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NAFCU is reviewing a bill introduced this week by Rep. Darrell Issa, R-Calif., requiring NCUA and other federal financial regulators to adopt standards for all their information and reports regularly filed with or submitted to the administration.

Titled the "Financial Transparency Act," H.R. 2477, would require regulators to promulgate a rule within two years that would reflect the new standards. It calls for no new information collection by regulators but would apply to NCUA, FDIC, the Federal Reserve System, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Housing Finance Agency and Office of Financial Research.

The bill envisions the standards to ensure information be fully searchable and machine readable, nonproprietary, incorporate standards developed and maintained voluntarily by consensus groups and adhere to applicable accounting and reporting principles.

In addition, the bill would require that all public information published by the administration be open data and freely available for bulk download.