Sec. 706. Implementation rules to preserve adequate competition in payment stablecoins
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/bill/118/s/2281/is/section-706A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The application of a non-depository trust company or the holder of a State license that only persons engaged in crypto asset activities may obtain, which was chartered or issued under the laws of a State or the National Bank Act before the date of enactment of this Act, to receive a charter as a depository institution and to operate under subsection
(c)of section 5169 of the Revised Statutes ( 12 U.S.C. 27 ), as added by section 703 of this Act, shall be decided upon by the Comptroller of the Currency before an application for a charter to operate under that section from another entity that is filed on or after the date of enactment of this Act. The application of a covered depository institution, as defined in section 15(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1853(a) ), chartered before the date of enactment of this Act to become a State member bank in the Federal Reserve System or for access to Federal Reserve services under section 11A of the Federal Reserve Act ( 12 U.S.C. 248a ) shall be decided upon by the Board of Governors of the Federal Reserve System, or a Federal Reserve bank, as applicable, before any application to become a State member bank or for Federal Reserve services from any other entity which seeks to operate as a covered depository institution and which is filed on or after the date of enactment of this Act. The applications described in subsections
(a)and
(b)of this section shall be decided upon by the appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) or Federal Reserve bank, as applicable, before an insured depository institution in operation before the enactment date of this Act may issue a payment stablecoin in accordance with section 722A of the Gramm-Leach-Bliley Act, as added by section 601 of this Act.
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- 12 USC 1853(a)
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Sec. 706
Implementation rules to preserve adequate competition in payment stablecoins
Cite12 USC 1853(a)
Cites 4Cited by 0 across 0 sources