The Office of the Comptroller of the Currency has issued Bulletin 2026-51, clarifying application and waiver procedures under the GENIUS Act and encouraging community banks to consider becoming permitted payment stablecoin issuers.
In a post on X, the OCC said interested community banks are encouraged to consider applying to become, or for a subsidiary to become, a permitted payment stablecoin issuer, as applicable. The agency said these opportunities complement its Community Bank Comeback initiatives, which it described as efforts to right-size regulation and tailor supervision so community banks can grow, compete and continue serving their communities.
Compliance deadline and waivers
Payment stablecoin issuers must comply with the GENIUS Act starting January 18, 2027, or face criminal penalties for noncompliance without prior approval as a permitted issuer, according to the bulletin. Existing US issuers with substantially complete applications pending by the effective date can generally expect waivers from the prior approval requirement for up to 12 months.
Application process
The OCC will begin accepting applications after the Office of Management and Budget approves related information collection forms. Applications must cover business plans, reserves, and risk management and compliance functions.
The agency committed to reviewing applications for completeness within 30 days and taking final action on substantially complete filings within up to 120 days.
