Section 171 of the Financial Stability Act does not apply to these rules
What the document says“With respect to the promulgation of rules under subparagraph (A) and clauses (iii) and (iv) of this subparagraph, section 171 of the Financial Stability Act of 2010 (12 U.S.C. 5371) shall not apply.”
Subsection (a)(4)(C)(ii). Clause (iii) provides that a rule imposing a consolidated leverage or risk-based capital requirement on an insured depository institution or a depository institution holding company must not require capital, with respect to a permitted payment stablecoin issuer within the group, in excess of what that issuer must hold under the capital rules issued under subparagraph (A)(i). Clause (iv) requires each appropriate Federal banking agency to amend or otherwise modify its regulations to comply, by the earlier of the section 13 rulemaking deadline or the date the Federal regulators issue rules under this section. What section 171 of the Financial Stability Act says is not recorded here, because that Act is not indexed on this site.
What the document actually says“With respect to the promulgation of rules under subparagraph (A) and clauses (iii) and (iv) of this subparagraph, section 171 of the Financial Stability Act of 2010 (12 U.S.C. 5371) shall not apply.”
One older rule is switched off for this work. It does not apply when these new rules are written.
The older rule sets a floor for bank capital. That law is not part of this site. So what it says is not recorded here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.