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Removing Barriers Blog

BCFP Report and RFI on Data Governance
Posted September 26, 2018 by CUNA Advocacy

On September 25, the Bureau issued a report on its sources of data and the use of that data to achieve its statutory mission. The report was accompanied by a Request for Information (RFI) seeking feedback on the efficiency and effectiveness of the Bureau’s data governance and various data collections. Comments are due 90-days after publication of the RFI in the Federal Register

The Bureau currently uses data to guide its statutory mission to ensure markets are “fair, transparent, and competitive.” In the course of the Bureau’s regulatory activities, data plays a significant role in its processes for rulemaking, financial education, monitoring financial markets, and other functions.  To that end, it’s critical that the data collected and relied upon by the Bureau is complete, useful, accurate, and unbiased.  Under Acting Director Mulvaney, the Bureau has taken a new look at the data the Bureau traditionally relies on and the RFI is an attempt to improve upon current policies and procedures. 

In the report, the Bureau has also published the full text of its internal data governance policies and charters as well as its data sharing MOUs with governmental and quasi-governmental agencies.