The OFR posted today a blog by Director Richard Berner, entitled, “Promoting Higher Quality and Lower Cost in Financial Regulatory Reporting.” In the blog, he said data are the lifeblood of finance, and the volume of financial data is staggering. On a routine day, close to $15 trillion in payments settle across the world. Regulators need data to oversee firms and markets, but data collection is not always smooth or efficient. This inefficient reporting can be costly and undermines quality.
The blog is posted on the OFR website at: https://www.financialresearch.gov/from-the-director/.
The OFR home page is at: https://www.financialresearch.gov/.
