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FINANCIAL INSTITUTION LETTER | JUNE 18, 2026 |
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Summary:
The FDIC, along with the Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN), approved a notice of proposed rulemaking (NPR) that would implement the directives pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to treat permitted payment stablecoin issuers (PPSIs) as financial institutions under the Bank Secrecy Act and to require PPSIs to maintain an effective customer identification program (CIP).
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Statement of Applicability:
The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.
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Distribution:
FDIC-Supervised Institutions
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