Regulatory Alerts2026-06-18 | FIL-29-2026Notice of Proposed Rulemaking: Permitted Payment Stablecoin Issuer Customer Identification Program
The FDIC, Federal Reserve Board, OCC, NCUA, and FinCEN jointly issued a notice of proposed rulemaking to implement the GENIUS Act by classifying permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act. The proposal establishes minimum customer identification program standards tailored to each issuer’s size and risk profile, mandating written programs with risk-based identity verification procedures. It further permits stablecoin issuers, particularly subsidiaries of insured depository institutions, to leverage parent compliance frameworks or rely on other federally regulated financial institutions, provided specific contractual and regulatory conditions are satisfied.
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