A regulator must use existing reports and avoid duplication
What the document says“In supervising and examining a permitted payment stablecoin issuer under this subsection, a primary Federal payment stablecoin regulator shall, to the fullest extent possible, use existing reports and other supervisory information.”
Subsection (a)(4). Three requirements run together: use existing reports and other supervisory information to the fullest extent possible, avoid duplication of examination activities, reporting requirements and requests for information to the fullest extent possible, and request examinations and reports only at a cadence and in a format similar to that required for similarly situated entities the regulator already regulates.
What the document actually says“In supervising and examining a permitted payment stablecoin issuer under this subsection, a primary Federal payment stablecoin regulator shall, to the fullest extent possible, use existing reports and other supervisory information.”
The watchdog must lean on reports it already has. It must do so as far as it can.
It must not ask twice for the same thing. It must keep to the pace it sets for like firms. The same goes for the form it asks for.
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