12 U.S.C. § 1831cc: Data standards

In this section, the term “financial company” has the meaning given the term in section 201(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381(a) ). The Corporation shall, by rule, adopt data standards for all collections of information with respect to information received by the Corporation from any depository institution or financial company under this chapter or under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381 et seq.). The data standards required under subsection (b) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of this title , including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334. The Federal Deposit Insurance Corporation shall issue rules to carry out the amendments made by this subtitle [subtitle C (§§ 5831–5834) of title LVIII of div. E of Pub. L. 117–263 , enacting this section and section 1831dd of this title ], which shall take effect not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010 [ 12 U.S.C. 5334(b)(2) ], as added by section 5811(a) of this title . may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities; and shall seek to minimize disruptive changes to the persons affected by those regulations.”