Since July 2025, one of the most common questions we receive as regulators is what will the impact of the Genius Act be on institutions within the Fifth Federal Reserve District?  While all rulemaking and policy don’t have to be written until October 2026, this article provides a general overview of the Act and a few topics within the Act that have been acknowledged. As policy and rules are determined, the Richmond Fed’s supervision division will continue to provide updates.

Banking is evolving as financial institutions reshape their branch networks. New research shows that while banks are closing branches in areas with more financially sophisticated customers who are comfortable with digital banking, they're also strategically opening new branches in these same areas to attract deposits away from competitors. This pattern highlights the changing role of physical locations in modern banking.