SEC. 5 › (e)

(e) .— Reports on Pending Applications

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Bill Text

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Each primary Federal payment stablecoin regulator shall—

§5(e)(1)

(1)

notify Congress upon beginning to process applications under this Act; and

§5(e)(2)

(2)

annually report to Congress on the applications that have been pending for 180 days or more since the date the initial application was filed and for which the applicant has been informed that the application remains incomplete, including documentation on the status of such applications and why such applications have not yet been approved.