American Bankers Association criticizes OCC’s GENIUS rules on stablecoins

The first major federal rulebook for US stablecoins is barely out, and the banks are already unhappy with it. The American Bankers Association (ABA) is objecting to the Office of the Comptroller of the Currency’s finalized rules under the GENIUS Act. Its main complaint concerns yield, the interest-like rewards that make holding a stablecoin feel a lot like holding a savings account. What the OCC actually finalized The OCC issued its final rule on October 21, 2026. It sets out how payment stablecoins will be issued and supervised in the US, and it takes effect on January 18, 2027. The rule implements the GENIUS Act, which became law on July 18, 2025. The statute sets standards for reserves, redemption, risk management and auditing. Put simply, it tells issuers what must back their tokens, how holders get their money out, and who checks the books. One notable gap: the law does not include explicit anti-money laundering provisions. Those are being handled separately by the Treasury, so the OCC’s rule is only one piece of the eventual framework. This is the first major agency rulemaking under the 2025 law. The rule covers national banks, federal savings associations and certain state-q...