NCUA Proposes Application Process for GENIUS Act Compliance

The National Credit Union Administration (NCUA) Board issued a proposed rule to implement key provisions of the GENIUS Act that apply to federally insured credit unions (FICUs) and their subsidiaries. The proposed rule outlines how payment stablecoin issuers affiliated with FICUs could apply for a license, how they would be supervised, and the limits that would be placed on credit union investments in stablecoin-issuing entities.... By: Davis Wright Tremaine LLP