Agencies seek input on CIP rules for stablecoin issuers

COMMENT CALL:  The Financial Crimes Enforcement Network (FinCEN), the NCUA, and other federal regulators, have proposed a joint rule that would require permitted payment stablecoin issuers (PPSIs) to maintain an effective customer identification program (CIP).

Rather than a one-size-fits-all approach, the proposal requires a PPSI’s CIP to address the types of accounts it intends to maintain, how it allows those accounts to be opened, and the types of identifying information available.

The proposal includes a new definition of “account” with unique provisions that reflect the kinds of activities in which PPSIs can engage, including:

• Issuing or redeeming a payment stablecoin; 
• Managing related reserves; and 
• Providing custodial or safekeeping services for stablecoins, reserves, or private keys.

This FinCEN Fact Sheet summarizes the basic requirements of the proposed rule, which are comparable to existing CIP requirements for credit unions and other financial institutions. For example, the proposal would require PPSIs to:

• Implement risk-based CIP procedures that verify customer identities and ensure they can reasonably determine who their customers are; 
• Keep records of all the CIP information they maintain; 
• Provide customers with adequate notice that the PPSI is requesting information to verify their identities.

The CIP proposal is part of the broader rulemaking effort to implement the federal GENIUS Act, which was enacted in July 2025 to establish a federal regulatory framework for payment stablecoins and their issuers. Last month, the NCUA proposed a rule to outline the operational and risk management standards for licensed payment stablecoin issuers. In February 2026, it proposed a rule to govern the applications of PPSIs subject to the NCUA’s jurisdiction.

Make your voice heard

The League may submit a comment letter on this proposal – if interested credit unions share their thoughts about it with us. Please send your feedback to Paul Guttormsson at The League by Aug. 14, so that our letter (which is due Aug. 21) can reflect your views.

Compliance Roundtable – September 16 (In-Person)

Join members of The League’s compliance team as they lead a discussion on the latest changes in regulations and need-to-know information to keep your credit union in compliance. You can find more information or register on our website.