consensus standards 

14 bodies; and 

15 ‘‘(D) be consistent with and implement ap16 plicable accounting and reporting principles. 

17 ‘‘(3) CONSULTATION.—In promulgating data 

18 standards under subsection (c), the Office shall con19 sult with other Federal departments and agencies 

20 and multi-agency initiatives responsible for Federal 

21 data standards. 

22 ‘‘(4) INTEROPERABILITY OF DATA.—In promul23 gating data standards under subsection (c), the Of24 fice shall seek to promote interoperability of finanVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
6 

•HR 2477 IH

1 cial regulatory data across members of the Coun2 cil.’’. 

3 SEC. 103. OPEN DATA PUBLICATION BY THE OFFICE OF FI4 NANCIAL RESEARCH. 

5 Section 153 of the Financial Stability Act of 2010 

6 (12 U.S.C. 5343), as amended by section 102, is further 

7 amended by adding at the end the following: 

8 ‘‘(h) OPEN DATA PUBLICATION.—All public informa9 tion published by the Office under this subtitle shall be 

10 published as open data, freely available for download in 

11 bulk, accessible via application programming interface 

12 where appropriate, and offered without any registration 

13 requirement or reuse restriction.’’. 

14 SEC. 104. RULEMAKING. 

15 Not later than the end of the 2-year period beginning 

16 on the date of the enactment of this Act, the Office of 

17 Financial Research shall issue the regulations required 

18 under the amendments made by this title. 

19 SEC. 105. CLASSIFIED AND PROTECTED INFORMATION. 

20 Nothing in this title or the amendments made by this 

21 title shall require the disclosure to the public of— 

22 (1) information that would be exempt from dis23 closure under section 552 of title 5, United States 

24 Code (commonly known as the ‘‘Freedom of Infor25 mation Act’’); or 


tkelley on DSK3SPTVN1PROD with BILLS
7 

•HR 2477 IH

1 (2) information protected under section 552a of 

2 title 5, United States Code (commonly known as the 

3 ‘‘Privacy Act of 1974’’), or section 6103 of the In4 ternal Revenue Code of 1986. 

5 SEC. 106. NO NEW DISCLOSURE REQUIREMENTS. 

6 Nothing in this title or the amendments made by this 

7 title shall be construed to require the Office of Financial 

8 Research to collect additional information under the stat9 utes amended by this title, beyond information that was 

10 collected under such statutes before the date of the enact11 ment of this Act. 

12 TITLE II—SECURITIES AND 

13 EXCHANGE COMMISSION 

14 SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE15 CURITIES AND EXCHANGE COMMISSION. 

16 (a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 

17 REPORTS UNDER THE INVESTMENT ADVISERS ACT OF

18 1940.—Section 204 of the Investment Advisers Act of 

19 1940 (15 U.S.C. 80b–4) is amended— 

20 (1) by redesignating the second subsection (d) 

21 (relating to Records of Persons With Custody of 

22 Use) as subsection (e); and 

23 (2) by adding at the end the following: 

24 ‘‘(f) DATA STANDARDS FOR REPORTS FILED UNDER

25 THIS SECTION.— 


tkelley on DSK3SPTVN1PROD with BILLS
8 

•HR 2477 IH

1 ‘‘(1) REQUIREMENT.—The Commission shall, 

2 by rule, adopt data standards for all reports filed by 

3 investment advisers with the Commission under this 

4 section. 

5 ‘‘(2) CHARACTERISTICS.—The data standards 

6 required by paragraph (1) shall, to the extent prac7 ticable— 

8 ‘‘(A) render information fully searchable 

9 and machine-readable; 

10 ‘‘(B) be nonproprietary; 

11 ‘‘(C) incorporate standards developed and 

12 maintained by voluntary consensus standards 

13 bodies; and 

14 ‘‘(D) be consistent with and implement ap15 plicable accounting and reporting principles. 

16 ‘‘(3) INCORPORATION OF STANDARDS.—In 

17 adopting data standards by rule under this sub18 section, the Commission shall incorporate all applica19 ble data standards promulgated by the Office of Fi20 nancial Research.’’. 

21 (b) DATA STANDARDS FOR REGISTRATION STATE22 MENTS AND REPORTS UNDER THE INVESTMENT COM23 PANY ACT OF 1940.—The Investment Company Act of 

24 1940 (15 U.S.C. 80a–1 et seq.) is amended— 


tkelley on DSK3SPTVN1PROD with BILLS
9 

•HR 2477 IH

1 (1) in section 8, by adding at the end the fol2 lowing: 

3 ‘‘(g) DATA STANDARDS FOR REGISTRATION STATE4 MENTS.— 

5 ‘‘(1) REQUIREMENT.—The Commission shall, 

6 by rule, adopt data standards for all registration 

7 statements required to be filed with the Commission 

8 under this section, except that the Commission may 

9 exempt exhibits, signatures, and certifications from 

10 such data standards. 

11 ‘‘(2) CHARACTERISTICS.—The data standards 

12 required by paragraph (1) shall, to the extent prac13 ticable— 

14 ‘‘(A) render information fully searchable 

15 and machine-readable; 

16 ‘‘(B) be nonproprietary; 

17 ‘‘(C) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(D) be consistent with and implement ap21 plicable accounting and reporting principles. 

22 ‘‘(3) INCORPORATION OF STANDARDS.—In 

23 adopting data standards by rule under this sub24 section, the Commission shall incorporate all applicaVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
10 

•HR 2477 IH

1 ble data standards promulgated by the Office of Fi2 nancial Research.’’; and 

3 (2) in section 30, by adding at the end the fol4 lowing: 

5 ‘‘(k) DATA STANDARDS FOR REPORTS.— 

6 ‘‘(1) REQUIREMENT.—The Commission shall, 

7 by rule, adopt data standards for all reports re8 quired to be filed with the Commission under this 

9 section, except that the Commission may exempt ex10 hibits, signatures, and certifications from such data 

11 standards. 

12 ‘‘(2) CHARACTERISTICS.—The data standards 

13 required by paragraph (1) shall, to the extent prac14 ticable— 

15 ‘‘(A) render information fully searchable 

16 and machine-readable; 

17 ‘‘(B) be nonproprietary; 

18 ‘‘(C) incorporate standards developed and 

19 maintained by voluntary consensus standards 

20 bodies; and 

21 ‘‘(D) be consistent with and implement ap22 plicable accounting and reporting principles. 

23 ‘‘(3) INCORPORATION OF STANDARDS.—In 

24 adopting data standards by rule under this sub25 section, the Commission shall incorporate all applicaVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
11 

•HR 2477 IH

1 ble data standards promulgated by the Office of Fi2 nancial Research.’’. 

3 (c) DATA STANDARDS FOR INFORMATION REQUIRED

4 TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC5 OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 

6 15E of the Securities Exchange Act of 1934 (15 U.S.C. 

7 78o–7) is amended by adding at the end the following: 

8 ‘‘(w) DATA STANDARDS FOR INFORMATION RE9 QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS

10 SECTION.— 

11 ‘‘(1) REQUIREMENT.—The Commission shall, 

12 by rule, adopt data standards for all information re13 quired to be submitted or published by a nationally 

14 recognized statistical rating organization under this 

15 section. 

16 ‘‘(2) CHARACTERISTICS.—The data standards 

17 required by paragraph (1) shall, to the extent prac18 ticable— 

19 ‘‘(A) render information fully searchable 

20 and machine-readable; 

21 ‘‘(B) be nonproprietary; 

22 ‘‘(C) incorporate standards developed and 

23 maintained by voluntary consensus standards 

24 bodies; and 


tkelley on DSK3SPTVN1PROD with BILLS
12 

•HR 2477 IH

1 ‘‘(D) be consistent with and implement ap2 plicable accounting and reporting principles. 

3 ‘‘(3) INCORPORATION OF STANDARDS.—In 

4 adopting data standards by rule under this sub5 section, the Commission shall incorporate all applica6 ble data standards promulgated by the Office of Fi7 nancial Research.’’. 

8 (d) DATA STANDARDS FOR ASSET-BACKED SECURI9 TIES DISCLOSURES.—Section 7(c) of the Securities Act of 

10 1933 (15 U.S.C. 77g(c)) is amended by adding at the end 

11 the following: 

12 ‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE13 CURITIES DISCLOSURES.— 

14 ‘‘(A) REQUIREMENT.—The Commission 

15 shall, by rule, adopt data standards for all dis16 closures required under this subsection. 

17 ‘‘(B) CHARACTERISTICS.—The data stand18 ards required by subparagraph (A) shall, to the 

19 extent practicable— 

20 ‘‘(i) render information fully search21 able and machine-readable; 

22 ‘‘(ii) be nonproprietary; 

23 ‘‘(iii) incorporate standards developed 

24 and maintained by voluntary consensus 

25 standards bodies; and 


tkelley on DSK3SPTVN1PROD with BILLS
13 

•HR 2477 IH

1 ‘‘(iv) be consistent with and imple2 ment applicable accounting and reporting 

3 principles. 

4 ‘‘(C) INCORPORATION OF STANDARDS.—In 

5 adopting data standards by rule under this 

6 paragraph, the Commission shall incorporate all 

7 applicable data standards promulgated by the 

8 Office of Financial Research.’’. 

9 (e) DATA STANDARDS FOR CORPORATE DISCLO10 SURES UNDER THE SECURITIES ACT OF 1933.—Section 

11 7 of the Securities Act of 1933 (15 U.S.C. 77g) is amend12 ed by adding at the end the following: 

13 ‘‘(e) DATA STANDARDS.— 

14 ‘‘(1) REQUIREMENT.—The Commission shall, 

15 by rule, adopt data standards for all registration 

16 statements and for all prospectuses included in reg17 istration statements required to be filed with the 

18 Commission under this title, except that the Com19 mission may exempt exhibits, signatures, and certifi20 cations from such data standards. 

21 ‘‘(2) CHARACTERISTICS.—The data standards 

22 required by paragraph (1) shall, to the extent prac23 ticable— 

24 ‘‘(A) render information fully searchable 

25 and machine-readable; 


tkelley on DSK3SPTVN1PROD with BILLS
14 

•HR 2477 IH

1 ‘‘(B) be nonproprietary; 

2 ‘‘(C) incorporate standards developed and 

3 maintained by voluntary consensus standards 

4 bodies; and 

5 ‘‘(D) be consistent with and implement ap6 plicable accounting and reporting principles. 

7 ‘‘(3) INCORPORATION OF STANDARDS.—In 

8 adopting data standards by rule under this sub9 section, the Commission shall incorporate all applica10 ble data standards promulgated by the Office of Fi11 nancial Research.’’. 

12 (f) DATA STANDARDS FOR PERIODIC AND CURRENT

13 CORPORATE DISCLOSURES UNDER THE SECURITIES EX14 CHANGE ACT OF 1934.—Section 13 of the Securities Ex15 change Act of 1934 (15 U.S.C. 78m) is amended by add16 ing at the end the following: 

17 ‘‘(s) DATA STANDARDS.— 

18 ‘‘(1) REQUIREMENT.—The Commission shall, 

19 by rule, adopt data standards for all information 

20 contained in periodic and current reports required to 

21 be filed or furnished under this section or under sec22 tion 15(d), except that the Commission may exempt 

23 exhibits, signatures, and certifications from such 

24 data standards. 


tkelley on DSK3SPTVN1PROD with BILLS
15 

•HR 2477 IH

1 ‘‘(2) CHARACTERISTICS.—The data standards 

2 required by paragraph (1) shall, to the extent prac3 ticable— 

4 ‘‘(A) render information fully searchable 

5 and machine-readable; 

6 ‘‘(B) be nonproprietary; 

7 ‘‘(C) incorporate standards developed and 

8 maintained by voluntary consensus standards 

9 bodies; and 

10 ‘‘(D) be consistent with and implement ap11 plicable accounting and reporting principles. 

12 ‘‘(3) INCORPORATION OF STANDARDS.—In 

13 adopting data standards by rule under this sub14 section, the Commission shall incorporate all applica15 ble data standards promulgated by the Office of Fi16 nancial Research.’’. 

17 (g) DATA STANDARDS FOR CORPORATE PROXY AND

18 CONSENT SOLICITATION MATERIALS UNDER THE SECU19 RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se20 curities Exchange Act of 1934 (15 U.S.C. 78n) is amend21 ed by adding at the end the following: 

22 ‘‘(k) DATA STANDARDS FOR PROXY AND CONSENT

23 SOLICITATION MATERIALS.— 

24 ‘‘(1) REQUIREMENT.—The Commission shall, 

25 by rule, adopt data standards for all information 


tkelley on DSK3SPTVN1PROD with BILLS
16 

•HR 2477 IH

1 contained in any proxy or consent solicitation mate2 rial prepared by an issuer for an annual meeting of 

3 the shareholders of the issuer, except that the Com4 mission may exempt exhibits, signatures, and certifi5 cations from such data standards. 

6 ‘‘(2) CHARACTERISTICS.—The data standards 

7 required by paragraph (1) shall, to the extent prac8 ticable— 

9 ‘‘(A) render information fully searchable 

10 and machine-readable; 

11 ‘‘(B) be nonproprietary; 

12 ‘‘(C) incorporate standards developed and 

13 maintained by voluntary consensus standards 

14 bodies; and 

15 ‘‘(D) be consistent with and implement ap16 plicable accounting and reporting principles. 

17 ‘‘(3) INCORPORATION OF STANDARDS.—In 

18 adopting data standards by rule under this sub19 section, the Commission shall incorporate all applica20 ble data standards promulgated by the Office of Fi21 nancial Research.’’. 

22 (h) DATA STANDARDS FOR SECURITY-BASED SWAP

23 REPORTING.—Section 15F of the Securities Exchange Act 

24 of 1934 (15 U.S.C. 78o–10) is amended by adding at the 

25 end the following: 


tkelley on DSK3SPTVN1PROD with BILLS
17 

•HR 2477 IH

1 ‘‘(m) DATA STANDARDS FOR SECURITY-BASED SWAP

2 REPORTING.— 

3 ‘‘(1) REQUIREMENT.—The Commission shall, 

4 by rule, adopt data standards for all reports related 

5 to security-based swaps that are required under this 

6 Act. 

7 ‘‘(2) CHARACTERISTICS.—The data standards 

8 required by paragraph (1) shall, to the extent prac9 ticable— 

10 ‘‘(A) render information fully searchable 

11 and machine-readable; 

12 ‘‘(B) be nonproprietary; 

13 ‘‘(C) incorporate standards developed and 

14 maintained by voluntary consensus standards 

15 bodies; and 

16 ‘‘(D) be consistent with and implement ap17 plicable accounting and reporting principles. 

18 ‘‘(3) INCORPORATION OF STANDARDS.—In 

19 adopting data standards by rule under this sub20 section, the Commission shall incorporate all applica21 ble data standards promulgated by the Office of Fi22 nancial Research.’’. 

23 (i) RULEMAKING.— 

24 (1) IN GENERAL.—Not later than the end of 

25 the 2-year period beginning on the date of the enactVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
18 

•HR 2477 IH

1 ment of this Act, the Securities and Exchange Com2 mission shall issue the regulations required under 

3 the amendments made by this section. 

4 (2) SCALING OF REGULATORY REQUIRE5 MENTS.—In issuing the regulations required under 

6 the amendments made by this section, the Securities 

7 and Exchange Commission may scale data reporting 

8 requirements in order to reduce any unjustified bur9 den on emerging growth companies, lending institu10 tions, accelerated filers, smaller reporting companies, 

11 and other smaller issuers, as determined by the 

12 study required under section 205(c), while still pro13 viding searchable information to investors. 

14 (3) MINIMIZING DISRUPTION.—In issuing the 

15 regulations required under the amendments made by 

16 this section, the Securities and Exchange Commis17 sion shall seek to minimize disruptive changes to the 

18 persons affected by such regulations. 

19 SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 

20 AND EXCHANGE COMMISSION. 

21 Section 4 of the Securities Exchange Act of 1934 (15 

22 U.S.C. 78d) is amended by adding at the end the fol23 lowing: 

24 ‘‘(j) OPEN DATA PUBLICATION.—All public informa25 tion published by the Commission under the securities 


tkelley on DSK3SPTVN1PROD with BILLS
19 

•HR 2477 IH

1 laws and the Dodd-Frank Wall Street Reform and Con2 sumer Protection Act shall be published as open data, 

3 freely available for download in bulk, accessible via appli4 cation programming interface where appropriate, and of5 fered without any registration requirement or reuse re6 striction.’’. 

7 SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU8 RITIES RULEMAKING BOARD. 

9 (a) IN GENERAL.—Section 15B(b) of the Securities 

10 Exchange Act of 1934 (15 U.S.C. 78o–4(b)) is amended 

11 by adding at the end the following: 

12 ‘‘(8) DATA STANDARDS.— 

13 ‘‘(A) REQUIREMENT.—If the Board estab14 lishes information systems under paragraph (3), 

15 the Board shall adopt data standards for infor16 mation submitted via such systems. 

17 ‘‘(B) CHARACTERISTICS.—The data stand18 ards required by subparagraph (A) shall, to the 

19 extent practicable— 

20 ‘‘(i) render information fully search21 able and machine-readable; 

22 ‘‘(ii) be nonproprietary; 

23 ‘‘(iii) incorporate standards developed 

24 and maintained by voluntary consensus 

25 standards bodies; and 


tkelley on DSK3SPTVN1PROD with BILLS
20 

•HR 2477 IH

1 ‘‘(iv) be consistent with and imple2 ment applicable accounting and reporting 

3 principles. 

4 ‘‘(C) INCORPORATION OF STANDARDS.—In 

5 adopting data standards under this paragraph, 

6 the Board shall incorporate all applicable data 

7 standards promulgated by the Office of Finan8 cial Research.’’. 

9 (b) RULEMAKING.— 

10 (1) IN GENERAL.—Not later than the end of 

11 the 2-year period beginning on the date of the enact12 ment of this Act, the Municipal Securities Rule13 making Board shall issue the regulations required 

14 under the amendments made by this section. 

15 (2) SCALING OF REGULATORY REQUIRE16 MENTS.—In issuing the regulations required under 

17 the amendments made by this section, the Municipal 

18 Securities Rulemaking Board may scale data report19 ing requirements in order to reduce any unjustified 

20 burden on smaller regulated entities. 

21 (3) MINIMIZING DISRUPTION.—In issuing the 

22 regulations required under the amendments made by 

23 this section, the Municipal Securities Rulemaking 

24 Board shall seek to minimize disruptive changes to 

25 the persons affected by such regulations. 


tkelley on DSK3SPTVN1PROD with BILLS
21 

•HR 2477 IH

1 SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 

2 ASSOCIATIONS. 

3 (a) IN GENERAL.—Section 15A of the Securities Ex4 change Act of 1934 (15 U.S.C. 78o–3) is amended by add5 ing at the end the following: 

6 ‘‘(n) DATA STANDARDS.— 

7 ‘‘(1) REQUIREMENT.—A national securities as8 sociation registered pursuant to subsection (a) shall 

9 adopt data standards for all information that is reg10 ularly filed with or submitted to the association. 

11 ‘‘(2) CHARACTERISTICS.—The data standards 

12 required by paragraph (1) shall, to the extent prac13 ticable— 

14 ‘‘(A) render information fully searchable 

15 and machine-readable; 

16 ‘‘(B) be nonproprietary; 

17 ‘‘(C) incorporate standards developed and 

18 maintained by voluntary consensus standards 

19 bodies; and 

20 ‘‘(D) be consistent with and implement ap21 plicable accounting and reporting principles. 

22 ‘‘(3) INCORPORATION OF STANDARDS.—In 

23 adopting data standards under this subsection, the 

24 association shall incorporate all applicable data 

25 standards promulgated by the Office of Financial 

26 Research.’’. 


tkelley on DSK3SPTVN1PROD with BILLS
22 

•HR 2477 IH

1 (b) RULEMAKING.— 

2 (1) IN GENERAL.—Not later than the end of 

3 the 2-year period beginning on the date of the enact4 ment of this Act, a national securities association 

5 shall adopt the standards required under the amend6 ments made by this section. 

7 (2) SCALING OF REGULATORY REQUIRE8 MENTS.—In adopting the standards required under 

9 the amendments made by this section, a national se10 curities association may scale data reporting require11 ments in order to reduce any unjustified burden on 

12 smaller regulated entities. 

13 (3) MINIMIZING DISRUPTION.—In adopting the 

14 standards required under the amendments made by 

15 this section, a national securities association shall 

16 seek to minimize disruptive changes to the persons 

17 affected by such standards. 

18 SEC. 205. SHORTER-TERM BURDEN REDUCTION AND DIS19 CLOSURE SIMPLIFICATION AT THE SECURI20 TIES AND EXCHANGE COMMISSION; SUNSET. 

21 (a) ADOPTION OF STANDARDS FOR CORPORATE FI22 NANCIAL DATA.— 

23 (1) IN GENERAL.—Not later than one year 

24 after the date of enactment of this Act, the Securi25 ties and Exchange Commission, shall, by rule, adopt 


tkelley on DSK3SPTVN1PROD with BILLS
23 

•HR 2477 IH

1 a data standard that is both human-readable and 

2 machine-readable, and complies with the require3 ments under the amendments made by section 201, 

4 with respect to any corporate financial data for 

5 which the Commission was using the eXtensible 

6 Business Reporting Language standard as of the 

7 date of enactment of this Act. 

8 (2) SCALING OF REGULATORY REQUIRE9 MENTS.—The Securities and Exchange Commission 

10 may scale data reporting requirements under this 

11 section in order to reduce any unjustified burden on 

12 emerging growth companies, lending institutions, ac13 celerated filers, smaller reporting companies, and 

14 other smaller issuers, as determined by the study re15 quired under subsection (c), while still providing 

16 searchable information to investors. 

17 (3) MINIMIZING DISRUPTION.—In issuing the 

18 regulations required under the amendments made by 

19 this section, the Securities and Exchange Commis20 sion shall seek to minimize disruptive changes to the 

21 persons affected by such regulations. 

22 (b) BETTER ENFORCEMENT OF THE QUALITY OF

23 CORPORATE FINANCIAL DATA SUBMITTED TO THE SECU24 RITIES AND EXCHANGE COMMISSION.— 


tkelley on DSK3SPTVN1PROD with BILLS
24 

•HR 2477 IH

1 (1) DATA QUALITY IMPROVEMENT PROGRAM.— 

2 Within six months after the date of the enactment 

3 of this Act, the Commission shall establish a pro4 gram to improve the quality of corporate financial 

5 data filed or furnished by issuers under the Securi6 ties Act of 1933 and the Securities Exchange Act of 

7 1934. The program shall include the following: 

8 (A) The designation of an official in the 

9 Office of the Chairman responsible for the im10 provement of the quality of eXtensible Business 

11 Reporting Language data filed with or fur12 nished to the Commission by issuers. 

13 (B) The issuance by the Division of Cor14 poration Finance of comment letters requiring 

15 correction of errors in data filings and submis16 sions, where necessary. 

17 (2) GOALS.—In establishing the program under 

18 this section, the Commission shall seek to— 

19 (A) improve the quality of data filed with 

20 or furnished to the Commission to a commer21 cially acceptable level; and 

22 (B) make data filed with or furnished to 

23 the Commission useful to investors. 

24 (c) REPORT ON THE USE OF MACHINE-READABLE

25 DATA FOR CORPORATE DISCLOSURES.— 


tkelley on DSK3SPTVN1PROD with BILLS
25 

•HR 2477 IH

1 (1) IN GENERAL.—Not later than six months 

2 after the date of the enactment of this Act, and 

3 every six months thereafter, the Commission shall 

4 issue a report to the Committee on Financial Serv5 ices of the House of Representatives and the Com6 mittee on Banking, Housing, and Urban Affairs of 

7 the Senate on the use of machine-readable data for 

8 corporate disclosures. 

9 (2) CONTENT.—Each report required under 

10 paragraph (1) shall include— 

11 (A) an identification of which corporate 

12 disclosures required under section 7 of the Se13 curities Act of 1933, section 13 of the Securi14 ties Exchange Act of 1934, or section 14 of the 

15 Securities Exchange Act of 1934 are expressed 

16 as machine-readable data and which are not; 

17 (B) an analysis of the costs and benefits of 

18 the use of machine-readable data in corporate 

19 disclosure to investors, markets, the Commis20 sion, and issuers; 

21 (C) a summary of enforcement actions that 

22 result from the use or analysis of machine-read23 able data collected under section 7 of the Secu24 rities Act of 1933, section 13 of the Securities 


tkelley on DSK3SPTVN1PROD with BILLS
26 

•HR 2477 IH

1 Exchange Act of 1934, or section 14 of the Se2 curities Exchange Act of 1934; and 

3 (D) an analysis of how the Commission is 

4 itself using the machine-readable data collected 

5 by the Commission. 

6 (d) SUNSET.—On and after the end of the 7-year pe7 riod beginning on the date of the enactment of this Act, 

8 this section shall have no force or effect. 

9 SEC. 206. NO NEW DISCLOSURE REQUIREMENTS. 

10 Nothing in this title or the amendments made by this 

11 title shall be construed to require the Securities and Ex12 change Commission, the Municipal Securities Rulemaking 

13 Board, or a national securities association to collect addi14 tional information under the statutes amended by this 

15 title, beyond information that was collected under such 

16 statutes before the date of the enactment of this Act. 

17 TITLE III—FEDERAL DEPOSIT 

18 INSURANCE CORPORATION 

19 SEC. 301. DATA STANDARDS REQUIREMENTS FOR THE FED20 ERAL DEPOSIT INSURANCE CORPORATION. 

21 The Federal Deposit Insurance Act (12 U.S.C. 1811 

22 et seq.) is amended by adding at the end the following: 

23 ‘‘SEC. 51. DATA STANDARDS. 

24 ‘‘(a) REQUIREMENT.—The Corporation shall, by rule, 

25 adopt data standards for all information that the CorporaVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
27 

•HR 2477 IH

1 tion receives from any depository institution or financial 

2 company under this Act or under title II of the Dodd3 Frank Wall Street Reform and Consumer Protection Act. 

4 ‘‘(b) CHARACTERISTICS.—The data standards re5 quired by subsection (a) shall, to the extent practicable— 

6 ‘‘(1) render information fully searchable and 

7 machine-readable; 

8 ‘‘(2) be nonproprietary; 

9 ‘‘(3) incorporate standards developed and main10 tained by voluntary consensus standards bodies; and 

11 ‘‘(4) be consistent with and implement applica12 ble accounting and reporting principles. 

13 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

14 data standards by rule under this section, the Corporation 

15 shall incorporate all applicable data standards promul16 gated by the Office of Financial Research. 

17 ‘‘(d) FINANCIAL COMPANY DEFINED.—For purposes 

18 of this section, the term ‘financial company’ has the mean19 ing given that term under section 201(a) of the Dodd20 Frank Wall Street Reform and Consumer Protection Act 

21 (12 U.S.C. 5381(a)).’’. 


tkelley on DSK3SPTVN1PROD with BILLS
28 

•HR 2477 IH

1 SEC. 302. OPEN DATA PUBLICATION BY THE FEDERAL DE2 POSIT INSURANCE CORPORATION. 

3 The Federal Deposit Insurance Act (12 U.S.C. 1811 

4 et seq.), as amended by section 301, is further amended 

5 by adding at the end the following: 

6 ‘‘SEC. 52. OPEN DATA PUBLICATION. 

7 ‘‘All public information published by the Corporation 

8 under this Act or under the Dodd-Frank Wall Street Re9 form and Consumer Protection Act shall be published as 

10 open data, freely available for download in bulk, accessible 

11 via application programming interface where appropriate, 

12 and offered without any registration requirement or reuse 

13 restriction.’’. 

14 SEC. 303. RULEMAKING. 

15 (a) IN GENERAL.—Not later than the end of the 2- 

16 year period beginning on the date of the enactment of this 

17 Act, the Federal Deposit Insurance Corporation shall 

18 issue the regulations required under the amendments 

19 made by this title. 

20 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

21 issuing the regulations required under the amendments 

22 made by this title, the Federal Deposit Insurance Corpora23 tion may scale data reporting requirements in order to re24 duce any unjustified burden on smaller regulated entities. 

25 (c) MINIMIZING DISRUPTION.—In issuing the regula26 tions required under the amendments made by this title, 


tkelley on DSK3SPTVN1PROD with BILLS
29 

•HR 2477 IH

1 the Federal Deposit Insurance Corporation shall seek to 

2 minimize disruptive changes to the persons affected by 

3 such regulations. 

4 SEC. 304. NO NEW DISCLOSURE REQUIREMENTS. 

5 Nothing in this title or the amendments made by this 

6 title shall be construed to require the Federal Deposit In7 surance Corporation to collect additional information 

8 under the statutes amended by this title, beyond informa9 tion that was collected under such statutes before the date 

10 of the enactment of this Act. 

11 TITLE IV—OFFICE OF THE 

12 COMPTROLLER OF THE CUR13 RENCY 

14 SEC. 401. DATA STANDARDS AND OPEN DATA PUBLICATION 

15 REQUIREMENTS FOR THE OFFICE OF THE 

16 COMPTROLLER OF THE CURRENCY. 

17 The Revised Statutes of the United States is amend18 ed by inserting after section 332 (12 U.S.C. 14) the fol19 lowing: 

20 ‘‘SEC. 333. DATA STANDARDS; OPEN DATA PUBLICATION. 

21 ‘‘(a) DATA STANDARDS.— 

22 ‘‘(1) REQUIREMENT.—The Comptroller of the 

23 Currency shall, by rule, adopt data standards for all 

24 information that is regularly filed with or submitted 

25 to the Comptroller of the Currency by any entity 


tkelley on DSK3SPTVN1PROD with BILLS
30 

•HR 2477 IH

1 with respect to which the Office of the Comptroller 

2 of the Currency is the appropriate Federal banking 

3 agency (as defined under section 3 of the Federal 

4 Deposit Insurance Act). 

5 ‘‘(2) CHARACTERISTICS.—The data standards 

6 required by paragraph (1) shall, to the extent prac7 ticable— 

8 ‘‘(A) render information fully searchable 

9 and machine-readable; 

10 ‘‘(B) be nonproprietary; 

11 ‘‘(C) incorporate standards developed and 

12 maintained by voluntary consensus standards 

13 bodies; and 

14 ‘‘(D) be consistent with and implement ap15 plicable accounting and reporting principles. 

16 ‘‘(3) INCORPORATION OF STANDARDS.—In 

17 adopting data standards by rule under this sub18 section, the Comptroller of the Currency shall incor19 porate all applicable data standards promulgated by 

20 the Office of Financial Research. 

21 ‘‘(b) OPEN DATA PUBLICATION.—All public informa22 tion published by the Comptroller of the Currency under 

23 title LXII or the Dodd-Frank Wall Street Reform and 

24 Consumer Protection Act shall be published as open data, 

25 freely available for download in bulk, accessible via appliVerDate Sep 11 2014 20:35 May 28, 2015 Jkt 049200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6201 E:\BILLS\H2477.IH H2477

tkelley on DSK3SPTVN1PROD with BILLS
31 

•HR 2477 IH

1 cation programming interface where appropriate, and of2 fered without any registration requirement or reuse re3 striction.’’. 

4 SEC. 402. RULEMAKING. 

5 (a) IN GENERAL.—Not later than the end of the 2- 

6 year period beginning on the date of the enactment of this 

7 Act, the Comptroller of the Currency shall issue the regu8 lations required under the amendments made by this title. 

9 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

10 issuing the regulations required under the amendments 

11 made by this title, the Comptroller of the Currency may 

12 scale data reporting requirements in order to reduce any 

13 unjustified burden on smaller regulated entities. 

14 (c) MINIMIZING DISRUPTION.—In issuing the regula15 tions required under the amendments made by this title, 

16 the Comptroller of the Currency shall seek to minimize 

17 disruptive changes to the persons affected by such regula18 tions. 

19 SEC. 403. NO NEW DISCLOSURE REQUIREMENTS. 

20 Nothing in this title or the amendments made by this 

21 title shall be construed to require the Comptroller of the 

22 Currency to collect additional information under the stat23 utes amended by this title, beyond information that was 

24 collected under such statutes before the date of the enact25 ment of this Act. 


tkelley on DSK3SPTVN1PROD with BILLS
32 

•HR 2477 IH

1 TITLE V—BUREAU OF CON2 SUMER FINANCIAL PROTEC3 TION 

4 SEC. 501. DATA STANDARDS AND OPEN DATA PUBLICATION 

5 REQUIREMENTS FOR THE BUREAU OF CON6 SUMER FINANCIAL PROTECTION. 

7 (a) IN GENERAL.—The Consumer Financial Protec8 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 

9 inserting after section 1018 the following: 

10 ‘‘SEC. 1019. DATA STANDARDS. 

11 ‘‘(a) REQUIREMENT.—The Bureau shall, by rule, 

12 adopt data standards for all information that is regularly 

13 filed with or submitted to the Bureau under this title. 

14 ‘‘(b) CHARACTERISTICS.—The data standards re15 quired by subsection (a) shall, to the extent practicable— 

16 ‘‘(1) render information fully searchable and 

17 machine-readable; 

18 ‘‘(2) be nonproprietary; 

19 ‘‘(3) incorporate standards developed and main20 tained by voluntary consensus standards bodies; and 

21 ‘‘(4) be consistent with and implement applica22 ble accounting and reporting principles. 

23 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

24 data standards by rule under this section, the Bureau 


tkelley on DSK3SPTVN1PROD with BILLS
33 

•HR 2477 IH

1 shall incorporate all applicable data standards promul2 gated by the Office of Financial Research. 

3 ‘‘SEC. 1020. OPEN DATA PUBLICATION. 

4 ‘‘All public information published by the Bureau 

5 under this title shall be published as open data, freely 

6 available for download in bulk, accessible via application 

7 programming interface where appropriate, and offered 

8 without any registration requirement or reuse restric9 tion.’’. 

10 (b) CLERICAL AMENDMENT.—The table of contents 

11 under section 1(b) of the Dodd-Frank Wall Street Reform 

12 and Consumer Protection Act is amended by inserting 

13 after the item relating to section 1018 the following: 

‘‘Sec. 1019. Data standards. 

‘‘Sec. 1020. Open data publication.’’. 

14 SEC. 502. RULEMAKING. 

15 (a) IN GENERAL.—Not later than the end of the 2- 

16 year period beginning on the date of the enactment of this 

17 Act, the Bureau of Consumer Financial Protection shall 

18 issue the regulations required under the amendments 

19 made by this title. 

20 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

21 issuing the regulations required under the amendments 

22 made by this title, the Bureau of Consumer Financial Pro23 tection may scale data reporting requirements in order to 


tkelley on DSK3SPTVN1PROD with BILLS
34 

•HR 2477 IH

1 reduce any unjustified burden on smaller regulated enti2 ties. 

3 (c) MINIMIZING DISRUPTION.—In issuing the regula4 tions required under the amendments made by this title, 

5 the Bureau of Consumer Financial Protection shall seek 

6 to minimize disruptive changes to the persons affected by 

7 such regulations. 

8 SEC. 503. NO NEW DISCLOSURE REQUIREMENTS. 

9 Nothing in this title or the amendments made by this 

10 title shall be construed to require the Bureau of Consumer 

11 Financial Protection to collect additional information 

12 under the statutes amended by this title, beyond informa13 tion that was collected under such statutes before the date 

14 of the enactment of this Act. 

15 TITLE VI—FEDERAL RESERVE 

16 SYSTEM 

17 SEC. 601. DATA STANDARDS REQUIREMENTS FOR THE 

18 BOARD OF GOVERNORS OF THE FEDERAL RE19 SERVE SYSTEM. 

20 (a) DATA STANDARDS FOR INFORMATION FILED OR

21 SUBMITTED BY NONBANK FINANCIAL COMPANIES.—Sec22 tion 161(a) of the Financial Stability Act of 2010 (12 

23 U.S.C. 5361(a)) is amended by adding at the end the fol24 lowing: 


tkelley on DSK3SPTVN1PROD with BILLS
35 

•HR 2477 IH

1 ‘‘(4) DATA STANDARDS FOR REPORTS UNDER

2 THIS SUBSECTION.— 

3 ‘‘(A) IN GENERAL.—The Board of Gov4 ernors shall adopt data standards for all finan5 cial data that is regularly filed with or sub6 mitted to the Board of Governors by any 

7 nonbank financial company pursuant to this 

8 subsection. 

9 ‘‘(B) CHARACTERISTICS.—The data stand10 ards required by this section shall, to the extent 

11 practicable— 

12 ‘‘(i) render information fully search13 able and machine-readable; 

14 ‘‘(ii) be nonproprietary; 

15 ‘‘(iii) incorporate standards developed 

16 and maintained by voluntary consensus 

17 standards bodies; and 

18 ‘‘(iv) be consistent with and imple19 ment applicable accounting and reporting 

20 principles. 

21 ‘‘(C) INCORPORATION OF STANDARDS.—In 

22 adopting data standards by rule under this 

23 paragraph, the Board of Governors shall incor24 porate all applicable data standards promul25 gated by the Office of Financial Research.’’. 


tkelley on DSK3SPTVN1PROD with BILLS
36 

•HR 2477 IH

1 (b) DATA STANDARDS FOR INFORMATION FILED OR

2 SUBMITTED BY SAVINGS AND LOAN HOLDING COMPA3 NIES.—Section 10 of the Home Owners’ Loan Act (12 

4 U.S.C. 1467a) is amended by adding at the end the fol5 lowing: 

6 ‘‘(u) DATA STANDARDS.— 

7 ‘‘(1) REQUIREMENT.—The Board shall adopt 

8 data standards for all information that is regularly 

9 filed with or submitted to the Board by any savings 

10 and loan holding company, or subsidiary of a savings 

11 and loan holding company, other than a depository 

12 institution, under this section. 

13 ‘‘(2) CHARACTERISTICS.—The data standards 

14 required by this subsection shall, to the extent prac15 ticable— 

16 ‘‘(A) render information fully searchable 

17 and machine-readable; 

18 ‘‘(B) be nonproprietary; 

19 ‘‘(C) incorporate standards developed and 

20 maintained by voluntary consensus standards 

21 bodies; and 

22 ‘‘(D) be consistent with and implement ap23 plicable accounting and reporting principles. 

24 ‘‘(3) INCORPORATION OF STANDARDS.—In 

25 adopting data standards by rule under this section, 


tkelley on DSK3SPTVN1PROD with BILLS
37 

•HR 2477 IH

1 the Board of Governors shall incorporate all applica2 ble data standards promulgated by the Office of Fi3 nancial Research.’’. 

4 (c) DATA STANDARDS FOR INFORMATION FILED OR

5 SUBMITTED BY BANK HOLDING COMPANIES.—Section 5 

6 of the Bank Holding Company Act of 1956 (12 U.S.C. 

7 1844) is amended by adding at the end the following: 

8 ‘‘(h) DATA STANDARDS.— 

9 ‘‘(1) REQUIREMENT.—The Board shall adopt 

10 data standards for all information that is regularly 

11 filed with or submitted to the Board by any bank 

12 holding company in a report under subsection (c). 

13 ‘‘(2) CHARACTERISTICS.—The data standards 

14 required by this subsection shall, to the extent prac15 ticable— 

16 ‘‘(A) render information fully searchable 

17 and machine-readable; 

18 ‘‘(B) be nonproprietary; 

19 ‘‘(C) incorporate standards developed and 

20 maintained by voluntary consensus standards 

21 bodies; and 

22 ‘‘(D) be consistent with and implement ap23 plicable accounting and reporting principles. 

24 ‘‘(3) INCORPORATION OF STANDARDS.—In 

25 adopting data standards under this subsection, the 


tkelley on DSK3SPTVN1PROD with BILLS
38 

•HR 2477 IH

1 Board shall incorporate all applicable data standards 

2 promulgated by the Office of Financial Research.’’. 

3 (d) DATA STANDARDS FOR INFORMATION SUB4 MITTED BY FINANCIAL MARKET UTILITIES OR INSTITU5 TIONS UNDER THE PAYMENT, CLEARING, AND SETTLE6 MENT SUPERVISION ACT OF 2010.—Section 809 of the 

7 Payment, Clearing, and Settlement Supervision Act of 

8 2010 (12 U.S.C. 5468) is amended by adding at the end 

9 the following: 

10 ‘‘(h) DATA STANDARDS.— 

11 ‘‘(1) REQUIREMENT.—The Board of Governors 

12 shall adopt data standards for all information that 

13 is regularly filed with or submitted to the Board by 

14 any financial market utility or financial institution 

15 under subsection (a) or (b). 

16 ‘‘(2) CHARACTERISTICS.—The data standards 

17 required by this subsection shall, to the extent prac18 ticable— 

19 ‘‘(A) render information fully searchable 

20 and machine-readable; 

21 ‘‘(B) be nonproprietary; 

22 ‘‘(C) incorporate standards developed and 

23 maintained by voluntary consensus standards 

24 bodies; and 


tkelley on DSK3SPTVN1PROD with BILLS
39 

•HR 2477 IH

1 ‘‘(D) be consistent with and implement ap2 plicable accounting and reporting principles. 

3 ‘‘(3) INCORPORATION OF STANDARDS.—In 

4 adopting data standards under this subsection, the 

5 Board of Governors shall incorporate all applicable 

6 data standards promulgated by the Office of Finan7 cial Research.’’. 

8 SEC. 602. OPEN DATA PUBLICATION BY THE BOARD OF 

9 GOVERNORS OF THE FEDERAL RESERVE SYS10 TEM. 

11 The Federal Reserve Act (12 U.S.C. 226 et seq.) is 

12 amended by adding at the end the following: 

13 ‘‘SEC. 32 OPEN DATA PUBLICATION BY THE BOARD OF GOV14 ERNORS. 

15 ‘‘All public information published by the Board of 

16 Governors under this Act, the Bank Holding Company Act 

17 of 1956, the Financial Stability Act of 2010, the Home 

18 Owners’ Loan Act, the Payment, Clearing, and Settlement 

19 Supervision Act of 2010, or the Enhancing Financial In20 stitution Safety and Soundness Act of 2010 shall be pub21 lished as open data, freely available for download in bulk, 

22 accessible via application programming interface where 

23 appropriate, and offered without any registration require24 ment or reuse restriction.’’. 


tkelley on DSK3SPTVN1PROD with BILLS
40 

•HR 2477 IH

1 SEC. 603. RULEMAKING. 

2 (a) IN GENERAL.—Not later than the end of the 2- 

3 year period beginning on the date of the enactment of this 

4 Act, the Board of Governors of the Federal Reserve Sys5 tem shall issue the regulations required under the amend6 ments made by this title. 

7 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

8 issuing the regulations required under the amendments 

9 made by this title, the Board of Governors of the Federal 

10 Reserve System may scale data reporting requirements in 

11 order to reduce any unjustified burden on smaller regu12 lated entities. 

13 (c) MINIMIZING DISRUPTION.—In issuing the regula14 tions required under the amendments made by this title, 

15 the Board of Governors of the Federal Reserve System 

16 shall seek to minimize disruptive changes to the persons 

17 affected by such regulations. 

18 SEC. 604. NO NEW DISCLOSURE REQUIREMENTS. 

19 Nothing in this title or the amendments made by this 

20 title shall be construed to require the Board of Governors 

21 of the Federal Reserve System to collect additional infor22 mation under the statutes amended by this title, beyond 

23 information that was collected under such statutes before 

24 the date of the enactment of this Act. 


tkelley on DSK3SPTVN1PROD with BILLS
41 

•HR 2477 IH

1 TITLE VII—COMMODITY FU2 TURES TRADING COMMIS3 SION 

4 SEC. 701. DATA STANDARDS. 

5 The Commodity Exchange Act (7 U.S.C. 1 et seq.) 

6 is amended by adding at the end the following: 

7 ‘‘SEC. 24. DATA STANDARDS. 

8 ‘‘(a) REQUIREMENT.—The Commission shall, by rule, 

9 adopt data standards for all information that is regularly 

10 filed with or submitted to the Commission under this Act, 

11 all information that is required to be reported to a reg12 istered swap data repository under this Act, and all infor13 mation that is required to be publicly disclosed by parties 

14 to a swap under this Act. 

15 ‘‘(b) CHARACTERISTICS.—The data standards re16 quired by subsection (a) shall, to the extent practicable— 

17 ‘‘(1) render information fully searchable and 

18 machine-readable; 

19 ‘‘(2) be nonproprietary; 

20 ‘‘(3) incorporate standards developed and main21 tained by voluntary consensus standards bodies; and 

22 ‘‘(4) be consistent with and implement applica23 ble accounting and reporting principles. 

24 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

25 data standards by rule under this section, the Commission 


tkelley on DSK3SPTVN1PROD with BILLS
42 

•HR 2477 IH

1 shall incorporate all applicable data standards promul2 gated by the Office of Financial Research.’’. 

3 SEC. 702. OPEN DATA PUBLICATION BY THE COMMODITY 

4 FUTURES TRADING COMMISSION. 

5 The Commodity Exchange Act (7 U.S.C. 1 et seq.), 

6 as amended by section 701, is further amended by adding 

7 at the end the following: 

8 ‘‘SEC. 25. OPEN DATA PUBLICATION. 

9 ‘‘All public information published by the Commission 

10 under this Act shall be published as open data, freely 

11 available for download in bulk, accessible via application 

12 programming interface where appropriate, and offered 

13 without any registration requirement or reuse restric14 tion.’’. 

15 SEC. 703. RULEMAKING. 

16 (a) IN GENERAL.—Not later than the end of the 2- 

17 year period beginning on the date of the enactment of this 

18 Act, the Commodity Futures Trading Commission shall 

19 issue the regulations required under the amendments 

20 made by this title. 

21 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

22 issuing the regulations required under the amendments 

23 made by this title, the Commodity Futures Trading Com24 mission may scale data reporting requirements in order 


tkelley on DSK3SPTVN1PROD with BILLS
43 

•HR 2477 IH

1 to reduce any unjustified burden on smaller regulated en2 tities. 

3 (c) MINIMIZING DISRUPTION.—In issuing the regula4 tions required under the amendments made by this title, 

5 the Commodity Futures Trading Commission shall seek 

6 to minimize disruptive changes to the persons affected by 

7 such regulations. 

8 SEC. 704. NO NEW DISCLOSURE REQUIREMENTS. 

9 Nothing in this title or the amendments made by this 

10 title shall be construed to require the Commodity Futures 

11 Trading Commission to collect additional information 

12 under the statutes amended by this title, beyond informa13 tion that was collected under such statutes before the date 

14 of the enactment of this Act. 

15 TITLE VIII—NATIONAL CREDIT 

16 UNION ADMINISTRATION 

17 SEC. 801. DATA STANDARDS. 

18 Title I of the Federal Credit Union Act (12 U.S.C. 

19 1752 et seq.) is amended by adding at the end the fol20 lowing: 

21 ‘‘SEC. 132. DATA STANDARDS. 

22 ‘‘(a) REQUIREMENT.—The Board shall, by rule, 

23 adopt data standards for all information and reports regu24 larly filed with or submitted to the Administration under 

25 this Act. 


tkelley on DSK3SPTVN1PROD with BILLS
44 

•HR 2477 IH

1 ‘‘(b) CHARACTERISTICS.—The data standards re2 quired by subsection (a) shall, to the extent practicable— 

3 ‘‘(1) render information fully searchable and 

4 machine-readable; 

5 ‘‘(2) be nonproprietary; 

6 ‘‘(3) incorporate standards developed and main7 tained by voluntary consensus standards bodies; and 

8 ‘‘(4) be consistent with and implement applica9 ble accounting and reporting principles. 

10 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

11 data standards by rule under this section, the Board shall 

12 incorporate all applicable data standards promulgated by 

13 the Office of Financial Research.’’. 

14 SEC. 802. OPEN DATA PUBLICATION BY THE NATIONAL 

15 CREDIT UNION ADMINISTRATION. 

16 Title I of the Federal Credit Union Act (12 U.S.C. 

17 1752 et seq.), as amended by section 801, is further 

18 amended by adding at the end the following: 

19 ‘‘SEC. 133. OPEN DATA PUBLICATION. 

20 ‘‘All public information published by the Administra21 tion under this title shall be published as open data, freely 

22 available for download in bulk, accessible via application 

23 programming interface where appropriate, and offered 

24 without any registration requirement or reuse restric25 tion.’’. 


tkelley on DSK3SPTVN1PROD with BILLS
45 

•HR 2477 IH

1 SEC. 803. RULEMAKING. 

2 (a) IN GENERAL.—Not later than the end of the 2- 

3 year period beginning on the date of the enactment of this 

4 Act, the National Credit Union Administration Board 

5 shall issue the regulations required under the amendments 

6 made by this title. 

7 (b) SCALING OF REGULATORY REQUIREMENTS.—In 

8 issuing the regulations required under the amendments 

9 made by this title, the National Credit Union Administra10 tion Board may scale data reporting requirements in order 

11 to reduce any unjustified burden on smaller regulated en12 tities. 

13 (c) MINIMIZING DISRUPTION.—In issuing the regula14 tions required under the amendments made by this title, 

15 the National Credit Administration Board shall seek to 

16 minimize disruptive changes to the persons affected by 

17 such regulations. 

18 SEC. 804. NO NEW DISCLOSURE REQUIREMENTS. 

19 Nothing in this title or the amendments made by this 

20 title shall be construed to require the National Credit 

21 Union Administration Board to collect additional informa22 tion under the statutes amended by this title, beyond in23 formation that was collected under such statutes before 

24 the date of the enactment of this Act. 


tkelley on DSK3SPTVN1PROD with BILLS
46 

•HR 2477 IH

1 TITLE IX—FEDERAL HOUSING 

2 FINANCE AGENCY 

3 SEC. 901. DATA STANDARDS REQUIREMENTS FOR THE FED4 ERAL HOUSING FINANCE AGENCY. 

5 Part 1 of subtitle A of the Federal Housing Enter6 prises Financial Safety and Soundness Act of 1992 (12 

7 U.S.C. 4501 et seq.) is amended by adding at the end 

8 the following: 

9 ‘‘SEC. 1319H. DATA STANDARDS. 

10 ‘‘(a) REQUIREMENT.—The Agency shall, by rule, 

11 adopt data standards for all information that is regularly 

12 filed with or submitted to the Agency under this Act. 

13 ‘‘(b) CHARACTERISTICS.—The data standards re14 quired by subsection (a) shall, to the extent practicable— 

15 ‘‘(1) render information fully searchable and 

16 machine-readable; 

17 ‘‘(2) be nonproprietary; 

18 ‘‘(3) incorporate standards developed and main19 tained by voluntary consensus standards bodies; and 

20 ‘‘(4) be consistent with and implement applica21 ble accounting and reporting principles. 

22 ‘‘(c) INCORPORATION OF STANDARDS.—In adopting 

23 data standards by rule under this section, the Agency shall 

24 incorporate all applicable data standards promulgated by 

25 the Office of Financial Research.’’. 


tkelley on DSK3SPTVN1PROD with BILLS
47 

•HR 2477 IH

1 SEC. 902. OPEN DATA PUBLICATION BY THE FEDERAL 

2 HOUSING FINANCE AGENCY. 

3 Part 1 of subtitle A of the Federal Housing Enter4 prises Financial Safety and Soundness Act of 1992 (12 

5 U.S.C. 4501 et seq.), as amended by section 901, is fur6 ther amended by adding at the end the following: 

7 ‘‘SEC. 1319I. OPEN DATA PUBLICATION. 

8 ‘‘All public information published by the Agency 

9 under this Act shall be published as open data, freely 

10 available for download in bulk, accessible via application 

11 programming interface where appropriate, and offered 

12 without any registration requirement or reuse restric13 tion.’’. 

14 SEC. 903. RULEMAKING. 

15 (a) IN GENERAL.—Not later than the end of the 2- 

16 year period beginning on the date of the enactment of this 

17 Act, the Federal Housing Finance Agency shall issue the 

18 regulations required under the amendments made by this 

19 title. 

20 (b) MINIMIZING DISRUPTION.—In issuing the regula21 tions required under the amendments made by this title, 

22 the Federal Housing Finance Agency shall seek to mini23 mize disruptive changes to the persons affected by such 

24 regulations. 


tkelley on DSK3SPTVN1PROD with BILLS
48 

•HR 2477 IH

1 SEC. 904. NO NEW DISCLOSURE REQUIREMENTS. 

2 Nothing in this title or the amendments made by this 

3 title shall be construed to require the Federal Housing Fi4 nance Agency to collect additional information under the 

5 statutes amended by this title, beyond information that 

6 was collected under such statutes before the date of the 

7 enactment of this Act. 

Æ 


tkelley on DSK3SPTVN1PROD with BILLS