Comments on the agency’s proposed call report revisions, including the addition of a new schedule for credit unions’ involvement in payment stablecoin activities, are due Dec. 8, the National Credit Union Administration (NCUA) reminded in a release Friday.
The NCUA said it anticipates the revisions being included in the Form 5300 call report for the first quarter of 2027, which ends March 31.
The agency has proposed but not yet finalized rulemakings addressing how the agency will regulate and supervise credit unions’ stablecoin-related activities under the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) and how the institutions will report such activity on Bank Secrecy Act reports. (The banking regulators have the same or similar proposals awaiting adoption.) The act’s provisions are expected to take effect early next year.
The NCUA’s proposed revisions add Schedule J to the Form 5300 call report that seeks data on the following, all aimed at enhancing the agency’s off-site supervision:
(1) eight new accounts for reporting custody of reserve assets for permitted payment stablecoin issuer (PPSI) third parties;
(2) nine new accounts for reporting cryptographic key custody and control;
(3) five new accounts for reporting direct exposure to PPSIs;
(4) four new accounts for reporting payment stablecoins held on the credit union’s balance sheet.
The agency said in its Oct. 9 Federal Register notice that it has already submitted its proposal to the Office of Management and Budget (OMB) for approval; it said comments received will be summarized and shared with OMB.
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