FDIC Acting Chairman Travis Hill today said his agency will have a busy fall season, with implementation of a new stablecoin law among its top priorities.
The recently enacted GENIUS Act creates a regulatory framework for payment stablecoins. During a press conference, Hill noted that the primary regulator will depend on the type of stablecoin issuer, with the Office of the Comptroller of the Currency to oversee the majority of nonbank issuers.
“But the FDIC will also have a role in overseeing stablecoin issuers,” Hill said. “And then there are some specific tasks for the FDIC and some other things for the [stablecoin] certification committee that we’ll be a member of.”
Other priorities for the FDIC in coming months include working with the Federal Reserve to implement the Basel agreement on capital standards, a joint agency proposal to modify the enhanced supplementary leverage ratio standards, and potential changes to policies and guidance regarding bank mergers, de novo bank formation, bank branch applications and resolution planning.
Longer term, reforming FDIC supervision is “one of the big-ticket agenda items for the next couple of years,” Hill said.
“We have a number of workstreams underway to try to focus supervision more on material financial risks,” he said. “I think in a lot of ways supervision has become too process-focused… There will be more to come and more to announce there in the coming weeks and months.”
