AGENCIES REQUEST COMMENT ON CUSTOMER IDENTIFICATION PROGRAM REQUIREMENTS FOR PERMITTED PAYMENT STABLECOIN ISSUERS

The following information was released by the National Credit Union Administration:

The Financial Crimes Enforcement Network (FinCEN), jointly together with the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the National Credit Union Administration (NCUA) (collectively, the Agencies) invite 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).

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.

"This is the next step to ensure that permitted payment stablecoin issuers are fully integrated into Bank Secrecy Act regulations", said Chairman Kyle Hauptman. He went on to say that this 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.

Last month, 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 NCUAs jurisdiction.

Comments on the proposed rule are due 60 days after the date of publication in the Federal Register.