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Reporting Forms and Instructions Associated With Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers
Plain English Summary
The FDIC is asking for feedback on new reporting forms and instructions for companies that issue permitted payment stablecoins. These forms are part of a proposed rule that requires these companies to report information weekly and quarterly. This is necessary to comply with federal regulations that require a valid control number for information collection. Insurance agents should stay informed about these changes as they may impact stablecoin issuers and related financial services.
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The FDIC invites comment on new forms and instructions associated with an Office of Management and Budget (OMB) control number (3064-0225) assigned in connection with a notice of proposed rulemaking. In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the FDIC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. As part of the notice of proposed rulemaking, the FDIC sought a new OMB control number for a new information collection that would include weekly and quarterly reporting forms that must be completed by permitted payment stablecoin issuers.