NCUA Proposes Rules for Credit Union Stablecoin Subsidiaries Under GENIUS Act, US, February 2026

The National Credit Union Administration (NCUA) Board published a proposed rulemaking on 12 February 2026 to implement portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) regarding the licensing and supervision of payment stablecoin issuers that operate as subsidiaries of federally insured credit unions (FICUs). The proposed rule is at the notice-and-comment stage; no final rule has been adopted.

The controlling authority is the GENIUS Act, enacted as Public Law signed by President Trump. The proposed rule implements the GENIUS Act's provisions that charge the NCUA with licensing, regulating, and supervising payment stablecoin issuers that are subsidiaries of FICUs. The NCUA Board published the proposed rulemaking in the Federal Register on 12 February 2026 under the title "Investments in and Licensing of Permitted Payment Stablecoins Issuers."

FICUs that wish to establish a subsidiary to issue payment stablecoins must evaluate their obligations under the proposed rule. The rule would establish procedures for obtaining NCUA approval to issue payment stablecoins through a subsidiary, paralleling the FDIC's December 2025 proposed rulemaking that covers FDIC-supervised insured depository institutions. Credit unions operating or planning digital asset services must assess whether their subsidiary structure satisfies the proposed licensing and supervisory requirements.

The comment period is open following publication in the Federal Register on 12 February 2026. The NCUA has not yet announced a comment deadline in available public records. The proposed rule remains subject to modification based on public comments received. Separate proposed rulemakings from the OCC (published 03 March 2026) and the FDIC (published 19 December 2025) govern other categories of GENIUS Act-supervised institutions; each regulator's rule applies only to institutions within its supervisory jurisdiction.

Source: "Investments in and Licensing of Permitted Payment Stablecoins Issuers," Proposed Rule by the National Credit Union Administration, Federal Register, published 02/12/2026. Available at: https://www.federalregister.gov (search: NCUA GENIUS stablecoin 2026). Date confirmed: 04 March 2026.

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