ALEXANDRIA, Va. —NCUA said it has joined with the Financial Crimes Enforcement Network (FinCEN), along with the FDIC, the Office of the Comptroller of the Currency (OCC), and the Federal Reserve in inviting public comment on a proposed rule for permitted payment stablecoin issuers to establish and maintain an effective customer identification program (CIP) under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
In a joint statement, the agencies noted the GENIUS Act establishes a regulatory framework for payment stablecoins and charges NCUA with licensing, regulating, and supervising permitted payment stablecoin issuers that are subsidiaries of federally insured credit unions, including for examination purposes under the Bank Secrecy Act. The GENIUS Act also classifies permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act, the agencies added.
‘The Next Step’
“This is the next step to ensure that permitted payment stablecoin issuers are fully integrated into Bank Secrecy Act regulations, “ NCUA Chairman Kyle Hauptman said in a statement, noting the joint rule mirrors current CIP requirements for credit unions. “It sets clear standards for identifying and verifying account holders and safeguards the interests of credit unions and their members. By establishing robust customer identification requirements, we are reinforcing our commitment to preventing money laundering and terrorist financing in our financial system”.
As the CU Daily reported earlier, in May NCUA issued a proposed rule to outline the operational and risk management standards for licensed payment stablecoin issuers, and in February 2026, issued a proposed regulation to govern the applications of permitted payment stablecoin issuers subject to the NCUA’s jurisdiction.
Comments Deadline
Comments on the proposed rule are due 60 days after the date of publication in the Federal Register.
