WASHINGTON—The Office of the Comptroller of the Currency expects to finalize its rules implementing the GENIUS Act by November and begin processing applications from companies seeking authority to issue stablecoins in January, a timetable that is putting additional focus on whether the NCUA will move quickly enough to ensure federally insured credit unions have competitive parity.
According to POLITICO, Comptroller Jonathan Gould told the Wyoming Blockchain Summit Wednesday that the OCC is moving quickly toward completing the regulations.
“We will have a final rule out by November,” Gould said. “We are working with great speed here.” He added that the agency “will be able to start processing applications with the new year.”
The OCC has revised its earlier proposal in response to industry comments, although Gould did not detail the changes.
The timeline is significant for credit unions. As CUToday.info has previously reported, the GENIUS Act created the first federal regulatory framework for payment stablecoins and opened a path for insured depository institutions and their subsidiaries to participate, but the NCUA must establish its own implementing framework if federally insured credit unions are to have meaningful parity with banks. Credit union advocates have warned that delays by the agency could leave banks and other OCC-supervised institutions with a head start in a rapidly developing payments market.
President Donald Trump signed the GENIUS Act in July 2025, and key provisions are scheduled to take effect Jan. 18, 2027, including licensing requirements for payment stablecoin issuers. POLITICO reported federal banking regulators missed a July statutory deadline for completing various implementing regulations. The OCC's proposed framework addresses such areas as reserves, redemptions, risk management and supervision, and Gould said the final version will reflect comments received on the proposal.
The OCC, meanwhile, is already positioning itself for the new market. POLITICO reported the agency last week conditionally approved a national trust bank charter for World Liberty Trust Company, an affiliate of the Trump family's World Liberty Financial and operator of the USD1 stablecoin. With the OCC now publicly committing to a November rule and January application processing, attention will increasingly turn to the NCUA and whether it can have rules and supervisory processes in place soon enough to prevent federally insured credit unions from beginning the stablecoin era at a regulatory disadvantage.
Jason Stverak
DCUC Says ‘Parity On Paper’ Not Enough
“NCUA has already made meaningful progress through its proposed licensing and operational standards, and we appreciate former Chairman Hauptman’s stated commitment that credit unions should face no regulatory disadvantage compared with banks,” stated Defense Credit Union Council Chief Advocacy Officer Jason Stverak. “Now that commitment must be reflected in implementation. Parity on paper is not enough if bank-affiliated issuers can enter the market while credit union-affiliated issuers are left waiting for final rules, application materials, supervisory guidance, or examiner readiness.
“Credit unions should not lose valuable time, partnerships, or market opportunities simply because their regulator is operating on a different clock,” Stverak continued. “DCUC urges the NCUA to finalize a clear, efficient, and risk-appropriate framework; publish all necessary application materials; prepare its licensing and supervisory teams; and establish a transparent review process in time for January.”
The same activity presenting the same risk should receive comparable regulatory treatment regardless of charter, Stverak said.
“Credit unions must be able to compete, innovate, and serve their members from the starting line, not months after the race has already begun,” Stverak concluded. “NCUA has already proposed both a licensing framework and operational standards for credit union-affiliated permitted payment stablecoin issuers. DCUC’s July 17 comment letter likewise urged NCUA to maintain consistency with federal banking regulators and ensure credit unions have the same opportunity to participate in the emerging payment-stablecoin market.”
CUToday.info has reached out to NCUA for comment. As CUToday.info has also reported, NCUA is operating without a single sitting board member more than a week after the Senate confirmed John Crews to lead the agency, a gap in leadership that remains unresolved as Crews awaits his formal swearing-in.