An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Workiva Inc. Applauds Bipartisan Introduction of the Financial Data Transparency Act in the U.S. Senate
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
AMES, Iowa--(BUSINESS WIRE)--
Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, today applauded Senator Mark Warner (D-VA) and Senator Mike Crapo (R-ID) for their introduction of the Financial Data Transparency Act (S.4295) in the 117th Congress.
The Financial Data Transparency Act (FDTA) would direct 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, smart, searchable, and downloadable formats without proprietary restrictions.
“At a time when bipartisan support for issues is hard to come by, the Financial Data Transparency Act demonstrates that innovation and capital market efficiency are areas for agreement,” said Workiva Inc. CEO Marty Vanderploeg. “With the technology available to our financial regulatory agencies today, this legislation is a game-changer, ensuring consistency and transparency across the board. We commend Senators Warner and Crapo’s leadership on this truly transformative bill and urge Congress to pass this common-sense legislation in short order.”
The FDTA seeks to modernize financial regulatory filings to gain similar efficiencies and benefits found in government innovation programs in tax, banking regulations, and open data reforms. For example, in the 1990s, the IRS and state tax authorities harmonized data standards for tax returns, which transformed that industry by enabling e-filing. In 2005, the FDIC adopted data standards for collecting call reports from U.S. banks, reducing logical and mathematical error rates by more than 90 percent and cutting weeks of time between the submission of the data to the regulator and its subsequent availability to investors.
The eight major financial regulatory agencies that would be directed to adopt uniform, non-proprietary machine-readable data standards under the FDTA include the Department of the Treasury; the U.S. 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 Credit Union Administration; and the Federal Housing Finance Agency.
Investors and regulators need reliable, quality information in a timely manner. With advances in areas of machine-learning and artificial intelligence, the modernization proposed by the FDTA will address both the needs and the growing opportunities for greater smart data reliability that drives more efficient and automated compliance reporting solutions.
About Workiva
Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading 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 at workiva.com.
workiva (nyse:wk) created wdesk, a cloud-based productivity platform for enterprises to collect, link, report, and analyze business data with control and accountability. thousands of organizations, including over 65 percent of the fortune 500, use wdesk for risk, compliance, or management reporting. wdesk proprietary word processing, spreadsheet, and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions, and a full audit trail. wdesk helps mitigate enterprise risk, improve productivity, and give users confidence to make decisions with real-time data. workiva employs more than 1,000 people with offices in 15 cities. the company is headquartered in ames, iowa. for more information, visit workiva.com.
