* In 10 short months, the ASF can point to many accomplishments in the midst of a "perfect storm" on the regulatory front, to use the words of one founding member. In addition to growing its membership rapidly to a diverse group of 60 due-paying organizations, the ASF has responded effectively to many regulatory initiatives; formed core committees that are now fully functioning; hired its Executive Director, Dwight Jenkins; organized and hosted topical seminars; and begun the process of establishing industry standards. Members' contributions have been essential. According to Vernon Wright, ASF Chairman, "Every achievement to date is a direct result of members and membership participation."
* Several specialized ASF committees - such as Market Standards and Practices, Legal, Regulatory, and Tax - are actively examining a host of issues confronting the industry and ways to respond to them. The Market Standards and Practices Committee, headed by Dan Stachel of State Street Bank & Trust Co., now has five active task forces whose goal is to establish either "best practices" or minimum standards in a variety of areas in the ABS and ABCP markets, including issuer reporting, disclosure, syndication, ABS workouts, and CMO payment adjustment. An ABCP issuer reporting standard is up for adoption by the Executive Committee, and should be available, prior to approval, on the ASF website.