I 
111TH CONGRESS 
2D SESSION 
H. R. 6038 
To amend the Dodd-Frank Wall Street Reform and Consumer Protection 
Act to increase financial industry transparency, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 30, 2010 
Mr. ISSA (for himself, Mr. TOWNS, and Mr. BACHUS) 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 provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to increase financial industry 
transparency, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Industry Transparency Act of 2010’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6211
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
Sec. 2. Financial data standards for the financial stability oversight council and 
the office of financial research. 
Sec. 3. Financial data standards to improve the transparency of information re-
ceived by the Board of Governors of the Federal Reserve Sys-
tem. 
Sec. 4. Financial data standards to improve the transparency of information re-
ceived by the Federal Deposit Insurance Corporation. 
Sec. 5. Financial data standards to improve the transparency of information re-
ceived by the Office of the Comptroller of the Currency. 
Sec. 6. Data standards to modernize the disclosure system of the Securities and 
Exchange Commission. 
Sec. 7. Financial data standards to ensure the transparency of information re-
ported to the Office of National Insurance. 
Sec. 8. Financial data standards to ensure the transparency of swap trans-
action data. 
SEC. 2. FINANCIAL DATA STANDARDS FOR THE FINANCIAL 
STABILITY OVERSIGHT COUNCIL AND THE 
OFFICE OF FINANCIAL RESEARCH. 
(a) FINANCIAL DATA STANDARDS.—Section 112(d) 
of the Financial Stability Act of 2010 is amended by add-
ing at the end the following new paragraph: 
‘‘(6) FINANCIAL DATA STANDARDS.— 
‘‘(A) IN
GENERAL.—The Council shall 
adopt data standards for all financial data re-
ceived by the Council or the Office of Financial 
Research under this subsection and section 153. 
‘‘(B) CHARACTERISTICS
OF
FINANCIAL 
DATA
STANDARDS.—The data standards re-
quired by subparagraph (A) shall, to the extent 
practicable— 
‘‘(i) incorporate a widely accepted, 
nonproprietary, searchable, computer-read-
able data format; 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(ii) be consistent with and imple-
ment— 
‘‘(I) United States generally ac-
cepted accounting principles or Fed-
eral financial accounting standards 
(as appropriate); 
‘‘(II) demonstrated best prac-
tices; and 
‘‘(III) Federal regulatory require-
ments; 
‘‘(iii) improve the transparency, con-
sistency, and usability of business and fi-
nancial information; 
‘‘(iv) ensure interoperability and ap-
propriate reuse of information; 
‘‘(v) reuse, enhance, harmonize, and 
integrate existing standards as possible 
and appropriate; and 
‘‘(vi) be capable of being continually 
upgraded to be of maximum use as tech-
nologies and content evolve over time. 
‘‘(C) CONSULTATION WITH OFFICE OF FI-
NANCIAL RESEARCH.—In adopting the financial 
data standards required by subparagraph (A), 
the Council shall consult with the Office of Fi-
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
nancial Research to ensure that the financial 
data standards are appropriate to carry out the 
purposes and duties described in paragraphs 
(1), (2), and (7) of section 153(a) and section 
153(c)(2).’’. 
(b) IMPLEMENTATION OF FINANCIAL DATA STAND-
ARDS.—Section 153(c) of such Act is amended by adding 
at the end the following new paragraph: 
‘‘(3) IMPLEMENTATION
OF
FINANCIAL
DATA 
STANDARD.—Notwithstanding any other provision of 
this title, the Office, in consultation with the Coun-
cil, shall issue rules, regulations, and orders to im-
plement the financial data standards required under 
section 112 for data reported and collected on behalf 
of the Council.’’. 
SEC. 3. FINANCIAL DATA STANDARDS TO IMPROVE THE 
TRANSPARENCY OF INFORMATION RECEIVED 
BY THE BOARD OF GOVERNORS OF THE FED-
ERAL RESERVE SYSTEM. 
(a) FINANCIAL DATA STANDARDS FOR FINANCIAL 
DATA FILED OR SUBMITTED BY NONBANK FINANCIAL 
COMPANIES.—Section 161(a) of the Financial Stability 
Act of 2010 is amended by adding at the end the following 
new paragraph: 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(4) FINANCIAL DATA STANDARDS AND PUBLIC 
AVAILABILITY
FOR
REPORTS
UNDER
THIS
SUB-
SECTION.— 
‘‘(A) IN
GENERAL.—The Board of Gov-
ernors shall adopt data standards for all finan-
cial data that is regularly filed with or sub-
mitted to the Board of Governors by any 
nonbank financial company pursuant to this 
subsection. 
‘‘(B) CHARACTERISTICS
OF
FINANCIAL 
DATA
STANDARDS.—The data standards re-
quired by subparagraph (A) shall, to the extent 
practicable— 
‘‘(i) incorporate a widely accepted, 
nonproprietary, searchable, computer-read-
able data format; 
‘‘(ii) be consistent with and imple-
ment— 
‘‘(I) United States generally ac-
cepted accounting principles or Fed-
eral financial accounting standards 
(as appropriate); 
‘‘(II) demonstrated best prac-
tices; and 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(III) Federal regulatory require-
ments; 
‘‘(iii) improve the transparency, con-
sistency, and usability of business and fi-
nancial information; 
‘‘(iv) ensure interoperability and ap-
propriate reuse of information; 
‘‘(v) reuse, enhance, harmonize, and 
integrate existing standards as possible 
and appropriate; 
‘‘(vi) be capable of being continually 
upgraded to be of maximum use as tech-
nologies and content evolve over time; and 
‘‘(vii) be consistent and interoperable 
with one another. 
‘‘(C) CONSISTENCY WITH DATA STANDARD 
FOR REPORTS FILED UNDER THE BANK HOLD-
ING COMPANY ACT.—In adopting the financial 
data standards required by subparagraph (A), 
the Board of Governors shall, to the extent 
practicable, ensure consistency and interoper-
ability with the financial data standards that 
are required for financial information in reports 
filed with the Board of Governors by bank hold-
ing companies under section 5 of the Bank 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
Holding Company Act of 1956 (12 U.S.C. 
1844). 
‘‘(D) IMPLEMENTATION
OF
FINANCIAL 
DATA STANDARDS.— 
‘‘(i) The Board of Governors shall 
adopt the financial data standards required 
by subparagraph (A) before the end of the 
4-year period beginning with the date of 
the enactment of this title. 
‘‘(ii) The Board of Governors shall 
issue rules requiring regulated entities to 
file and submit financial data using the fi-
nancial data standard required by subpara-
graph (A). 
‘‘(iii) To the extent necessary to avoid 
imposing an undue burden on financial in-
stitutions, the Board of Governors may 
issue rules providing exemptions from the 
requirements of this paragraph. Factors 
considered by the Board of Governors in 
making such rules may include the fol-
lowing: cost, burden, size of institution, 
available technology, and whether the in-
formation will be made public. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(E) PUBLIC AVAILABILITY.—To the ex-
tent appropriate, practicable, and in accordance 
with law, the Board of Governors shall ensure 
that reports submitted pursuant to this section 
are accessible by the public.’’. 
(b) FINANCIAL DATA STANDARDS FOR FINANCIAL 
DATA FILED OR SUBMITTED BY SAVINGS AND LOAN 
HOLDING COMPANIES.— 
(1) AMENDMENT.—Subtitle D of the Enhanc-
ing Financial Institution Safety and Soundness Act 
of 2010 is amended by adding at the end the fol-
lowing new section: 
‘‘SEC. 344. FINANCIAL DATA STANDARDS FOR FINANCIAL 
DATA RECEIVED BY THE BOARD OF GOV-
ERNORS. 
‘‘(a) IN GENERAL.—The Board of Governors shall 
adopt data standards for all financial data that is regu-
larly filed with or submitted to the Board of Governors 
by any savings and loan holding company, or subsidiary 
of a savings and loan holding company, other than a de-
pository institution, pursuant to the powers transferred to 
the Board of Governors under this title. 
‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND-
ARDS.—The data standards required by subsection (a) 
shall, to the extent practicable— 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(1) incorporate widely accepted, nonpropri-
etary, searchable, computer readable data formats; 
‘‘(2) be consistent with and implement— 
‘‘(A) United States generally accepted ac-
counting principles or Federal financial ac-
counting standards (as appropriate); 
‘‘(B) demonstrated best practices; and 
‘‘(C) Federal regulatory requirements; 
‘‘(3) improve the transparency, consistency, and 
usability of business and financial information; 
‘‘(4) ensure interoperability and appropriate 
reuse of information; 
‘‘(5) reuse, enhance, harmonize, and integrate 
existing standards as possible and appropriate; 
‘‘(6) be capable of being continually upgraded 
to be of maximum use as technologies and content 
evolve over time; and 
‘‘(7) be consistent and interoperable with one 
another. 
‘‘(c) CONSISTENCY WITH DATA STANDARD FOR RE-
PORTS FILED UNDER THE BANK HOLDING COMPANY 
ACT.—In adopting the financial data standards required 
by subsection (a), the Board of Governors shall, to the 
extent practicable, ensure consistency and interoperability 
with the financial data standards that are required for fi-
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
nancial information in reports filed with the Board by 
bank holding companies under section 5 of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1844). 
‘‘(d) IMPLEMENTATION OF FINANCIAL DATA STAND-
ARDS.— 
‘‘(1) The Board of Governors shall adopt the fi-
nancial data standards required by subsection (a) 
before the end of the 4-year period beginning on the 
date of the enactment of the Enhancing Financial 
Institution Safety and Soundness Act of 2010. 
‘‘(2) The Board of Governors shall issue rules 
requiring savings and loan holding companies, and 
subsidiaries of savings and loan holding companies, 
to file and submit financial data using the data 
standards required by subsection (a). 
‘‘(3) To the extent necessary to avoid imposing 
an undue burden on financial institutions, the Board 
of Governors may issue rules providing exemptions 
from the requirements of the provisions under this 
section. Factors considered by the Board of Gov-
ernors in making such rules may include the fol-
lowing: cost, burden, size of institution, available 
technology, and whether the information will be 
made public. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(e) PUBLIC AVAILABILITY.—To the extent appro-
priate, practicable, and in accordance with law, the Board 
of Governors shall ensure that financial data collected 
using a format consistent with the financial data standard 
required under this section is accessible by the public in 
that format.’’. 
(2) TECHNICAL
AMENDMENT.—The table of 
contents for the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by insert-
ing after the item relating to section 343 the fol-
lowing new item: 
‘‘Sec. 344. Financial data standards for financial data received by the Board 
of Governors.’’. 
(c) FINANCIAL DATA STANDARDS FOR FINANCIAL 
DATA FILED OR SUBMITTED BY BANK HOLDING COMPA-
NIES.—Section 5 of the Bank Holding Company Act of 
1956 (12 U.S.C. 1844) is amended by adding at the end 
the following new subsection: 
‘‘(h) FINANCIAL DATA STANDARDS.— 
‘‘(1) IN GENERAL.—The Board shall adopt data 
standards for all financial data that is regularly filed 
with or submitted to the Board by any bank holding 
company in a report under subsection (c). 
‘‘(2) CHARACTERISTICS
OF
FINANCIAL
DATA 
STANDARDS.—The data standards required by para-
graph (1) shall, to the extent practicable— 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(A) incorporate a widely accepted, non-
proprietary, searchable, computer readable data 
format; 
‘‘(B) be consistent with and implement— 
‘‘(i) United States generally accepted 
accounting principles or Federal financial 
accounting standards (as appropriate); 
‘‘(ii) demonstrated best practices; and 
‘‘(iii) Federal regulatory requirements; 
‘‘(C) improve the transparency, consist-
ency, and usability of business and financial in-
formation; 
‘‘(D) ensure interoperability and appro-
priate reuse of information; 
‘‘(E) reuse, enhance, harmonize, and inte-
grate existing standards as possible and appro-
priate; 
‘‘(F) be capable of being continually up-
graded to be of maximum use as technologies 
and content evolve over time; and 
‘‘(G) be consistent and interoperable with 
one another. 
‘‘(3) IMPLEMENTATION
OF
FINANCIAL
DATA 
STANDARDS.— 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(A) The Board shall adopt the financial 
data standards required by paragraph (1) not 
later than the end of the 4-year period begin-
ning on the date of the enactment of the Bank 
and Savings Association Holding Company and 
Depository Institution Regulatory Improve-
ments Act of 2010. 
‘‘(B) The Board is empowered to make 
rules and regulations to effectuate the purposes 
of this subsection. 
‘‘(C) To the extent necessary to avoid im-
posing an undue burden on financial institu-
tions, the Board may issue rules providing ex-
emptions from the provisions of this subsection. 
Factors considered by the Board in making 
such rules may include the following: cost, bur-
den, size of institution, available technology, 
and whether the information will be made pub-
lic. 
‘‘(4) PUBLIC AVAILABILITY.—To the extent ap-
propriate, practicable, and in accordance with law, 
the Board shall ensure that financial data collected 
using a format consistent with the financial data 
standards required under this subsection is acces-
sible by the public in that format.’’. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
(d) FINANCIAL DATA STANDARDS FOR FINANCIAL 
DATA FILED
OR SUBMITTED
BY FINANCIAL MARKET 
UTILITIES
OR INSTITUTIONS UNDER
THE PAYMENT, 
CLEARING, AND SETTLEMENT SUPERVISION ACT
OF 
2010.—Section 809 of the Payment, Clearing, and Settle-
ment Supervision Act of 2010 is amended by adding at 
the end the following new subsection: 
‘‘(h) FINANCIAL DATA STANDARDS.— 
‘‘(1) IN GENERAL.—The Board of Governors 
shall adopt data standards for all financial data that 
is regularly filed with or submitted to the Board of 
Governors by any financial market utility or finan-
cial institution under subsection (a) or (b). 
‘‘(2) CHARACTERISTICS
OF
FINANCIAL
DATA 
STANDARDS.—The data standards required by para-
graph (1) shall, to the extent practicable— 
‘‘(A) incorporate a widely accepted, non-
proprietary, searchable, computer readable data 
format; 
‘‘(B) be consistent with and implement— 
‘‘(i) United States generally accepted 
accounting principles or Federal financial 
accounting standards (as appropriate); 
‘‘(ii) industry best practices; and 
‘‘(iii) Federal regulatory requirements; 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(C) improve the transparency, consist-
ency, and usability of business and financial in-
formation; 
‘‘(D) ensure interoperability and appro-
priate reuse of information; 
‘‘(E) reuse, enhance, harmonize, and inte-
grate existing standards as possible and appro-
priate; 
‘‘(F) be capable of being continually up-
graded to be of maximum use as technologies 
and content evolve over time; and 
‘‘(G) be consistent and interoperable with 
one another. 
‘‘(3) IMPLEMENTATION
OF
FINANCIAL
DATA 
STANDARDS.— 
‘‘(A) The Board shall adopt the financial 
data standard required by paragraph (1) before 
the end of the 4-year period beginning on the 
date of the enactment of this title. 
‘‘(B) The Board is empowered to make 
rules and regulations to effectuate the purposes 
of this subsection. 
‘‘(C) To the extent necessary to avoid im-
posing an undue burden on financial institu-
tions, the Board of Governors may issue rules 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
to provide exemptions from the requirements of 
this subsection. Factors considered by the 
Board of Governors in making such rules may 
include the following: cost, burden, size of insti-
tution, available technology, and whether the in-
formation will be made public. 
‘‘(4) PUBLIC AVAILABILITY.—To the extent ap-
propriate, practicable, and in accordance with law, 
the Board of Governors shall ensure that financial 
data received and submitted under this subsection is 
accessible by the public.’’. 
(e) FINANCIAL DATA STANDARD FOR INFORMATION 
PROVIDED BY THE BOARD UNDER THE FEDERAL RE-
SERVE ACT.—Section 2B of the Federal Reserve Act is 
amended by adding at the end the following new sub-
section: 
‘‘(d) FINANCIAL DATA STANDARD FOR PUBLIC IN-
FORMATION.— 
‘‘(1) IN GENERAL.—To the extent appropriate 
and permitted by law, the Board shall ensure that 
all of the information provided on the Web site re-
quired under subsection (c) is available in a format 
consistent with a financial data standard. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(2) CHARACTERISTICS
OF
FINANCIAL
DATA 
STANDARD.—The financial data standard required 
under paragraph (1) shall— 
‘‘(A) incorporate a widely accepted, non-
proprietary, searchable, computer readable data 
format; 
‘‘(B) be consistent with and implement— 
‘‘(i) United States generally accepted 
accounting principles or Federal financial 
accounting standards (as appropriate); 
‘‘(ii) industry best practices; and 
‘‘(iii) Federal regulatory requirements; 
‘‘(C) improve the transparency, consist-
ency, and usability of business and financial in-
formation; 
‘‘(D) ensure interoperability and appro-
priate reuse of information through business 
process standardization; 
‘‘(E) reuse, enhance, harmonize, and inte-
grate existing standards as possible and appro-
priate; and 
‘‘(F) be capable of being continually up-
graded to be of maximum use as technologies 
and content evolve over time.’’. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
SEC. 4. FINANCIAL DATA STANDARDS TO IMPROVE THE 
TRANSPARENCY OF INFORMATION RECEIVED 
BY THE FEDERAL DEPOSIT INSURANCE COR-
PORATION. 
The Federal Deposit Insurance Act is amended by 
adding at the end the following new section: 
‘‘SEC. 51. FINANCIAL DATA STANDARDS. 
‘‘(a) IN GENERAL.—The Corporation shall adopt 
data standards for all financial data that the Corporation 
receives from any financial company or submits to the 
Congress under title II of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act, including reports to 
the Congress and the public under sections 203(c) and 
210(o) of such Act and information collected under section 
210 (o)(5) of such Act. 
‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND-
ARDS.—The data standards required by subsection (a) 
shall, to the extent practicable— 
‘‘(1) incorporate a widely accepted, nonpropri-
etary, searchable, computer readable data format; 
‘‘(2) be consistent with and implement— 
‘‘(A) United States generally accepted ac-
counting principles or Federal financial ac-
counting standards (as appropriate); 
‘‘(B) demonstrated best practices; and 
‘‘(C) Federal regulatory requirements; 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(3) improve the transparency, consistency, and 
usability of business and financial information; 
‘‘(4) ensure interoperability and appropriate 
reuse of information; 
‘‘(5) reuse, enhance, harmonize, and integrate 
existing standards as possible and appropriate; 
‘‘(6) be capable of being continually upgraded 
to be of maximum use as technologies and content 
evolve over time; and 
‘‘(7) be consistent and interoperable with one 
another. 
‘‘(c) IMPLEMENTATION OF FINANCIAL DATA STAND-
ARDS.— 
‘‘(1) The Corporation shall adopt the financial 
data standards required by subsection (a) before the 
end of the 4-year period beginning on the date of the 
enactment of this section. 
‘‘(2) The Corporation shall issue rules or regu-
lations to carry out this section. 
‘‘(3) To the extent necessary to avoid imposing 
an undue burden on financial institutions, the Cor-
poration may issue rules to provide exemptions from 
the provisions of this section. Factors considered by 
the Corporation in making such rules may include 
the following: cost, burden, size of institution, avail-
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
able technology, and whether the information will be 
made public. 
‘‘(d) PUBLIC AVAILABILITY.—To the extent appro-
priate, practicable, and in accordance with law, the Cor-
poration shall ensure that financial data received and sub-
mitted under this section is accessible by the public.’’. 
SEC. 5. FINANCIAL DATA STANDARDS TO IMPROVE THE 
TRANSPARENCY OF INFORMATION RECEIVED 
BY THE OFFICE OF THE COMPTROLLER OF 
THE CURRENCY. 
(a) IN GENERAL.—Chapter one of title LXII of the 
Revised Statutes of the United States is amended by add-
ing at the end the following new section: 
‘‘SEC. 5156B. FINANCIAL DATA STANDARDS. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
shall adopt data standards for all financial data that is 
regularly filed with or submitted to the Comptroller of the 
Currency by any financial institution. 
‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND-
ARDS.—The data standards required by subsection (a) 
shall, to the extent practicable— 
‘‘(1) incorporate widely accepted, nonpropri-
etary, searchable, computer readable data formats; 
‘‘(2) be consistent with and implement— 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(A) United States generally accepted ac-
counting principles or Federal financial ac-
counting standards (as appropriate); 
‘‘(B) demonstrated best practices; and 
‘‘(C) Federal regulatory requirements; 
‘‘(3) improve the transparency, consistency, and 
usability of business and financial information; 
‘‘(4) ensure interoperability and appropriate 
reuse of information; 
‘‘(5) reuse, enhance, harmonize, and integrate 
existing standards as possible and appropriate; 
‘‘(6) be capable of being continually upgraded 
to be of maximum use as technologies and content 
evolve over time; and 
‘‘(7) be consistent and interoperable with one 
another. 
‘‘(c) IMPLEMENTATION OF FINANCIAL DATA STAND-
ARDS.— 
‘‘(1) The Comptroller of the Currency shall 
adopt the financial data standards required by sub-
section (a) before the end of the 4-year period begin-
ning on the date of the enactment of this section. 
‘‘(2) The Comptroller of the Currency shall 
issue rules requiring financial institutions to file and 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
submit financial data using the financial data stand-
ards required by subsection (a). 
‘‘(3) To the extent necessary to avoid imposing 
an undue burden on financial institutions, the 
Comptroller of the Currency may issue rules to pro-
vide exemptions from the provisions of this section. 
Factors considered by the Comptroller of the Cur-
rency in making such rules may include the fol-
lowing: cost, burden, size of institution, available 
technology, and whether the information will be 
made public. 
‘‘(d) PUBLIC AVAILABILITY.—To the extent appro-
priate, practicable, and in accordance with law, the Comp-
troller of the Currency shall ensure that financial data col-
lected using formats consistent with the financial data 
standards required under this section is accessible by the 
public in those formats.’’. 
(b) TECHNICAL AMENDMENT.—The table of contents 
for chapter one of title LXII of the Revised Statutes of 
the United States is amended by inserting after the item 
relating to section 5156A the following new item: 
‘‘Sec. 5156B. Financial data standards.’’. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6211
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS