ICBA provided comments on the FDIC's notice of proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act requirements applicable to FDIC-supervised insured depository institutions that engage in payment stablecoin-related activities. 

ICBA said the NPR raises significant questions for community bank funding, credit availability, the structure of the U.S. banking system, and the appropriate role of the bank-funded Deposit Insurance Fund. 

ICBA also said the FDIC should move deliberately and with full public input to ensure that its final rule protects the banking system, prevents regulatory arbitrage, and does not accelerate the migration of deposits and lending capacity away from community banks.