FDIC Publishes First Round Draft of Financial Data Transparency Act

On Tuesday, July 30, the FDIC met according to the Sunshine Act to discuss several final and proposed rules in the scope of the commission. One of those was a draft of the first set of regulations to implement Financial Data Transparency Act, a law that among other things is aimed at financial reporting and disclosure for governments and political subdivisions. GFOA is currently reviewing the draft which does not outline any specific technical requirements of municipal issuers for adherence. Rules specifying requirements for issuers and participants within the municipal market will come from the Securities and Exchange Commission, not the FDIC. When the Notice of Proposed Rulemaking is officially released to the public, GFOA will ensure that issuers understand the required comments and timeline. That will not likely occur for several weeks. In the meantime, GFOA recommends that issuers are cautious of any resources or ‘solutions’ suggesting final FDTA requirements.