OCC Finalizes GENIUS Act Rules for Payment Stablecoin Issuers
The OCC has issued a final regulation governing permitted and foreign payment stablecoin issuers and related custody activities, revising capital adequacy and prompt corrective action standards for supervised entities.
The Office of the Comptroller of the Currency promulgated a final regulation implementing GENIUS Act requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers within the OCC's jurisdiction. The rule also covers certain custody activities by OCC-supervised entities and revises capital adequacy standards, prompt corrective action regulations, assessment of fees, and OCC rules of practice and procedure. The same daily update flags two cross-border supervisory items: an SEC memorandum of understanding with France's Autorite des Marches Financiers to facilitate consultation and information-sharing on SEC-regulated investment advisers and investment companies and AMF-supervised investment service providers, and the SEC-FSA Autumn Financial Regulatory Dialogue held in Tokyo on October 19. NCUA separately announced a 13th round of deregulation proposals covering nonconforming investment special reserves, conversion to a state-chartered credit union, and member notification of administrative changes.
For counsel, the OCC final rule is the operative item: it sets prudential and supervisory expectations for issuers already in scope, and clients should map entity status and custody arrangements against the amended capital and PCA frameworks. The source summary does not state effect dates or compliance windows; those should be confirmed against the Federal Register text. Watch for FinCEN implementing activity on the stablecoin provisions and comparable state and offshore regulator rulemaking. The source describes no litigation or challenge to the rule.