ALEXANDRIA, Va.-NCUA submitted a rulemaking related to the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to the Office of Management and Budget, and it is currently pending review, according to America’s Credit Unions.
The trade group noted the proposal is currently not public but when it is approved by OMB it will be published in the Federal Register with a comment deadline.
As the CU Daily has reported previously, the GENIUS Act requires regulators to issue implementing regulations by July 18, 2026, one year after the bill’s enactment.
In addition, as the CU Daily also reported, the Federal Deposit Insurance Corp. has proposed the first formal regulatory framework outlining how U.S. banks could seek approval to issue stablecoins, marking a significant step in implementing new federal stablecoin law and potentially ushering traditional lenders deeper into digital finance, according to industry analysts.
‘Certainty’ is Needed
“We appreciate the NCUA working diligently to implement GENIUS Act provisions, as credit unions need regulatory certainty for there to be a level playing field in this area,” President and CEO Scott Simpson said in a statement. “Credit unions provide safe, trusted financial services to members, and are well-positioned to bring these principles into the digital assets marketplace.”
America’s Credit Unions noted it responded to a Treasury request for comment in November on GENIUS Act implementation, providing specific recommendations to ensure credit union participation in the stablecoin market.
Comment Deadline on NCUA Proposal
America’s Credit Unions also reminded that comments are due on Tuesday to NCUA on its proposed rulemaking to codify the elimination of reputation risk from its supervisory program. The trade group said it is supportive of the change and had requested the exclusion of reputational risk in a letter to Chairman Kyle Hauptman in June.
