Agency Information Collection Activities: Proposed Information Collection; Submission for OMB Review; Applications for Licensing or Registration To Issue Payment Stablecoins Under the GENIUS Act

Issuing agencies

Abstract

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a new information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is proposing a new information collection to comply with the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or the Act) requirement for entities seeking to issue payment stablecoins in the United States, titled "Applications for Licensing or Registration to Issue Payment Stablecoins Under the GENIUS Act." The OCC is seeking a new OMB control number for this information collection and is giving notice that it has sent the collection to OMB for review.

Full Text

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<title>Federal Register, Volume 91 Issue 204 (Friday, October 23, 2026)</title>
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[Federal Register Volume 91, Number 204 (Friday, October 23, 2026)]
[Notices]
[Pages 66939-66942]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21704]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Proposed Information 
Collection; Submission for OMB Review; Applications for Licensing or 
Registration To Issue Payment Stablecoins Under the GENIUS Act

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites comment on a new information collection, 
as required by the Paperwork Reduction Act of 1995 (PRA). In accordance 
with the requirements of the PRA, the OCC may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection unless it displays a currently valid Office of Management 
and Budget (OMB) control number. The OCC is proposing a new information 
collection to comply with the Guiding and Establishing National 
Innovation for U.S. Stablecoins Act (GENIUS Act or the Act) requirement 
for entities seeking to issue payment stablecoins in the United States, 
titled ``Applications for Licensing or Registration to Issue Payment 
Stablecoins Under the GENIUS Act.'' The OCC is seeking a new OMB 
control number for this information collection and is giving notice 
that it has sent the collection to OMB for review.

DATES: Comments must be received by November 23, 2026.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#29595b4840474f4669464a4a075d5b4c485a074e465f"><span class="__cf_email__" data-cfemail="5d2d2f3c34333b321d323e3e73292f383c2e733a322b">[email&#160;protected]</span></a>.
    <bullet> Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
NEW, 400 7th Street SW, Suite 1E-216, Washington, DC 20219.
    <bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 1E-216, 
Washington, DC 20219.
    <bullet> Fax: (571) 293-4835.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-NEW'' in your comment. In general, the OCC will publish comments 
on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or personal 
information provided, such as name and address information, email 
addresses, or phone numbers. Comments received, including attachments 
and other supporting materials, are part of the public record and 
subject to public disclosure. Do not include any information in your 
comment or supporting materials that you consider confidential or 
inappropriate for public disclosure.
    Written comments and recommendations for the proposed information 
collection should also be sent within 30 days of publication of this 
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    You may review comments and other related materials that pertain to 
this information collection following the close of the 30-day comment 
period for this notice by the method set forth in the next bullet.
    <bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' from the drop-down menu. From the 
``Currently under Review'' drop-down menu, select ``Department of the 
Treasury'' and then click ``submit.'' This information collection can 
be located by searching OMB control number ``1557-NEW'' or 
``Applications for Licensing or Registration to Issue Payment 
Stablecoins Under the GENIUS Act.'' Upon finding the appropriate 
information collection, click on the related ``ICR Reference Number.'' 
On the next screen, select ``View Supporting Statement and Other 
Documents'' and then click on the link to any comment listed at the 
bottom of the screen.
    For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please contact the 
Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of 
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, 
hard of hearing, or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the OMB for each collection 
of information that they conduct or sponsor. ``Collection of 
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to 
include agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
The OCC asks the OMB to approve the collection of information in this 
notice.
    Title: Applications for Licensing or Registration to Issue Payment 
Stablecoins Under the GENIUS Act.
    OMB Control No.: 1557-NEW.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Description: The GENIUS Act \1\ was enacted on July 18, 2025. The 
Act will be effective on January 18, 2026. The Act establishes a 
regulatory framework for payment stablecoin activities. On

[[Page 66940]]

March 2, 2026, the OCC issued a proposed rule that would implement 
requirements of the Act with respect to the issuance of payment 
stablecoins and certain related activities by entities subject to the 
OCC's jurisdiction (the proposed rule).\2\ The Act generally prohibits 
any person other than a permitted payment stablecoin issuer (PPSI) from 
issuing payment stablecoins in the United States. Further, the Act 
prohibits a foreign payment stablecoin issuer from offering, selling, 
or otherwise making available in the United States a payment stablecoin 
unless, among other conditions, the foreign payment stablecoin issuer 
is registered with the OCC.
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    \1\ 12 U.S.C. 5901 et seq.
    \2\ Implementing the Guiding and Establishing National 
Innovation for US Stablecoins Act for the Issuance of Stablecoins by 
Entities Subject to the Jurisdiction of the Office of the 
Comptroller of the Currency, 91 FR 10202 (March 02, 2026).
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    The proposed rule set out the process by which entities may seek 
OCC approval to become a PPSI or for foreign payment stablecoin issuers 
to register with the OCC. The final rule related to the proposed rule 
(final rule) is published elsewhere in this issue of the Federal 
Register.\3\ The OCC is now proposing a new information collection 
which includes the application forms which these entities will complete 
and submit to the OCC.
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    \3\ See the final rule titled Implementing the Guiding and 
Establishing National Innovation for US Stablecoins Act for the 
Issuance of Stablecoins by Entities Subject to the Jurisdiction of 
the Office of the Comptroller of the Currency published elsewhere in 
this issue of the Federal Register.
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    Twelve CFR 15.30(b)(1) of the final rule outlines the information 
required for approval of PPSIs. Twelve CFR 15.30(d) outlines the 
factors against which the OCC will evaluate substantially complete 
applications. These are:
    (1) The ability of the applicant (or in the case of an applicant 
that is an insured national bank, Federal savings association or 
insured Federal branch, the subsidiary of the applicant), based on 
financial condition and resources, to meet the requirements for issuing 
payment stablecoins under subpart B of 12 CFR part 15;
    (2) Whether any officer or director of the applicant has been 
convicted of a felony offense involving insider trading, embezzlement, 
cybercrime, money laundering, financing of terrorism, or financial 
fraud;
    (3) The competence, experience, and integrity of the officers, 
directors, and principal shareholders of the applicant, its 
subsidiaries, and parent companies, including:
    (i) The record of those officers, directors, and principal 
shareholders of compliance with laws and regulations; and
    (ii) The ability of those officers, directors, and principal 
shareholders to fulfill any commitments or conditions imposed by the 
OCC in connection with the application filed under this section or any 
prior application;
    (4) Whether the applicant's redemption policy meets the standards 
under 12 CFR 15.12; and
    (5) The ability of the applicant (or in the case of an applicant 
that is an insured national bank, Federal savings association, or 
insured Federal branch, the subsidiary of the applicant) to conduct its 
proposed activities in a safe and sound manner, including whether the 
applicant's proposed structure adequately addresses run risks and 
adequately ensures the ability to redeem payment stablecoins.
    The application must include an overview of the applicant, a 
detailed business plan, and information to assess the above factors, 
including proposed activities and their permissibility; reserve policy 
and requirements; redemption policy and requirements; and risk 
management policy and program, and certification that any filing or 
supporting material submitted to the OCC contains no material 
misrepresentations or omissions. In addition, the application must 
include (or the applicant must ensure each director, executive officer, 
and principal shareholder also submits the information prescribed in 
the Interagency Biographical and Financial Report,\4\ available at 
<a href="http://www.occ.gov">www.occ.gov</a>).
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    \4\ Covered by OMB Control Number 1557-0014.
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    Twelve CFR 15.32(b)(1) of the final rule outlines the information 
required for approval of foreign payment stablecoin issuers. Twelve CFR 
15.32(d) outlines the factors against which the OCC will evaluate 
applications for registration. These are:
    (1) The Secretary of the Treasury's determination that the foreign 
payment stablecoin issuer is subject to a regulatory and supervisory 
regime comparable to the GENIUS Act with respect to payment stablecoins 
under section 18 of the GENIUS Act (12 U.S.C. 5916);
    (2) The financial and managerial resources of the United States 
operations of the foreign payment stablecoin issuer;
    (3) Whether the foreign payment stablecoin issuer will provide 
adequate information to the OCC to determine compliance with the GENIUS 
Act and 12 CFR part 15;
    (4) Whether the foreign payment stablecoin issuer presents a risk 
to the financial stability of the United States, including risks 
relating to ensuring timely redemption for United States customers;
    (5) Whether the foreign payment stablecoin issuer presents illicit 
finance risks to the United States; and
    (6) The ability of the applicant to conduct its proposed activities 
in a safe and sound manner, including whether the applicant's proposed 
structure adequately addresses run risks and adequately ensures the 
ability to redeem payment stablecoins.
    The application must include an overview of the applicant, a 
detailed business plan, and information to assess the above factors, 
including evidence that the Secretary of the Treasury has determined 
that the applicant is subject to regulatory supervisory regime 
comparable to the GENIUS Act with respect to payment stablecoins, under 
section 18 of the GENIUS Act (12 U.S.C. 5916), a certification that the 
applicant will make available to the OCC all information that the OCC 
deems necessary to determine and enforce compliance with the GENIUS 
Act, the applicant's consent to United States jurisdiction relating to 
enforcement of the GENIUS Act and 12 CFR part 15, and certification 
that any filing or supporting material submitted to the OCC contains no 
material misrepresentations or omissions.

Estimated Burden

    Estimated Frequency of Response: On occasion.
    Estimated Number of Respondents: 40.\5\
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    \5\ Number of respondents has been updated to reflect economic 
analysis data.
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    Estimated Total Annual Responses: 40.
    Estimated Total Annual Burden: 4,915 hours.
    Comments: On July 27, 2026, the OCC published a 60-day notice for 
this information collection, (91 FR 47032). The OCC received two 
comments. One of these comments reiterated recommendations made in 
response to the proposed rule. In particular, the comment recommended 
that the OCC (1) differentiate between insured depository institution 
(IDI) and non-IDI applicants, (2) publish and solicit comment on 
permitted payment stablecoin issuer applications, and (3) require 
foreign payment stablecoin issuers seeking to register with the OCC to 
be subject to home-country capital requirements consistent with those 
imposed on permitted payment stablecoin issuers. These

[[Page 66941]]

recommendations are addressed in detail in the OCC's final rule.
    The second comment expressed general support for the proposed 
application process and criteria but included certain recommendations. 
First, the commenter stated that the OCC should conduct a forward-
looking review in light of the short time period between finalization 
of the OCC's final rule and the effective date of the GENIUS Act. In 
particular, the commenter stated that the OCC should evaluate whether 
the application presents a credible and detailed pathway to compliance 
by the effective date of the Act, rather than requiring an applicant to 
complete any operational changes necessary to achieve compliance with 
the Act before evaluating the application. The OCC will consider the 
applicant's plan for compliance and may include conditions, as 
appropriate, to ensure that a permitted payment stablecoin issuer does 
not commence business as a permitted payment stablecoin issuer until it 
is in compliance with all applicable portions of the GENIUS Act. The 
OCC will also consider requests for waiver under section 5 of the 
GENIUS Act, as appropriate.
    Relatedly, the commenter recommended distinguishing what 
constitutes a substantially complete application (i.e., what 
information is sufficient to evaluate the application under 12 CFR part 
15) from an applicant being demonstrably ready. The OCC will evaluate 
an application under the factors detailed in 12 CFR part 15 and may 
impose conditions, as appropriate, to ensure that the applicant is 
operationally ready before it commences business as a permitted payment 
stablecoin issuer. The OCC notes that, in certain circumstances, 
detailed information about the issuer's operational processes may be 
necessary to ensure the applicant's ability to conduct its proposed 
activities in a safe and sound manner, consistent with 12 CFR 
15.30(d)(5).
    The commenter also recommended providing transition relief and 
guidance for applications pending on the Act's effective date. The OCC 
will consider requests for waiver under section 5(f) of the GENIUS Act.
    The commenter recommended that safety and soundness assessments of 
permitted payment stablecoin issuers should remain consistent with the 
OCC's final rule concerning unsafe and unsound practices. The commenter 
also stated that an application should not be held incomplete merely 
because the OCC seeks additional documentation or process enhancements 
after receiving information sufficient to evaluate the statutory 
factors. The GENIUS Act expressly permits the OCC to evaluate, as part 
of the application process, any other factors established by the OCC 
necessary to ensure the safety and soundness of a permitted payment 
stablecoin issuer. The OCC has implemented this provision in Sec.  
15.30(d)(5).
    The commenter also included several technical recommendations. 
First, the commenter recommended against relying solely on standardized 
fields and required fields in favor of using a common evidentiary 
baseline while allowing narrative space in the application. The 
questions in the application are not intended to limit the applicant's 
presentation. Supporting information for all relevant factors, setting 
forth the basis for applicant's conclusions, should accompany the 
application.
    Next, the commenter recommended that the OCC expressly state that 
the application process under 12 CFR part 15 is the controlling filing 
for OCC approval to issue payment stablecoins and conduct directly 
supporting activities. The OCC confirms that the application process 
under 12 CFR part 15 is the only application process required to issue 
payment stablecoins under the GENIUS Act. An issuer may, however, need 
to apply pursuant to other regulations to engage in certain activities. 
For example, an applicant that seeks to issue payment stablecoins as an 
uninsured national bank would need to separately apply for a national 
bank charter under 12 CFR part 5 and apply to be a permitted payment 
stablecoin issuer under 12 CFR part 15.
    Next, the commenter stated that an applicant should be able to seek 
approval to issue more than one payment stablecoin brand through a 
single entity. An applicant may apply to issue more than one brand of 
payment stablecoin out of a single entity. The OCC will evaluate 
whether such a proposal is consistent with the GENIUS Act, including 
with respect to safety and soundness and the protections afforded to 
stablecoin holders. Certain issuers may wish to apply to use multiple 
special purpose vehicle (SPV) issuers to better protect stablecoin 
holders. The OCC will ensure that the application process for such 
business models is not unduly burdensome.
    Finally, the commenter stated that applicants should be able to 
incorporate current information held by the OCC by reference. The 
application form collects information that the OCC needs to evaluate 
requests for approval as a permitted payment stablecoin issuer. Efforts 
to reduce burden will be considered.
    The commenter also stated that the OCC should use tailored 
applicant schedules to ensure that applications contain pertinent 
information and that outcomes are consistent. The proposed forms have 
been tailored with this goal in mind.
    The commenter further stated that the information collection should 
not establish substantive standards separate from the regulation. It 
does not do so. The OCC will review applications in accordance with the 
factors under 12 CFR 15.30.
    The commenter also requested that the OCC condition the required 
certification that the supporting materials contain no material 
misrepresentations or omissions on a reasonable inquiry with respect to 
information that the applicant knows or reasonably should know. 
Consistent with the final rule an applicant must certify that any 
filing or supporting material submitted to the OCC contains no material 
misrepresentations or omissions. This requirement is similar to the 
certification requirements in other licensing forms that the OCC uses, 
and the OCC does not believe that it is necessary to further qualify 
the certification.
    The commenter stated that the OCC should preserve the ability of a 
permitted payment stablecoin issuer to issue multiple payment 
stablecoin brands and to deploy a brand across multiple networks. In 
particular, the commenter stated that an application should not be 
required for each brand or technical deployment. An issuer may issue 
the same brand across multiple blockchains without a separate 
application. Similarly, the final rule does not preclude an issuer from 
issuing multiple separate brands of payment stablecoin. To the extent 
that a particular business model necessitates the use of multiple SPV 
issuers, the OCC will endeavor to minimize the burden of seeking out a 
new license for each SPV.
    The commenter also stated that, for multi-affiliate issuance 
structures, the application should recognize that regulated affiliates 
may need separate issuance and redemption structures to comply with 
local law and may need to rebalance reserves so that liquidity is 
positioned where redemption requests are expected. The OCC will 
evaluate any proposed multi-affiliate issuance model on its terms to 
determine compliance with the GENIUS Act. The OCC does not believe that 
any changes to the application forms are necessary to facilitate such 
an evaluation.

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    The commenter requested that the OCC apply heightened scrutiny to 
consortium and multi-parent applicants. The OCC will evaluate each 
application based on the facts particular to that application.
    The commenter stated that the OCC should ensure that there is a 
clear registration process under section 18(c) of the Act. The final 
rule, in conjunction with this information collection, and ongoing 
coordination with the Department of the Treasury, will help to provide 
such a clear pathway.
    The commenter also stated that the OCC and other primary Federal 
payment stablecoin regulators should coordinate on application 
standards. The agencies have coordinated and will continue to do so.
    Finally, the commenter addressed the OCC's burden estimates. The 
commenter stated that the OCC's estimate of burden materially 
understated the work necessary to prepare a complete application. The 
commenter did not provide an alternative estimate. In addition, the 
commenter noted that existing businesses may face additional burdens 
and that the OCC should consider using its waiver authority under 
section 5(f) of the GENIUS Act. The OCC will use its waiver authority, 
as appropriate.
    Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Sarah E. Turney,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2026-21704 Filed 10-22-26; 8:45 am]
BILLING CODE 4810-33-P


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