Financial Data Transparency Act

About Financial Data Transparency Act (FDTA)

According to a recent IBM estimate, $3.1 Trillion of America's GDP is lost due to bad data. Further, 1 in 3 business leaders don't trust their own data.  An Experian survey found that no fewer than 95% have seen poor quality data undermine their business performance.  

This is an acute problem across all sectors of the financial industry. Regulators increasingly request near-real time trade transaction data to conduct systemic risk analysis.   

The OMG congratulates the US Congress and President for enacting the Financial Data Transparency Act (FDTA) in December 2022, which mandates data standards for the data and reports collected by nearly all US financial supervisory and regulatory agencies!

The FDTA requires that their data be machine-readable, semantically modeled, non-proprietary, and interoperable; all of which are critical for a safe, secure, and productive financial system.

As OMG is a recognized standards development organization (Voluntary Consensus Standards Body (VCSB)) for the financial sector, it stands ready to work with agencies, associations, the financial community, and regulatory bodies to develop and promulgate rigorous and reliable specification standards.

Stay tuned to OMG for a series of briefs and events on what the FDTA will mean to you and your business!