What is FTA?
Financial Transparency Act (FTA) of 2017 is a RegTech law introduced in house on Mar 23, 2017. FTA directs the following eight financial regulatory agencies to adopt consistent data standards for the information currently collected by them under existing securities, commodities, and banking laws.
- Securities and Exchange Commission (SEC)
- Federal Deposit Insurance Corporation (FDIC)
- Office of the Comptroller of the Currency (OCC)
- Consumer Financial Protection Bureau (CFPB)
- Board of Governors of the Federal Reserve System
- Commodity Futures Trading Commission (CFTC)
- National Credit Union Administration (NCUA)
- Federal Housing Finance Agency (FHFA)
What is the benefit of FTA?
By implementing common data standards across the above regulatory agencies, FTA aims to help reporting entities avoid duplication of reporting, bring consistency in data points and reduce compliance costs. FTA also helps investors in gaining actionable insights quickly and cheaply by analysing the data available in machine-readable format.