Banking and Finance Law Daily Wrap Up, FINANCIAL TECHNOLOGY—ICBA presses FDIC to wait for full GENIUS Act framework before finalizing reporting rules, (Sep 21, 2026)

By Jeff Williams

The group said the delay would enable interested parties to evaluate proposed reporting requirements within a full stablecoin regulatory picture.

The Independent Community Bankers of America (ICBA) has urged the Federal Deposit Insurance Corporation not to finalize the reporting requirements for stablecoin issuers subject to the FDIC’s supervision under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act until the entire GENIUS Act regulatory framework is complete and to coordinate with other regulators to avoid inconsistencies. “The reporting framework cannot be fully evaluated in isolation from related GENIUS Act rulemakings,” ICBA said in a comment letter. “Therefore, the FDIC should not finalize Forms PS-01, PS-01a, and PS-02 before the contours of the stablecoin regulatory framework are clear.” At a minimum, ICBA said, the FDIC delaying finalization and issuance of revised forms until its own GENIUS Act implementing regulations and related rulemakings from the Office of the Comptroller of the Currency and the Federal Reserve Board are finalized would "help ensure that commenters can evaluate the reporting forms within a sufficiently complete regulatory framework,” the group said.

While the FDIC’s proposed information gathering for Reporting Forms Reporting Forms PS-01, PS-01a, and PS-02 for permitted payment stablecoin issuers (PPSIs) are “useful starting points” for establishing the GENIUS Act reporting regime, ICBA said that the FDIC, OCC, and FRB coordinating their reporting regimes would "avoid regulatory arbitrage, ensure consistency, and safeguard financial stability.” The group also noted that many of the issues in the FDIC’s GENIUS Act proposal are similar to those covered in recommendations ICBA made in a comment letter filed with the FDIC Aug. 11, 2026, regarding the Office of the Comptroller of the Currency’s (OCC) proposed Forms PS-01 and PS-02, and encouraged the FDIC, OCC, and the FRB to “coordinate their reporting regimes to avoid regulatory arbitrage, ensure consistency, and safeguard financial stability.”

The ICBA called interagency coordination and consistency "essential,” stating that “Stablecoin risks can spread quickly across issuers, intermediaries, markets, and regulatory jurisdictions, making coordinated reporting essential to monitoring systemwide risk. Forms PS-01, PS-01a, and PS-02 will be useful only if the information can be compared across issuers supervised by different primary federal payment stablecoin regulators.”

The ICBA asked the FDIC not to establish PS-01 as a “short form reporting option for certain PPSIs," saying that the FDIC and OCC reporting proposals “demonstrate recognition that payment stablecoin activities pose important supervisory risks related to management of reserve assets, redemption activity, operational resiliency, concentration, and volatility of market activity.”

In addition, the group said that Forms PS-01 and PS-01a should be revised to “better capture stablecoin activity, concentration, redemption channels, secondary-market conditions, pricing anomalies, and run-risk indicators, and explain the objective criteria for determining when PPSIs may use the short-form rather than full reporting” and Form PS-01 should be revised to “capture issuers’ true economic exposure, including reserve monetization, yield-like arrangements, affiliate relationships, operational dependencies, and off-balance-sheet risks.” Because stablecoin issuer risk is “operational as well as financial,” ICBA said, “An issuer may appear financially sound but still be unable to redeem, mint, burn, freeze, block, transfer, custody assets, access reserves, or maintain customer access during periods of stress.”

The FDIC should also “Preserve the FDIC’s public disclosure framework for Form PS-02 by identifying core fields that should remain publicly available and ineligible for confidential treatment, and limiting confidential treatment to only narrow, predefined categories if the filer can show good cause” and “Design a complete reporting architecture for Forms PS-01, PS-01a, and PS-02, including common data standards, validation controls, reconciliation processes, interagency data sharing, and public dissemination standards.” A “clear reporting architecture is especially acute,” the filing said, because “Forms PS-01, PS-01a, and PS-02 collect related information at different levels of aggregation and different reporting frequencies.”

Companies: Independent Community Bankers of America

RegulatoryActivity: BankingOperations Blockchain FinancialIntermediaries FinancialStability FinTech