In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:
section 1813 of this title A depository institution (as defined in ) shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable.
section 1813 of this title A subsidiary of a depository institution (as defined in ) or a nonbank entity may be considered a debtor under title 11.
Pub. L. 119–27, § 11(g)139 Stat. 458(, , .)
Delayed Effective Date of Section
For delayed effective date of section, see Effective Date note below.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 119–27section 20 of Pub. L. 119–27section 5901 of this titleSection effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , see , set out as a note under .