From Passage to Standards: The Financial Data Transparency Act of 2022

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Presented by

David Blaszkowsky (FSC), Linda Powell (BNY Mellon), Sanjeev Kumar (Dell), Michelle Savage (XBRL US), Mike Bennett (OMG)

About this talk

The FDTA is here, and time is limited to develop financial system-wide standards! • The FDTA represents the biggest step forward in US financial system standardization in over a decade, and provides an opportunity for financial institutions and regulators alike • Standardization requested by the FDTA will reduce cost and risk while improving efficiency and accountability across every financial sector • Poorly conceived or implemented standards can devolve into a burden and distract from real sources of systemic and institutional risk • Stakeholders should start collaborating now to carefully design standards, set processes, and gain consensus on standards the FDTA calls for, will be available and “fit for purpose” within two years OMG proudly provides this briefing and discussion, that will enable your organization to participate in this work which will convert FDTA from a mandate into appropriate standards fit for a future financial service industry and its regulators. Webinar format: • Welcome & Short Intro: David Blaszkowsky (Managing Director, Financial Semantics Collaborative) • Overview of the FDTA: Michelle Savage (VP of Communications, XBRL US) • A Former Regulator's View on How Regulators Will Approach the FDTA Standardization Mandate: Linda Powell (Enterprise Data CDO, BNY Mellon; former CDO of OFR and CFPB and Chief of Economics Data at the Federal Reserve) • What the FDTA & Standardization Mean for Financial Technology Companies: Sanjeev Kumar (CTO, Global Financial Services & Strategy Lead for Data Management, Dell Technologies) • An OMG View of How Standards Are Created and By Whom: Mike Bennett (Technical Director of OMG SDO) OMG works with government, industry, academia and consortia by providing standards development methodologies and governance, including such financial standards as the Financial Industry Business Ontology (FIBO), the Financial Instrument Global Identifier® (FIGI®) and developing the Standard Business Report Model™ (SBRM™).
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The Object Management Group® (OMG®) is an international, open membership, not-for-profit technology standards consortium. Founded in 1989, OMG standards are driven by vendors, end-users, academic institutions, and government agencies.