Sec. 102. Federal recognition of non-federally chartered banks
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The Board of Governors shall issue certificates of Federal recognition to non-federally chartered banks. The term non-federally chartered bank means a person that is— wholly owned and controlled by an entity described in section 101(b)(1); and either— chartered as a non-depository institution by an approved non-Federal financial regulator described in subsection (c); or insured as a depository institution by the Corporation, or under an alternate public deposit insurance scheme approved by the Corporation.
The Board of Governors shall establish and maintain on a public website of the Board of Governors a list of approved non-Federal financial regulators for the purpose of determining eligibility for a certificate of Federal recognition under this section. At the request of a non-federally chartered bank, the Board of Governors may convert such bank into a public payment bank or a public lending bank. A non-federally chartered bank— may not offer depository services before— obtaining— deposit insurance or conditional deposit insurance from the Corporation; or deposit insurance from alternate public deposit insurance scheme approved by the Corporation; and becoming a public member bank or a conditional public member in accordance with section 103(b); and may— invest any funds held on behalf of an entity described in section 101(b)(1) in a fiscal agent account; provide fiscal agent services, including sending and receiving money and effectuating payments to and from any entity whose funds are invested in a fiscal agent account; invest any funds held on behalf of an entity not described in section 101(b)(1) in a payments account or as digital dollar products; and provide money transmitter and digital dollar services.
Not later than 1 year after the date of the enactment of this Act, the Board of Governors shall issue guidance to non-federally chartered banks to ensure that the services provided by such banks are universal and comprehensively include historically excluded and marginalized groups.