GAO Report: Financial Regulators Miss Deadline for Joint Data Standards

A new Government Accountability Office (GAO) report highlights that US financial regulatory agencies have failed to meet the December 2024 deadline for issuing a final joint rule under the Financial Data Transparency Act (FDTA). Although agencies including the Treasury Department, Federal Reserve, and SEC met the earlier October 2024 deadline to propose joint data requirements, they have not yet finalized the rule as of May 2026. The proposed standards aim to make industry data fully searchable, machine-readable, and nonproprietary. The GAO notes that agencies are currently evaluating public comments but face significant implementation challenges, such as modernizing legacy data systems and managing high governance costs. Despite these delays, the watchdog emphasizes that adhering to key data governance practices could eventually lead to a government-wide reporting system similar to Standard Business Reporting models used in Australia and the Netherlands. The GAO suggests that while the transition will take time, improved data interoperability will enhance regulatory oversight, efficiency, and response times to compliance issues. The report serves as guidance for regulators to align their efforts toward broader standardization.