The OCC finalizes its GENIUS Act rule, effective January 18

The OCC finalized its rules implementing the GENIUS Act on October 21. The rules cover permitted payment stablecoin issuers and foreign payment stablecoin issuers under OCC jurisdiction. They also cover certain custody activities by banks the OCC supervises. “The final rule and the GENIUS Act take effect on January 18, 2027,” the release says. The OCC will announce separately when it begins accepting applications and waiver requests.

The rule leaves one piece for later. Requirements tied to the Bank Secrecy Act, anti-money laundering and OFAC sanctions will come in a separate rulemaking developed with Treasury. Comptroller Jonathan V. Gould said the rule provides “a clear, practical framework for payment stablecoin innovation” with standards for reserve backing, redemption and risk management. Three bulletins carry the detail. Bulletin 2026-50 is the rule, 2026-51 covers waivers and applications, and 2026-52 revises the reporting forms.

The pitch to community banks

Gould spoke to the Ohio Bankers League on October 27. He said “there is a pathway for interested community banks to explore issuing payment stablecoins through a subsidiary.” He also said “the rule applies the same standards to bank and nonbank issuers.” The OCC published a community bank fact sheet on the Act alongside the speech.

Credit unions will report it

The NCUA proposed Call Report changes for the March 2027 cycle on October 16. “This quarter’s proposed changes include adding a new schedule for Payment Stablecoin Activities,” the agency said. Comments close on December 8. A credit union that holds, custodies or facilitates stablecoins will need data for that schedule within months of the Act taking effect.

A stablecoin program at a community bank now has a rulebook and a date. The BSA chapter of that rulebook is still unwritten.