SEC. 5 › (f)

(f) .— Safe Harbor for Pending Applications

Bill Text

§5(f)

(f) .— Safe Harbor for Pending Applications

The primary Federal payment stablecoin regulators may waive the application of the requirements of this Act for a period not to exceed 12 months beginning on the effective date of this Act, with respect to—

§5(f)(1)

(1)

a subsidiary of an insured depository institution, if the insured depository institution has an application pending for the subsidiary to become a permitted payment stablecoin issuer on that effective date; or

§5(f)(2)

(2)

a Federal qualified payment stablecoin issuer with a pending application on that effective date.

Parent Section

SEC. 5

APPROVAL OF SUBSIDIARIES OF INSURED DEPOSITORY ...

Regulatory Agencies

OCC

Office of the Comptroller of the Currency

Related Sections

Other sections under SEC. 5

SEC. 5 › (a)(a) .— Application SEC. 5 › (b)(b) .— Evaluation of Applications SEC. 5 › (c)(c) .— Factors to Be Considered SEC. 5 › (d)(d) .— Timing for Decision; Grounds for Denial SEC. 5 › (e)(e) .— Reports on Pending Applications SEC. 5 › (g)(g) .— Rulemaking