On August 26, FDIC Acting Chairman Travis Hill spoke at a press conference to outline the agency’s policy agenda for the fall, highlighting implementation of the newly enacted GENIUS Act as a top priority. Hill noted that the GENIUS Act establishes a regulatory framework for payment stablecoins, with oversight responsibilities divided among federal regulators depending on the type of issuer. While the OCC will serve as the primary regulator for most nonbank issuers, Hill confirmed that the FDIC will also play a role in stablecoin oversight and will participate in the stablecoin certification committee.
Hill also identified several additional priorities for the FDIC in the coming months, including: (i) working with the Fed to implement the Basel capital standards; (ii) finalizing joint agency proposals to modify the enhanced supplementary leverage ratio requirement; and (iii) considering changes to policies on bank mergers, bank formation, branch applications, and resolution planning.
Looking further ahead, Hill described reforming FDIC supervision as a “big-ticket agenda item,” emphasizing a shift toward focusing supervision on material financial risks rather than process. He indicated that multiple projects are underway and that further announcements on supervision reform are expected in the coming months.
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