On July 17, the FDIC announced the issuance of a notice and request for comment on proposed reporting forms and instructions for FDIC-supervised permitted payment stablecoin issuers (PPSIs) under the GENIUS Act (previously covered by InfoBytes here). The notice proposes a new information collection tied to the FDIC’s April 10 proposed rule implementing the GENIUS Act (previously covered here), which would require PPSIs to submit confidential weekly and quarterly reports to the FDIC to facilitate supervision, promote transparency, and assess compliance with the GENIUS Act’s reserve asset requirements. A PPSI would be required to file a separate weekly form for each brand of payment stablecoin it issues. The proposed weekly reporting form, Form PS-01, would apply to PPSIs with $1 billion or more in total outstanding issuance value or $100 million or more in average daily transaction volume in the prior month and would include eight schedules covering the largest holders and exchanges for a payment stablecoin, issuance and redemption activity, and detailed information on reserve assets such as cash balances, U.S. Treasury securities, reverse repurchase agreements, and money market mutual funds. A separate abridged weekly form, Form PS-01a, containing three schedules would apply to PPSIs below those thresholds, though the FDIC said it may require an otherwise eligible PPSI to file the longer form based on supervisory need.

The proposed quarterly reporting form, Form PS-02, would apply to all PPSIs and would be designed to replicate, in streamlined form, call reports, through five schedules covering a PPSI’s income statement, balance sheet, off-balance sheet items, capital and operational backstop, and additional memorandum data. The FDIC said it intends to publish the quarterly report data to promote transparency and allow the public to understand a PPSI’s financial condition. The FDIC estimated that approximately 30 FDIC-supervised insured depository institutions would engage in permitted payment stablecoin activities, with an estimated annual burden of 3,840 hours for the weekly and quarterly reporting combined. Comments on the proposed forms and instructions are due by September 18.