ABA, Associations Ask Agencies to Commit to Reproposing Conflicting Genius Act Rules

The American Bankers Association and other financial trade groups are urging FinCEN and the Federal Reserve to withdraw and rewrite a proposed rule under the GENIUS Act. They argue the current proposal, which would mandate querying a FinCEN database for every law enforcement request to combat fentanyl trafficking, is overly broad and operationally burdensome.

This Wire brief sits within Fusion42's coverage of Fintech.