Enforcement follows existing banking procedures and judicial review
What the document says“the primary Federal payment stablecoin regulator shall comply with the procedures set forth in subsections (b) and (e) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) or subsections (e) and (g) of section 206 the Federal Credit Union Act (12 U.S.C. 1786(e) and (g)), as applicable.”
Subsection (b)(4). A person aggrieved by a final action may obtain judicial review exclusively as provided in section 8(h) of the Federal Deposit Insurance Act or section 206(j) of the Federal Credit Union Act. The regulator may follow the judicial enforcement procedures in section 8(i)(1) or section 206(k)(1), and where a violation is likely to cause insolvency, significant dissipation of assets or earnings, weaken the issuer or prejudice customers before proceedings finish, it may follow section 8(c) or section 206(f) to issue a temporary cease and desist order. What those older provisions require is not recorded here, because neither Act is indexed on this site.
What the document actually says“the primary Federal payment stablecoin regulator shall comply with the procedures set forth in subsections (b) and (e) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) or subsections (e) and (g) of section 206 the Federal Credit Union Act (12 U.S.C. 1786(e) and (g)), as applicable.”
The watchdog must follow set steps to act. Those steps sit in two older banking laws. Which one it uses depends on the firm.
One law covers banks. One covers credit unions. Neither is part of this site. So the steps themselves are 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.