Last year, the Consumer Financial Protection Bureau (CFPB) proposed replacing the HMDA Reporter Identification Number with a global Legal Entity Identifier (LEI). As described in that proposal: “The LEI is a unique, 20-digit alphanumeric identifier associated with a single legal entity and is intended to serve as a uniform international standard for identifying participants in financial transactions… Once the LEI is fully implemented, this information is projected to include data on ownership and corporate hierarchies.”
On March 16, 2015, the Federal Reserve Board issued a proposal for collection of LEI’s in certain other reporting forms, as well. This trend is expected to continue. So, stay tuned.
Click here to read the CFPB’s proposal from last year.
Click here to read the Federal Reserve Board’s Proposal.