Banking groups ask Fed for 60 more days to comment on stablecoin rules

Four bank trade groups have asked the Federal Reserve to extend comment on its two Genius Act stablecoin proposals, arguing the Fed's prudential framework is explicitly benchmarked to an OCC rule that is about to change. The request bears on timing, not substance, but shapes how much scrutiny the final rules receive before they bind issuers.

• The Fed issued two companion proposed rules implementing its Genius Act responsibilities in late September 2026.
• One proposal covers approval procedures for a subsidiary to become a board-supervised permitted payment stablecoin issuer (PPSI); the other sets reserves, capital, redemption, risk management, custody and reporting requirements.
• ABA, BPI, CBA and ICBA have requested a 60-day extension, moving the comment deadline from November 30 to January 29.
• OCC Comptroller Gould has stated the OCC intends to finalize its own stablecoin rule by November 2026, which the groups say would change the benchmark the Fed's proposal is tied to.
• The associations also urged the Fed to coordinate timing and effective dates with other agencies and keep PPSI requirements consistent across regulators.