ICBA sent a letter to federal banking regulators regarding the proposed rule to implement the GENIUS Act’s directives to treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and to require those issuers to maintain effective customer identification programs. ICBA said it supports the agencies' efforts to establish a robust, uniform, and enforceable regulatory framework for PPSIs and urged the agencies to finalize a rule that holds PPSIs to the same rules as community banks.