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In this issue:
  • Breaking News: Treasury & OMB Announce DATA Act Townhall
  • Latest info on Data Transparency 2014
  • SEC mandates open data for mortgage-backed securities
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Breaking News: Treasury & OMB Announce Data Transparency Town Hall
 
Thursday afternoon it was announced that the Department of the Treasury and the White House Office of Management and Budget (OMB) will host their first-ever public town hall meeting on the implementation of the DATA Act.

The town hall meeting will take place September 26 from 9 a.m. to 5 p.m. at the Treasury Department's headquarters in Washington. The announcement will be published in the Federal Register on September 5, 2014.

Key Senior executives from Treasury, OMB, and the White House will deliver remarks and listen to presentations by public and private stakeholders. Representatives from other agencies that have already undertaken financial data standardization will also present.

The primary question asked of presenters is: Why is federal spending transparency important?

As the main private-sector supporter of the DATA Act, the Data Transparency Coalition intends to present to the assembled government executives. Hudson Hollister, Executive Director of the Data Transparency Coalition, will focus his comments on the transformative nature of robust, government-wide data standards for spending. By fully implementing the DATA Act, the federal government will realize greater accountability, analytics-driven management, and automated compliance.

The full notice is available here: https://s3.amazonaws.com/public-inspection.federalregister.gov/2014-21213.pdf
Have you reserved your seat yet? Don't miss hearing from Gene Dodaro, Dave Mader, Rep. Patrick McHenry, Rep. Carolyn Maloney and David Lebryk about the latest on open data in government. Keynote speaker to be announced soon!

Thanks to our presenting sponsor Workiva. We're also thrilled to have AmpliFund, Booz Allen Hamilton, PwC and Teradata as our partner sponsors. Also sponsoring are Elder Research, Govini, RR Donnelly and Socrata.  Special policy partners are OMG and the Sunlight Foundation.
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New SEC Rule: Open Data for Mortgages-Backed Securities
 

On August 27, the Securities and Exchange Commission issued new rules governing the required disclosures for asset-backed securities. Asset-backed securities are financial products based on the value of underlying assets, such as mortgages, auto loans and leases, or corporate debt.

Mortgage-backed securities, in particular, were at the center of the 2008 financial crisis. Investors purchased mortgage-backed securities without fully understanding the riskiness of the mortgages they comprised.
The SEC has decided to solve the problem with open data. The new rules require banks selling asset-backed securities, including mortgage-backed ones, to disclose details about each asset in an open data format. For example, under the new rules, a bank selling a mortgage-backed security to investors must disclose, in the eXtensible Markup Language (XML) format, some contractual terms, interest rate calculations, geographic location, loan-to-value ratio, and other details--for every mortgage packaged within the security.

The SEC's full announcement is publicly available as a 683-page PDF here: http://www.sec.gov/rules/final/2014/33-9638.pdf
 
The SEC's embrace of the XML format for asset-backed securities is the latest in a series of pro-data transparency actions.

This past July, the agency began, for the first time, to enforce the quality of corporate financial information filed in the XBRL format. In August, the agency announced it would hire a senior staff member to pursue the adoption of the global Legal Entity Identifier (LEI) throughout its existing reporting requirements. The Data Transparency Coalition supports the SEC's movement toward transforming its whole disclosure system from disconnected documents into standardized data.
 
 
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Member Spotlight
Teradata is a global leader in analytic data platforms, marketing and analytic applications, and consulting services. Teradata helps organizations collect, integrate, and analyze all of their data so they can know more about their customers and business and do more of what’s really important. With more than 10,000 professionals in 43 countries, Teradata serves more than 2,500 customers, including the top companies across all major industries: consumer goods, financial services, healthcare, automotive, communications, travel, hospitality, and more. An ethical and future-focused company, Teradata is recognized by business media and industry analysts for technological excellence, sustainability, and business value.  Teradata is a partner sponsor of Data Transparency 2014, the Coalition's premier open data policy conference. 

Visit teradata.com.

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About Us

The Data Transparency Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, machine-readable data. Data transparency strengthens democratic accountability, enhances government management, reduces compliance costs, and stimulates innovation.
Copyright © 2014 Data Coalition, All rights reserved.


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