The CFPB implemented joint data standards under the Financial Data Transparency Act to enhance data quality and access for financial service providers.
What changed
Established new data standards for reporting.
Compliance perspective
Entities will need to adapt their reporting systems to comply with the new data standards.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.