Treasury Issues Regulatory Reform Recommendations for Banking Industry

On June 12, 2017, the U.S. Department of the Treasury released the first of a series of reports recommending changes to the financial system in a manner consistent with a set of Core Principles set forth in President Trump’s Executive Order No. 13,772 of February 3, 2017 (the “Report”). The Report focuses on the depository system, including banks, savings associations, and credit unions, and notes that three subsequent reports will focus on capital markets; asset management and insurance; and non-bank financial institutions, financial technology, and financial innovation.