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The US Treasury's report on "Nonbank Financials, Fintech, and Innovation" prepared in response to Mr. Trump's "Executive Order 13772 on Core Principles for Regulating the United States Financial System" is, I have to say, most comprehensive.

Payments Treasury recommends that the states work to harmonize money transmitter requirements for licensing and supervisory examinations, and urges the Bureau to provide more flexibility regarding the issuance of remittance disclosures. Treasury encourages the Federal Reserve to move quickly in facilitating a faster retail payments system, such as through the development of a real-time settlement service that would allow for more efficient and widespread access to innovative payment capabilities. Such a system should take into account the ability of smaller financial institutions, such as community banks and credit unions, to access innovative technologies and payment services.

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