Federal Register #Docket No. R-1900

Federal Reserve proposes application procedures for banks seeking approval for subsidiaries to issue payment stablecoins under the GENIUS Act.

This opportunity concerns the Federal Reserve System's proposed regulations for banks seeking approval for subsidiaries to issue payment stablecoins under the GENIUS Act. - Government Buyer: - Board of Governors of the Federal Reserve System (Federal Reserve System) - Scope and Requirements: - Establishes application procedures for insured State member banks to request approval for subsidiaries to issue payment stablecoins - Outlines procedural rules, review criteria, and information required for statutory assessment - Addresses safety, soundness, compliance, capital adequacy, and redemption policies - Includes evaluation of officers, directors, and principal shareholders - Provides for hearings, appeals, and final determinations - Tailored application processes for consortium models and potential waivers - OEMs and Vendors: - No specific OEMs or vendors are mentioned; this is a regulatory solicitation - Products/Services Requested: - No products or services are being procured; the notice is for regulatory procedures - Unique/Notable Requirements: - Application process is tailored for stablecoin issuance, including consortium models - Coordination and waivers may be considered for certain applicants - Focus on statutory factors and regulatory compliance

Description

The Board of Governors of the Federal Reserve System proposes regulations establishing procedures for insured State member banks seeking Board approval for a subsidiary to issue payment stablecoins under the GENIUS Act. The proposed rule outlines application requirements, review processes, and criteria including safety, soundness, and compliance. It also addresses procedural rules for hearings, appeals, and final determinations. Comments on the proposal are due by November 30, 2026.

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