FSOC meeting covers GENIUS Act implementation, NCUA updates

NCUA Chairman Kyle Hauptman joined Treasury Secretary Scott Bessent, Federal Reserve Chair Jerome Powell, and other top financial regulators Wednesday at the Financial Stability Oversight Council (FSOC) meeting to discuss ongoing directives from the Trump administration and priorities for the year ahead.

During his remarks, Hauptman highlighted several agency initiatives, including the complete removal of reputational risk from the examination process, extending the examination cycle for the smallest, lowest-risk credit unions, withdrawing several planned rulemakings, including one on climate-related financial risk, and discussing the agency’s work on guidance related to digital assets.

Federal Gov. Michelle Bowman highlighted an interagency initiative to develop regulations to implement the GENIUS Act, for which she has previously raised the need. America’s Credit Unions has urged the NCUA to begin rulemaking related to the GENIUS Act to ensure credit unions can participate in digital-asset custody in a safe and sound manner. The association has an FAQ available for members. 

Treasury Secretary Scott Bessent shared his views on financial stability and the importance of economic growth and security, as well as his priorities for the council.  

Also participating were Comptroller of the Currency Jonathan Gould, acting CFPB Director Russell Vought, Federal Housing Finance Agency Director Bill Pulte, Securities and Exchange Commission Chairman Paul Atkins, and Federal Deposit Insurance Corporation acting Chairman Travis Hill, along with other financial services stakeholders.