standards (a) In general Subtitle A of title I of the Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq.) is amended by adding at the end the following: 124. Data standards (a) In general The Secretary of the Treasury shall, by rule, promulgate data standards for the information reported to member agencies by financial entities under the jurisdiction of the member agency and the data collected from member agencies on behalf of the Council. (b) Standardization Member agencies, in consultation with the Secretary of the Treasury, shall implement regulations promulgated by the Secretary of the Treasury under subsection (a) to standardize the types and formats of data reported to member agencies or collected on behalf of the Council, as described under subsection (a). If a member agency fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regulations, the Secretary of the Treasury, in consultation with the Chairperson, may implement such regulations with respect to the financial entities under the jurisdiction of the member agency. (c) Data standards (1) Common identifiers and data formats The data standards promulgated under subsection (a) shall include— (A) common identifiers for information reported to member agencies or collected on behalf of the Council, including a common legal entity identifier for all entities required to report to member agencies