Sec. 604. Certificate of authority to commence banking
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Section 5169 of the Revised Statutes ( 12 U.S.C. 27 ) is amended— in subsection (a), in the third sentence, by striking to those of a trust company and activities related thereto. and inserting the following: to— those of a trust company and fiduciary activities related thereto; or those of a depository institution required to maintain assets valued at not less than 100 percent of the deposits of the institution, for the purposes of issuing a payment stablecoin (as defined in section 9801 of title 31, United States Code) and activities related thereto consistent with subsection
(c)of this section and without the requirement to maintain deposit insurance under the Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ). ; and by adding at the end the following: Notwithstanding any other provision of law, a National Bank Association described in subsection
(a)may not engage in maturity transformation or facilitate consumer lending through third parties. Restrictions on affiliate transactions applicable for insured depository institutions shall apply to such depository institutions. The Comptroller of the Currency, in close consultation with the Board of Governors of the Federal Reserve System and State bank supervisors, shall develop the following: A simplified capital framework based on the following: Payment system risk. The greater of— all projected costs of receivership; or 3 years of projected operating expenses. Appropriate standards for the depository institution to develop a community contribution plan, which may include consumer education, financial literacy, charitable donations, volunteerism, job training and internships or similar involvement. A tailored recovery and resolution plan that would permit the orderly resumption of a safe and sound operation or the orderly wind-down of operations relating to a payment stablecoin in the event of distress. Tailored holding company supervision, as specified by section 15 of the Bank Holding Company Act of 1956. In designing the simplified capital framework required by paragraph (3)(A), the Comptroller of the Currency— shall not subject depository institutions to the standards of section 171 of the Financial Stability Act of 2010 ( 12 U.S.C. 5371 ); and shall take into account the significant differences between the risks of the assets of the institution and those of depository institutions with assets that consist primarily of commercial or consumer loans. The Comptroller of the Currency may promulgate rules to carry out this section. .
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