The NCUA and other federal financial regulators are asking for public comments on a proposed rule for permitted payment stablecoin issuers. The rule would require those authorized under the GENIUS Act to issue digital assets, to create and maintain a customer identification program. This means they must have a clear process to identify and verify the people who open accounts.

NCUA Chairman Kyle Hauptman said the rule is an important step in bringing stablecoin issuers under Bank Secrecy Act rules. He said the proposal is similar to the customer identification rules credit unions already follow. The goal is to protect credit unions and their members by helping prevent money laundering and terrorist financing.

Last month, NCUA issued a proposed rule to outline the operational and risk management standards for licensed payment stablecoin issuers, and in February 2026, issued a proposed regulation to govern the applications of permitted payment stablecoin issuers subject to the NCUA's jurisdiction.