America's Credit Unions Urges NCUA To Fine-Tune GENIUS Act Stablecoin Rule
By CU Today Staff —
WASHINGTON--As NCUA works to implement the GENIUS Act, America’s Credit Unions submitted comments on the proposal Friday. NCUA’s proposal contains core operational requirements for agency-licensed permitted payment stablecoin issuers (PPSIs).
“We commend the NCUA for seeking to align proposed regulations with the statutory text of the GENIUS Act and for favoring individualized, risk-based assessments over rigid quantitative mandates in areas where the statute directs tailoring, such as capital adequacy,” the letter reads. While acknowledging an overarching objective of regulatory coordination, the letter urged NCUA to "remain attentive to the structural differences [of] credit unions.”
America’s Credit Unions provided detailed recommendations to improve a final rule, including requests for the NCUA to:
Originally reported by CU Today.