WASHINGTON--America's Credit Unions is urging CUs to weigh in on two Treasury proposals implementing the GENIUS Act, with comments due in the coming weeks.
In addition to directly responding to Treasury, credit unions can also send comments to America’s Credit Unions to help inform the organization’s comments based on member feedback, ACU noted.
GENIUS Act State-level regulatory regimes
Treasury is establishing broad-based principles for determining when a State-level regulatory regime is substantially similar to the federal regulatory framework. The federal regulatory framework primarily consists of the text of the GENIUS Act and the Office of the Comptroller of the Currency’s interpretations and subsequent regulations.
- Comments are due to the Treasury by June 2.
NCUA chartering and field of membership proposal
The proposal would expand the associational groups eligible to form single-common-bond federal credit unions and eligible to be added to the fields of membership of multiple-common-bond federal credit unions.
- Submit comments to America’s Credit Unions by May 25 and to NCUA by June 8.
GENIUS Act stablecoin AML/CFT compliance program requirements
Financial Crimes Enforcement Network and the Office of Foreign Assets Control issued a joint proposal treating permitted payment stablecoin issuers (PPSIs) as financial institutions for purposes of the Bank Secrecy Act (BSA) and proposing anti-money laundering/countering the financing of terrorism (AML/CFT) obligations for PPSIs, including requiring PPSIs to maintain effective sanctions compliance programs.
- Comments can be submitted to America’s Credit Unions by May 26 and are due to Treasury by June 9.