America's credit unions face 26 new stablecoin questions on their quarterly reports, from reserves to private keys

The regulator for America's credit unions wants to see their stablecoin business in every quarterly report. The National Credit Union Administration published a proposal in the Federal Register on October 9 to add a new Schedule J for payment stablecoin activities to the Call Report, the financial filing every federally insured credit union makes each quarter.

The schedule has 26 new lines in four groups: eight on reserve assets a credit union holds for permitted stablecoin issuers, nine on custody and control of cryptographic keys, five on direct exposure to issuers and four on payment stablecoins held on the credit union's own balance sheet.

The notice estimates 4,224 credit unions would file, at an average of 47 hours per report, and says the new lines would not materially change that burden. The aim is to let examiners supervise this business from a distance using the reported data, Bitcoin.com News reported.

Comments are due by December 8, 2026, and the revised form still needs clearance from the Office of Management and Budget. If approved, credit unions would first fill in the stablecoin lines for the March 31, 2027 report date. Earlier this year the agency proposed standards for stablecoin issuers under the GENIUS Act, the outlet noted.