Reports

(a) Rulemaking status Not later than 6 months after the date of enactment of this Act, the primary Federal payment stablecoin regulators shall provide a status update on the development of the rulemaking under this Act to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (b) Annual reporting requirement Beginning on the date that is 1 year after the date of enactment of this Act, and annually thereafter, the Board and Comptroller shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report on the status of the payment stablecoin industry, including— (1) an overview of trends in payment stablecoin activities; (2) a summary of the number of applications for permitted payment stablecoin issuer under section 5, including aggregate approvals and rejections of applications; and (3) a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities. (c) FSOC report The Financial Stability Oversight Council shall incorporate the findings in the report under subsection (b) into the annual report of the Council required under section 112(a)(2)(N) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5322).