BPI and The Clearing House Association Comment on OCC’s AML/CFT Approach, Proposal for Stablecoin Issuers

Ladies and Gentlemen:

The Bank Policy Institute^[1] and The Clearing House Association^[2](the "Associations") appreciate the opportunity to comment on the Office of the Comptroller of the Currency's proposed rule to implement Bank Secrecy Act ("BSA"), anti-money laundering/countering the financing of terrorism ("AML/CFT"), and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers ("PPSIs").^[3] This proposal is an important component of the broader framework implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act") that, in combination with the numerous other rules the GENIUS Act requires federal agencies to promulgate, will affect both the consistency of the federal PPSI framework and the integrity of the U.S. financial system. This letter addresses those aspects of the proposal related to the AML/CFT and sanctions proposed requirements. BPI is submitting a separate comment letter to address the questions that relate to the OCC's proposed PPSI rule published in March (the "March Proposal").^[4]

We first note that the OCC's 30-day comment period does not afford commenters sufficient time to provide meaningful input given the novelty of the statute, the breadth of the issues implicated by this proposal, and the overlap among ongoing rulemakings, including by the Department of the Treasury, the OCC, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the Office of Foreign Assets Control. This is particularly true given that the OCC raises questions for comment in the proposal that are unrelated to, and extend beyond, the AML/CFT- and sanctions-related requirements applicable to PPSIs, including those related to the OCC's March Proposal to establish requirements and obligations for PPSIs under the OCC's jurisdiction as required by the GENIUS Act.^[5]

While we welcome the opportunity to provide input on these important topics, the title and scope of the current proposal may not have provided adequate notice that stakeholders were being asked to comment on issues raised in the earlier proposal. To the extent the OCC seeks additional feedback on those broader issues, a supplemental proposal associated with the March 2026 rulemaking would provide a more transparent and effective mechanism for public comment. We therefore recommend that the OCC issue a supplemental proposal in connection with the March Proposal addressing these matters and provide a comment period that affords stakeholders sufficient time to meaningfully respond.

To read the full comment letter, please click here, or click on the download button below.

[1] BPI is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks, and major foreign banks doing business in the United States. BPI produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.

The Clearing House Association L.L.C., the country's oldest banking trade association, is a nonpartisan organization that provides informed advocacy and thought leadership on critical payments-related issues. Its sister company, The Clearing House Payments Company L.L.C., owns and operates core payments system infrastructure in the United States, clearing and settling more than $2 trillion every business day.

[3] OCC, Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance Risk Management, 91 Fed. Reg. 37,840 (June 24, 2026).

[4] See OCC, Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the Office of the Comptroller of the Currency, 91 Fed. Reg. 10,202 (Mar. 2, 2026).

[5] Id.