AFSA staff met with senior Treasury Department officials on Jan. 18. The Treasury Department asked for the meeting as part of its information-gathering phase for the last of four reports on the U.S. financial system. The reports focus on solutions the Executive Branch can execute through regulatory changes and executive actions. The reports identify laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other policies that inhibit economic growth, competition, and vibrant financial markets.

Previously, the department issued reports on the depository system, capital markets, and the asset management and insurance industries. The fourth report will be on non-bank financial institutions, financial technology, and financial innovation.

AFSA raised a number of key issues with the Treasury Department, including the importance of nonbanks, the need for presidential appointees to have state regulatory experience, concerns regarding the Military Lending Act, the need to modernize the Telephone Consumer Protection Act, and the need for reform of the Consumer Financial Protection Bureau. The department seemed receptive to AFSA’s positions. The report is still in the early phases and is not expected to be released for several weeks.