RegTech 2023 Data Summit: Data Modernization under the Financial Data Transparency Act

Tuesday, April 11, 2023
9:00 AM 6:00 PM 09:00 18:00

Convene 600 14th Street Northwest Washington, DC, 20005 United States (map)

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Recording

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Agenda

Sponsors

Exhibitors

Passage of the Financial Data Transparency Act (FDTA) marks a new chapter in the adoption of regulatory technology (RegTech) that begins in 2023, launching an era for innovation and modernization in financial services. The FDTA is a revolutionary new law that is the most substantial reform to data authorities for the financial services sector in a generation. Because the FDTA amends securities and banking laws to require data standards and make the information reported to financial regulators electronically searchable, it revolutionized the ability to develop regulatory technologies and artificial intelligence applications that are practical, useful, and adopted in the years ahead. The FDTA will spur RegTech innovation to address regulatory challenges in financial services and create new opportunities to harmonize reporting requirements, reduce the private sector’s regulatory burden, and enhance transparency and accountability.

The Data Foundation’s RegTech23 Data Summit in Washington, D.C., presented by Donnelley Financial Solutions (DFIN), focused on how federal regulators, regulated entities, RegTech and data companies, and data transparency advocates can work together to implement the FDTA and realize its full potential. The Summit explored key questions for the new law, including effective strategies for implementation and stakeholder involvement in the upcoming rulemaking on data standards. Participants engaged with industry and government experts on how FDTA implementation will improve the health of our financial regulatory system, how the approach will serve as a model for applying data standards in government, and begin a dialogue to ensure the real benefits of FDTA for future RegTech innovations are achieved in the years ahead.

Event Takeaways

Virtual and in-person attendees engaged in the discussion, shared their ideas, and heard from data leaders about the road to implementing this transformative law.

Attendees learned:

The ins and outs of the Financial Data Transparency Act, including the law’s vision, requirements, and statutory deadlines
How federal agencies are approaching implementing the new law and next steps in realizing the benefits of modernized regulatory reporting
Ways that stakeholder groups and private industry can engage in ensuring that the goals of improved data transparency are realized in the financial services sector

Keynotes

**Mark Funkhouser**
Former Mayor of Kansas City & President, Funkhouser & Associates

**James Martin**
Acting Director, Office of Financial Research (OFR), U.S. Department of the Treasury

**Hester M. Peirce**
Commissioner, U.S. Securities and Exchange Commission (SEC)

Speakers

**Shawn Bucholtz**
Chief Data Officer, U.S. Federal Housing Finance Agency (FHFA)

**Craig Clay**
President, Donnelley Financial Solutions (DFIN)

**Bridget Dooling**
Research Professor, GW Regulatory Studies Center, George Washington University Trachtenberg School of Public Policy and Public Administration

**Terry Gerton**
President & CEO, National Academy of Public Administration (NAPA)

**Nick Hart**
President and CEO, Data Foundation

**Hudson Hollister**
Founder & CEO, HData

**Bridget Hughes**
Vice President, Corporate Governance & Compliance Services, Donnelley Financial Services (DFIN)

**Brien Lorenze**
Chief Data Officer, Pandemic Response Accountability Committee (PRAC)

**Steve Meizanis**
Global Product Head of Symbology and LEI Services, Bloomberg & Board Member, Data Foundation

**Renata Maziarz Miskell**
Deputy Assistant Secretary, Accounting Policy and Financial Transparency, U.S. Department of the Treasury

**Ashley Nelle-Davis**
Director of Special Projects, Data Foundation

**Campbell Pryde**
President and CEO, XBRL-US

**DJ Purnell**
Associate Director of Data Products, Office of Financial Research (OFR), U.S. Department of the Treasury

**Dean Ritz**
Senior Research Fellow, Data Foundation

**Kris Rowley**
Chief Data Officer, Conference of State Bank Supervisors (CSBS) & Chair, Data Foundation Board of Directors

**Corinna Turbes**
Policy Director, Data Foundation

**Peter Warms**
Business Development Manager, Global Legal Entity Identifier Foundation (GLEIF)

**Jessica Yabsley**
Senior Director of Communications, Data Foundation

Agenda

* = Available for in-person attendees only.

9:00 - 10:00 a.m.* - Networking Breakfast

10:00 - 10:15 a.m. - Welcome Remarks

Nick Hart, President, Data Foundation
Craig Clay, President of Global Capital Markets, Donnelley Financial Solutions (DFIN)

10:15 - 10:30 a.m. - KeYnote Presentation

Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission (SEC)

10:30 - 10:45 a.m. - Data Standards and FDTA: From Data Sharing to Meaning Sharing

Dean Ritz, Senior Research Fellow, Data Foundation

10:45 - 11:45 a.m. - Panel: Innovation and Modernization in Financial Services: Leveraging Federal CDOs in FDTA Implementation (Sponsored by Deloitte)

Financial Stability Oversight Council (FSOC) Chief Data Officers (CDOs) and other data leaders spoke on how agencies can organize and prepare for FDTA implementation process and how the private sector can support and partner with CDOs. The conversation offered insights into how federal regulators, regulated entities, and data companies can work together to implement the FDTA and realize its full potential to spur innovation in the financial regulatory system.

Ali Bandukwalla, Principal, Deloitte
Kris Rowley, Chief Data Officer, Conference of State Bank Supervisors (CSBS)

11:45 - 12:45 p.m. - Panel: Lessons Learned: Evaluating Data Laws to Support FDTA Success

Over the past decade, multiple initiatives, laws, and regulatory activities sought to improve how the government collects, publishes, and uses information. This panel reflected on the lessons learned from numerous government-wide laws and policies, such as the Digital Accountability and Transparency Act of 2014 (DATA Act), the Corporate Transparency Act, CARES Act, and others to explore how data standards and practices were developed to improve transparency and accountability for government spending and priority activities at the local, state, and federal level. Participants provided insights about the benefits of these activities and also the lessons relevant to implementing the FDTA in the years ahead.

Shawn Bucholtz, Chief Data Officer, Federal Housing Finance Agency (FHFA)
Brien Lorenze, Chief Data Officer, Pandemic Response Accountability Committee (PRAC)
Renata Maziarz Miskell, Deputy Assistant Secretary, Accounting Policy and Financial Transparency (OFR), U.S. Department of the Treasury
Jessica Yabsley, Senior Director of Communications, Data Foundation (Moderator)

12:45 - 1:45 p.m.* - Networking Lunch

1:45 - 1:50 p.m. - Welcome Back Remarks

Nick Hart, President, Data Foundation

1:50 - 2:30 p.m. - Panel: FSOC Reporting & Blending Best Practices for FDTA Implementation

In this session, industry panelists surveyed both the current and future states of FSOC reporting and discuss alternative approaches to rendering data machine-readable while meeting the goals of the FDTA. The panel reviewed a case study of the Data Management Capability Assessment Model (DCAM) and explain how the model helps establish, enable, and sustain a mature data management discipline. Speakers addressed how this can help establish a data management foundation for FDTA implementation.

John Bottega, President, EDM Council
Campbell Pryde, President and CEO, XBRL-US
Bridget Hughes, VP of Governance and Compliance Solutions, Donnelley Financial Solutions (DFIN) (Moderator)

2:30 - 2:45 p.m.* - Coffee and Networking Break

2:45 - 3:45 p.m. - Panel: Building from Inter-Agency Collaboration for FDTA Implementation

With the enactment of the FDTA, agencies will need to work together to comply with the requirements of the law. Financial Stability Oversight Council (FSOC) agencies are already successfully working together on various data initiatives. In this panel we heard from public policy and data experts about inter-agency collaborations already underway and how examples of cooperation within the government can be valuable sources for FDTA implementation.

Bridget Dooling, Research Professor, GW Regulatory Studies Center, and Former Deputy Chief, Office of Information and Regulatory Affairs (OIRA) at the U.S. Office of Management and Budget (OMB)

Terry Gerton, President and CEO, National Academy of Public Administration (NAPA)
DJ Purnell, Associate Director for Data Products, Data Center, Office of Financial Research (OFR), U.S. Department of the Treasury
Ashley Nelle-Davis, Director of Special Projects, Data Foundation (Moderator)

3:45 - 4:00 p.m. - Keynote Presentation

James Martin, Acting Director, Office of Financial Research (OFR), U.S. Department of the Treasury

4:00 - 4:45 P.M. - Panel: Looking ahead - What’s Next for the FDTA?

The FDTA creates new opportunities to harmonize reporting requirements, reduce the private sector’s regulatory burden, and enhance transparency and accountability. Data standards required by the FDTA can help spur new technologies and drive innovation in the financial sector. Policymakers can also gain new insights from firms and regulators as better, more timely data becomes available. What do these new opportunities mean for stakeholders? In this panel, policy leaders discussed the path ahead.

Hudson Hollister, Founder and CEO, HData
Steve Meizanis, Global Product Head of Symbology and LEI Services, Bloomberg & Board Member, Data Foundation
Peter Warms, Business Development Manager, Global Legal Entity Identifier Foundation (GLEIF)
Corinna Turbes, Policy Director, Data Foundation (moderator)