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Financial Services Law Insights and Observations

OFR Director Delivers “Reducing the Regulatory Reporting Burden” Remarks at the Financial Data Summit

Privacy/Cyber Risk & Data Security OFR Data Collection / Aggregation

Privacy, Cyber Risk & Data Security

On March 16, the Office of Financial Research (OFR) posted remarks made by Director Richard Berner at the third annual Financial Data Summit hosted by the Data Transparency Coalition. "Reducing the Regulatory Reporting Burden" outlines OFR’s mission to identify areas of “duplication, overlap, and inefficiency in regulatory reporting,” presents steps to be undertaken in partnership with the Financial Stability Oversight Council (and its member agencies) to “improve data quality and reduce the reporting burden [by] requiring standards, including precise and agreed-on definitions, identifiers, and formats; industry-regulator agreement on essential data elements; adherence to best practices in data collection; and more data sharing among regulators,” and seeks participation and input from the private sector.