Workiva Inc. Applauds Bipartisan Introduction of Financial Data Transparency Act in US Senate

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Published 06-01-22

Proposed by Workiva

Originally posted on Workiva

AMES, Iowa, June 1, 2022 /CSRwire/ — Workiva Inc. (NYSE:WK), the company that powers transparent reporting for a better world, today applauded Sen. Mark Warner (D-VA) and Sen. Mike Crapo (R-ID) for their introduction of the transparency of financial data (S.4295) at the 117th Congress.

The Financial Data Transparency Act (FDTA) would require eight major U.S. financial regulatory agencies to adopt uniform, machine-readable data standards for the information they are already required to collect from regulated entities. This proposal complements other legislative efforts to transform government data into open, intelligent, searchable and downloadable formats without ownership restrictions.

“At a time when bipartisan support for issues is hard to come by, the Financial Data Transparency Act demonstrates that innovation and efficient financial markets are areas of agreement,” said Marty Vanderploeg, CEO of Workiva Inc. “With the technology available to our financial regulatory agencies today, this legislation is a game-changer, ensuring consistency and transparency at all levels. We commend the leadership of Senators Warner and Crapo for this truly transformative bill and urge Congress to pass this common sense legislation as soon as possible.

The FDTA seeks to modernize financial regulatory filings to achieve efficiencies and benefits similar to government innovation programs in taxation, banking regulation, and open data reform. For example, in the 1990s, the IRS and state tax authorities harmonized data standards for tax returns, which transformed this industry by enabling electronic filing. In 2005, the FDIC adopted data standards to collect US bank call reports, reducing logical and mathematical error rates by more than 90 percent and reducing the weeks of time between submitting data to the regulator and later making it available to investors.

The eight major financial regulators that would be responsible for adopting uniform, non-proprietary machine-readable data standards under the FDTA include the Department of the Treasury; the United States Securities and Exchange Commission; the Federal Deposit Insurance Corporation; the Office of the Comptroller of the Currency; the Consumer Financial Protection Bureau; the Federal Reserve Board; the National Administration of Credit Unions; and the Federal Housing Finance Agency.

Investors and regulators need reliable, quality information in a timely manner. With advancements in the areas of machine learning and artificial intelligence, the modernization offered by the FDTA will address both the growing needs and opportunities for greater reliability of intelligent data that generates more efficient and automated compliance.

About Workiva

Workiva Inc. (NYSE: WK) is on a mission to provide transparent reporting for a better world. We design and deliver the world’s best regulatory, financial and ESG reporting solutions to meet stakeholder demands for action, transparency and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more about workiva.com.

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Media:
Darcie Brossart
Workiva Inc.
press@workiva.com
(515) 663-4471

Source: Workiva Inc.

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Workiva

Workiva Inc. (NYSE: WK) is on a mission to provide transparent reporting for a better world. We design and deliver the world’s best regulatory, financial and ESG reporting solutions to meet stakeholder demands for action, transparency and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more about workiva.com.

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