,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #hcie  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ba1 #bjbf,mrs4
 ,kim 7= h]self & ,mr4 ,licc>do7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to provide = ! regulation (    
regi/]$ cov]$ provid]s1 & = o!r         
purposes4  #a4 ,%ort title  ,?is ,act   
may be cit$ z ! ,paym5ts ,access &      
,consum] ,effici5cy ,act ( #bjbf or !   
,,pace ,act ( #bjbf4  #b4 ,def9itions ,9
 ?is ,act3 7#a7 ,bo>d ,! t]m ,bo>d (    
,gov]nors means ! ,bo>d ( ,gov]nors ( ! 
,f$]al ,res]ve ,sy/em4  7#b7 ,comptroll]
 ,! t]m ,comptroll] means ! ,comptroll] 
( ! ,curr5cy4  7#c7 ,cov]$ provid] ,!   
t]m cov]$ provid] means a p]son t       
provides paym5t s]vices &--  7,a7 holds 
at lea/ #dj active money transmitt]     
lic5ses issu$ 9 accordance ) ! laws (   
ea* applicable ,/ate 9 :i* ! applicant  
seeks to (f] su* paym5t s]vices2  7,b7  
holds a depository in/itution 7z def9$ 9
 section #c7;c7 ( ! ,f$]al ,deposit     

,insurance ,act 7#ab ,u4,s4,c4          
#ahac7;c777 *>t] f ! ,/ate 9 :i* !      
applicant seeks to (f] su* paym5t       
s]vices2 or  7,c7 holds a ,/ate cr$it   
union 7z def9$ 9 section #aja ( ! ,f$]al
 ,cr$it ,union ,act 7#ab ,u4,s4,c4      
#ageb77 *>t] f ! ,/ate 9 :i* ! applicant
 seeks to (f] su* paym5t s]vices4  7#d7 
,cov]$ ,/ate regulator ,! t]m cov]$     
,/ate regulator means a ,/ate ag5cy t   
has issu$ a *>t] or lic5se to a regi/]$ 
cov]$ provid]4  7#e7 ,deposit ,! t]m    
deposit has ! mean+ giv5 9 section #c ( 
! ,f$]al ,deposit ,insurance ,act 7#ab  
,u4,s4,c4 #ahac74  7#f7 ,insur$         
depository in/itution ,! t]m insur$     
depository in/itution has ! mean+ giv5 9
 section #b ( ! ,,g5ius ,act 7#ab       
,u4,s4,c4 #eija74  7#g7 ,monet>y value  
,! t]m monet>y value means a m$ium (    
ex*ange4  7#h7 ,out/&+ paym5t           
obligations ,! t]m out/&+ paym5t        
obligations means ! am\nt ( paym5t      
s]vice obligations incurr$ by a regi/]$ 
cov]$ provid] b n yet paid4  7#i7       

,paym5t in/rum5t ,! t]m paym5t in/rum5t 
means a physical or electronic *eck1    
draft1 money ord]1 travel]'s *eck1 or   
c>d or o!r means ( access to an acc\nt  
or o!r in/rum5t = ! transmission or     
paym5t ( monet>y value4 ,! t]m does n   
include /or$ value4  7#aj7 ,paym5t      
s]vice ,! t]m paym5t s]vice--  7,a7     
means-- 7i7 receiv+ monet>y value =     
transmission or transmitt+ monet>y      
value2  7ii7 receiv+ monet>y value f a  
payor on behalf ( a payee = goods or    
s]vices provid$ by ! payee2  7iii7 sell+
 or issu+ /or$ value2  7iv7 sell+ or    
issu+ paym5t in/rum5ts2 &  7v7 provid+  
access or cu/ody s]vices ) respect to   
monet>y value2 &  7,b7 does n include ! 
provision solely ( onl9e or             
telecommunications s]vices or network   
access4  7#aa7 ,paym5ts res]ve acc\nt ,!
 t]m paym5ts res]ve acc\nt means an     
acc\nt held at a ,f$]al res]ve bank t   
includes access to ,f$wire ,funds       
,s]vice1 ,fed,now ,s]vice1 & ,fed,a,c,h 
,s]vices 7includ+ access to necess>y    

relevant cont+5t s]vices1 z det]m9$ by !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em74  7#ab7 ,regi/]$ cov]$ provid]  
,! t]m regi/]$ cov]$ provid] means a    
cov]$ provid] t has regi/]$ ) !         
,comptroll] 9 accordance ) ! requirem5ts
 ( ?is ,act4  7#ac7 ,/ate ,! t]m ,/ate  
means ea* ,/ate ( ! ,unit$ ,/ates1 !    
,di/rict ( ,columbia1 & ea* t]ritory or 
possession ( ! ,unit$ ,/ates4  7#ad7    
,/or$ value ,! t]m /or$ value has !     
mean+ giv5 9 section #ajjb7bh7 ( !      
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edha7bh774  #c4   
,f$]al regi/ration ( eligible /ate      
paym5t s]vice provid]s  7a7 ,regi/ration
 ( paym5t s]vice provid]s  7#a7         
,regi/ration ,a cov]$ provid] may submit
 an application to regi/] ) !           
,comptroll] to become a regi/]$ cov]$   
provid]4  7#b7 ,evaluation ,!           
,comptroll] %all evaluate an application
 receiv$ "u p>agraph 7#a7 us+ only !    
factors specifi$ "u p>agraph 7#c74  7#c7
 ,factors ,! factors specifi$ 9 ?is     

p>agraph are ! foll[+3  7,a7 ,!         
applicant is limit$ to engag+ 9         
activities t directly support or are    
incid5tal to ! provision ( paym5t       
s]vices4  7,b7 ,! applicant is able to  
meet ! requirem5ts ( sections #d & #e4  
7,c7 ,! applicant has adequate f9ancial 
res\rces1 manag]ial or te*nical         
exp]tise1 & a gov]nance sy/em tailor$ to
 ! bus9ess model & risk pr(ile ( ! cov]$
 provid]4  7,d7 ,! applicant is able to 
comply ) ! requirem5ts ( ! ,bank        
,secrecy ,act 7z def9$ 9 section #b ( ! 
,,g5ius ,act 7#ab ,u4,s4,c4 #eija774    
7,e7 ,! applicant demon/rates b5efit to 
! public1 includ+ ) respect to          
innovation1 competition1 & enabl+       
widespread access & use ( paym5t        
s]vices4  7,f7 ,! applicant is n a      
designat$ f9ancial m>ket utility 7z     
def9$ 9 section #hjc7d7 ( ! ,paym5t1    
,cle>+1 & ,settlem5t ,sup]vision ,act ( 
#bjaj 7#ab ,u4,s4,c4 #edfb7d7774  7#d7  
,hold]s ( money transmitt] lic5ses ,a   
cov]$ provid] describ$ 9 section        

#b7c77;,a7 t becomes a regi/]$ cov]$    
provid] "u ?is ,act may provide paym5t  
s]vices 9 any ,/ate4  7b7 ,tim+ =       
decision2 gr\nds = d5ial  7#a7 ,initial 
applications ,) respect to an           
application "u subsection 7a7 receiv$   
dur+ ! #ahj-;day p]iod beg9n+ on ! date 
( ! enactm5t ( ?is ,act1 ! ,comptroll]  
%all notify ea* applicant1 n lat] ?an   
#ahj days aft] ! receipt ( su*          
application--  7,a7 t ! application is  
complete2 or  7,b7 t ! application is   
incomplete & ! specific in=mation       
requir$ = ! application to be consid]$  
complete4  7#b7 ,ext5sion ,! ,comptroll]
 may ext5d ! p]iod describ$ 9 p>agraph  
7#a7 by an additional #fj days4  7#c7   
,subsequ5t applications ,) respect to an
 application receiv$ aft] ! end ( !     
p]iod describ$ 9 p>agraph 7#a7 7includ+ 
any ext5sion made "u p>agraph 7#b771 !  
,comptroll] %all provide ! notification 
requir$ "u su* p>agraph to ea* applicant
 n lat] ?an #cj days aft] receiv+ su*   
application4  7#d7 ,decision ,n lat] ?an

 #ahj days aft] notify+ ! applicant t an
 application is complete1 ! ,comptroll] 
%all notify ! applicant ( :e!r !        
,comptroll] approv$ or d5i$ su*         
application4 ,if ! ,comptroll] fails to 
submit a notification ) su* #ahj-;day   
p]iod1 su* application %all be deem$ to 
be approv$4  7#e7 ,d5ial  7,a7 ,gr\nds =
 d5ial ,! ,comptroll] may d5y a complete
 application receiv$ "u subsection 7a7  
only if ! ,comptroll] det]m9es ! factors
 describ$ 9 subsection 7a77#c7 are n    
satisfi$4  7,b7 ,explanation requir$ ,! 
,comptroll] %all provide ea* applicant (
 a complete application t 0 d5i$ a      
writt5 notice expla9+ su* d5ial1 includ+
 all f9d+s made by ! ,comptroll] )      
respect to ! factors describ$ 9         
subsection 7a77#c74  7c7 ,revocation ,! 
,comptroll] %all e/abli%1 by rule1 a    
process by :i* ! ,comptroll] may review 
& revoke a regi/ration grant$ "u ?is    
section to a cov]$ provid] if !         
,comptroll] det]m9es ! factors describ$ 
9 subsection 7a77#c7 are n satisfi$4    

,su* process %all include a process =   
provid+ notice to ! cov]$ provid] & a   
process = review ( ! decision to revoke 
a regi/ration4  #d4 ,cu/om] protection  
/&>ds  7a7 ,res]ve /&>ds  7#a7 ,9 g5]al 
,a regi/]$ cov]$ provid] %all ma9ta9    
id5tifiable res]ves back+ out/&+ paym5t 
obligations on at lea/ a #a to #a basis1
 ) res]ves compris+-- 7,a7 ,unit$ ,/ates
 co9s & curr5cy 7includ+ ,f$]al ,res]ve 
notes7 or money /&+ to ! cr$it ( an     
acc\nt ) a ,f$]al ,res]ve ,bank2  7,b7  
funds held z dem& deposits 7or o!r      
deposits t may be )drawn ^u reque/ at   
any "t7 or insur$ %>es at an insur$     
depository in/itution 7includ+ any =eign
 bran*es or ag5ts1 includ+ correspond5t 
banks1 ( an insur$ depository           
in/itution71 subject to limitations     
e/abli%$ by ! ,corporation & ! ,national
 ,cr$it ,union ,adm9i/ration1 z         
applicable1 to address safety & s\ndness
 risks ( su* insur$ depository          
in/itution2  7,c7 funds 9 transit to !  
regi/]$ cov]$ provid] t are ow$ by an   

insur$ depository in/itution or ano!r   
regi/]$ cov]$ provid]1 includ+ funds f !
 automat$ cle>+h\se sy/em or funds      
receivable f a paym5t in/rum5t2  7,d7   
,treasury bills1 notes1 or bonds--  7i7 
) a rema9+ maturity ( #ic days or less2 
or  7ii7 issu$ ) a maturity ( #ic days  
or less2  7,e7 money receiv$ "u         
repur*ase agreem5ts1 ) ! regi/]$ cov]$  
provid] act+ z a sell] ( securities & ) 
an ov]night maturity1 t are back$ by    
,treasury bills ) a maturity ( #ic days 
or less2  7,f7 rev]se repur*ase         
agreem5ts1 ) ! regi/]$ cov]$ provid]    
act+ z a pur*as] ( securities & ) an    
ov]night maturity1 t are collat]aliz$ by
 ,treasury notes1 bills1 or bonds on an 
ov]night basis1 subject to              
ov]collat]alization 9 l9e ) /&>d m>ket  
t]ms1 t are--  7i7 tri-p>ty2  7ii7      
c5trally cle>$ ?r\gh a cle>+ ag5cy      
regi/]$ ) ! ,securities & ,ex*ange      
,commission2 or  7iii7 bilat]al ) a     
c\nt]p>ty t ! issu] has det]m9$ to be   
adequately cr$itwor?y ev5 9 ! ev5t (    

sev]e m>ket /ress2  7,g7 securities     
issu$ by an inve/m5t company regi/]$ "u 
section #h7;a7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#h7;a771 or o!r regi/]$ ,gov]nm5t 
money m>ket fund1 & t are inve/$ solely 
9 und]ly+ assets describ$ 9 subp>agraphs
 7,a7 ?r\gh 7,f72  7,h7 any o!r simil>ly
 liquid ,f$]al ,gov]nm5t-issu$ asset    
approv$ by ! ,comptroll]2 or  7,i7 any  
res]ve describ$ 9 subp>agraphs 7,a7     
?r\gh 7,d7 or subp>agraphs 7,g7 ?r\gh   
7,h7 9 tok5iz$ =m1 provid$ t su* res]ves
 comply ) all applicable laws &         
regulations4  7#b7 ,prohibition on      
rehypo!cation ,res]ves describ$ "u      
p>agraph 7#a7 may n be pl$g$1           
rehypo!cat$1 or reus$1 except = !       
purposes describ$ 9 section #d7;a77#b7 (
 ! ,,g5ius ,act 7#ab ,u4,s4,c4          
#eijc7;a77#b774  7#c7 ,segregation      
requirem5t = access or cu/ody s]vices ,a
 regi/]$ cov]$ provid] provid+ access or
 cu/ody s]vices = monet>y value %all    
segregate & sep>ately acc\nt = su*      

monet>y value & may n comm+le su*       
monet>y value ) ! assets ( su* provid]4 
7b7 ,recordkeep+ /&>ds  7#a7 ,9 g5]al ,a
 regi/]$ cov]$ provid] %all ma9ta9      
records (-- 7,a7 out/&+ paym5t          
obligations ( ! provid] ) respect to ea*
 cu/om] ( ! provid]2 &  7,b7 res]ves    
held pursuant to subsection 7a74  7#b7  
,access or cu/ody s]vices ,a regi/]$    
cov]$ provid] t provides access or      
cu/ody s]vices = monet>y value %all     
ma9ta9 b5eficial own]%ip records )      
respect to ea* applicable acc\nt &      
cu/om]4  #e4 ,risk managem5t /&>ds &    
fair access  7a7 ,9 g5]al ,! ,comptroll]
 %all ensure t a regi/]$ cov]$ provid]  
%all be subject to ! capital1 liquidity1
 & risk managem5t regulations issu$     
pursuant to section #d7;a77#d7 ( !      
,,g5ius ,act 7#ab ,u4,s4,c4             
#eijc7;a77#d77 9 a simil> mann] t su*   
regulations apply to a p]mitt$ paym5t   
/ableco9 issu] 7z def9$ 9 section #b (  
su* ,act 7#ab ,u4,s4,c4 #eija771 :]e su*
 regulations are tailor$ to ! bus9ess   

model & risk pr(ile ( ! regi/]$ cov]$   
provid]4  7b7 ,fair access obligation ,a
 regi/]$ cov]$ provid]--  7#a7 %all be  
subject to ! requirem5ts ( ! ,equal     
,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 
#afia et seq47 9 ! same mann] z a       
cr$itor "u su* ,act2  7#b7 may n d5y    
access to paym5t s]vices to an          
individual because ( ! individual's     
con/itutionally or /atutorily protect$  
beliefs1 affiliations1 or political     
views2  7#c7 may n cancel a paym5t      
s]vices acc\nt ( an individual z a tool 
to inhibit su* beliefs1 affiliations1 or
 political views2 &  7#d7 %all make all 
bus9ess decisions ) respect to !        
provision ( paym5t s]vices on ! basis ( 
individualiz$1 objective1 & risk-bas$   
analyses4  #f4 ,exam9ations1 contract$  
s]vices1 & en=cem5t  7a7 ,9 g5]al ,!    
,comptroll] may make exam9ations ( a    
regi/]$ cov]$ provid] ) respect to !    
foll[+3 7#a7 ,! nature ( ! op]ations &  
f9ancial condition ( ! regi/]$ cov]$    
provid]4  7#b7 ,! f9ancial1 op]ational1 

& o!r risks t may pose a ?reat to-- 7,a7
 ! safety & s\ndness ( ! regi/]$ cov]$  
provid]2 or  7,b7 ! /ability ( !        
f9ancial sy/em ( ! ,unit$ ,/ates4  7#c7 
,! sy/ems ( ! regi/]$ cov]$ provid] =   
monitor+ & controll+ ! risks describ$ 9 
p>agraph 7#b74  7#d7 ,! compliance ( !  
regi/]$ cov]$ provid] ) ! requirem5ts ( 
,f$]al consum] f9ancial law 7z def9$ 9  
section #ajjb ( ,consum] ,f9ancial      
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha771 includ+ by-- 7,a7 obta9+       
in=mation ab\t ! activities & compliance
 sy/ems or proc$ures ( su* provid]2 &   
7,b7 detect+ & assess+ risks to consum]s
 & to m>kets = consum] f9ancial products
 & s]vices 7z def9$ 9 su* section       
#ajjb74  7b7 ,contract$ s]vices  7#a7 ,9
 g5]al ,:5ev] a regi/]$ cov]$ provid]   
relies on or contracts = any s]vices or 
activities t are directly relat$ to &   
are critical to ! provision ( paym5t    
s]vices by ! regi/]$ cov]$ provid]--    
7,a7 ! p]son t p]=ms su* s]vices or     
activities %all be subject to regulation

 & sup]vision by ! ,comptroll] to ! same
 ext5t z if su* s]vices 7 be+ p]=m$ by !
 regi/]$ cov]$ provid]2 &  7,b7 !       
regi/]$ cov]$ provid] %all notify !     
,comptroll] ( any relation%ip betwe5 !  
provid] & ! p]son t p]=ms su* s]vices or
 activities n lat] ?an #cj days aft] !  
date :i* is ! e>li] ( ! date on :i*--   
7i7 su* provid] & su* p]son ent] into a 
contract = provision ( su* s]vices or   
activities2 or  7ii7 su* p]son beg9s    
p]=mance ( su* s]vice or activity4  7c7 
,en=cem5t ,! ,comptroll] may en=ce !    
requirem5ts ( sections #d & #e ( ?is    
,act aga9/ a regi/]$ cov]$ provid] &    
take su* actions aga9/ su* provid] z    
p]mitt$ "u section #h ( ! ,f$]al        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahah71 z if su* provid] 0 an insur$    
depository in/itution4  #g4 ,reports    
7a7 ,submission ( reports ,at ! frequ5cy
 e/abli%$ by ! ,comptroll]1 a regi/]$   
provid] %all submit to ! ,comptroll] a  
report relat+ to--  7#a7 ! f9ancial     
condition ( ! regi/]$ cov]$ provid]2    

7#b7 compliance by ! regi/]$ cov]$      
provid] ) ! requirem5ts ( ?is ,act & o!r
 applicable laws relat+ to ! provision (
 paym5t s]vices2 &  7#c7 any o!r        
in=mation ! ,comptroll] may reasonably  
require ) respect to ! regi/]$ cov]$    
provid] & ! scope ( ! provision ( paym5t
 s]vices ( su* provid]4  7b7 ,exi/+     
reports ,to comply ) ! requirem5ts ( ?is
 section1 ! ,comptroll] %all1 to !      
maximum ext5t practicable1 use exi/+    
reports & o!r sup]visory in=mation &    
avoid duplication ( exam9ation          
activities1 report+ requirem5ts1 &      
reque/s = in=mation4  #h4 ,priority =   
cu/om]s ( regi/]$ cov]$ provid]s  7a7   
,nonbank provid] def9$ ,9 ?is section1 !
 t]m nonbank provid] means a regi/]$    
cov]$ provid] t is n an insur$          
depository in/itution 7z def9$ 9 section
 #b ( ! ,,g5ius ,act 7#ab ,u4,s4,c4     
#eija774  7b7 ,exclusion f bankruptcy ,a
 nonbank provid] %all n be treat$ z a   
debtor = purposes ( *apt] #g or *apt]   
#aa ( title #aa1 ,unit$ ,/ates ,code4   

7c7 ,insolv5cy /&>ds  7#a7 ,9 g5]al ,a  
nonbank provid] %all be eligible to be  
subject to an insolv5cy proce$+ adm9i/]$
 by a cov]$ ,/ate regulator4  7#b7      
,appo9tm5t ,not)/&+ any o!r provision ( 
,f$]al law or ! law ( any ,/ate1 !      
,comptroll] may be appo9t$ by ! cov]$   
,/ate regulator to act z cons]vator or  
receiv] = su* a nonbank provid]1        
pursuant to su* rules issu$ by !        
,comptroll]4  7#c7 ,backup au?ority ,if1
 ) respect to an insolv5t nonbank       
provid]1 a ,/ate does n promptly        
initiate an insolv5cy proce$+ beg9n+ on 
! date ! nonbank provid] becomes        
insolv5t1 ! ,comptroll] %all initiate   
su* insolv5cy proce$+4 ,= purposes ( ?is
 p>agraph1 ! ,comptroll] %all issue su* 
rules z necess>y to def9e promptly4  7d7
 ,priority ,to ! ext5t t a cu/om] may   
hold balances ) a nonbank provid]1      
am\nts realiz$ f ! liquidation or o!r   
resolution ( ! nonbank provid] by !     
cov]$ ,/ate regulator or ! ,comptroll]  
7:i*ev] is act+ z a cons]vator or       

receiv] "u ?is section7 %all be         
di/ribut$ to pay claims 7o!r ?an secur$ 
claims to ! ext5t ( any su* security7 9 
! foll[+ ord] ( priority3  7#a7         
,adm9i/rative exp5ses ( ! cons]vator or 
receiv]4  7#b7 ,out/&+ paym5t           
obligations to cu/om]s4  7#c7 ,any o!r  
g5]al or s5ior liability ( ! nonbank    
provid]4  7#d7 ,any obligation          
subord9at$ to liabilities describ$ 9    
p>agraphs 7#b7 & 7#c7 n describ$ 9      
p>agraph 7#e74  7#e7 ,any obligation to 
%>ehold]s or memb]s ( ! nonbank provid] 
aris+ z a result ( _! /atus z %>ehold]s 
or memb]s4  7e7 ,cu/odial assets        
,monet>y value ma9ta9$ 9 connection )   
access or cu/ody s]vices1 prop]ly       
segregat$ f ! nonbank provid]'s         
propriet>y assets1 are n g5]al assets ( 
! nonbank provid] subject to ! priority 
set =? 9 subsection 7d74 ,any %ortfall 9
 cu/odial assets %all h ! same priority 
z out/&+ paym5t obligations to cu/om]s  
"u subsection 7d77#b74  7f7 ,additional 
p[]s ,9 addition to & n 9 d]ogation ( ! 

p[]s conf]r$ & ! duties impos$ by ?is   
,act on ! ,comptroll] or a ,/ate z      
cons]vator or receiv] ( a nonbank       
provid]1 ! ,comptroll] or ,/ate1 z      
applicable1 %all h su* additional p[]s &
 duties ) respect to ! nonbank provid] z
 impos$ on a cons]vator or receiv] ( an 
insur$ depository in/itution "u any o!r 
provision ( law4  #i4 ,access to paym5ts
 res]ve acc\nts  7a7 ,access ,to obta9  
access to a paym5ts res]ve acc\nt 9 !   
same mann] & to ! same ext5t z su*      
access w\ld be grant$ to an insur$      
depository in/itution1 a regi/]$ cov]$  
provid] may submit a reque/ to ! ,bo>d (
 ,gov]nors = su* access4  7b7 ,approval 
,! ,bo>d ( ,gov]nors %all approve or d5y
 su* a reque/ n lat] ?an #abj days aft] 
receipt ( su* reque/1 :i* p]iod may be  
ext5d$ by an additional #fj days4 ,if ! 
,bo>d ( ,gov]nors fails to act on su* a 
reque/ )9 su* p]iod1 ! reque/ %all be   
deem$ to be approv$4  7c7 ,en=cem5t     
au?ority 9 unusual & exig5t circum/ances
  7#a7 ,9 g5]al ,9 unusual & exig5t     

circum/ances1 ! ,bo>d ( ,gov]nors may   
issue a directive t has ! effect ( a    
cease & desi/ ord] aga9/ a regi/]$ cov]$
 provid] t uses a paym5ts res]ve acc\nt 
= purposes ( noncompliance ) requirem5ts
 ( sections #d & #e ( ?is ,act1 if !    
,bo>d ( ,gov]nors submits a writt5      
notice to ! cov]$ ,/ate regulator & !   
,comptroll] n less ?an #dh h\rs be=e    
issu+ su* directive4  7#b7 ,unusual &   
exig5t circum/ances def9$ ,n lat] ?an   
#ahj days aft] ! date ( ! enactm5t ( ?is
 ,act & 9 consultation ) ! ,conf]5ce (  
,/ate ,bank ,sup]visors1 ! ,bo>d (      
,gov]nors %all issue rules to def9e !   
t]m unusual & exig5t circum/ances =     
purposes ( p>agraph 7#a74  7#c7 ,review 
7,a7 ,adm9i/rative review  7i7 ,9 g5]al 
,aft] a directive describ$ 9 p>agraph   
7#a7 has be5 issu$ ) respect to a       
regi/]$ cov]$ provid]1 su* regi/]$ cov]$
 provid] may object & pres5t to ! ,bo>d 
( ,gov]nors1 9 writ+1 ! reasons :y !    
directive %\ld be modifi$ or resc9d$4   
7ii7 ,automatic lapse ( directive ,if1 n

 lat] ?an #aj days aft] ! receipt ( a   
response describ$ 9 clause 7i71 ! ,bo>d 
( ,gov]nors does n affirm1 modify1 or   
resc9d ! directive1 ! directive %all    
automatically lapse4  7,b7 ,judicial    
review  7i7 ,9 g5]al ,if ! ,bo>d (      
,gov]nors affirms or modifies a         
directive pursuant to subp>agraph 7,a71 
any affect$ p>ty may imm$iately !reaft] 
petition ! ,unit$ ,/ates di/rict c\rt = 
! di/rict 9 :i* ! ma9 (fice ( ! affect$ 
p>ty is locat$1 or 9 ! ,unit$ ,/ates    
,di/rict ,c\rt = ! ,di/rict ( ,columbia1
 to /ay1 modify1 t]m9ate1 or set aside !
 directive4  7ii7 ,relief = extraord9>y 
cause ,^u a %[+ ( extraord9>y cause1 an 
affect$ p>ty may petition = relief "u   
clause 7i7 )\t fir/ pursu+ or exhau/+ ! 
adm9i/rative review "u subp>agraph 7,a74
  #aj4 ,effect on securities laws  7a7  
,inve/m5t advisors act ( #aidj ,section 
#bjb7;a77#ah7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#ah77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   

include a balance ) a regi/]$ cov]$     
provid]1 z su* t]m is def9$ 9 section #b
 ( ! ,,pace ,act ( #bjbf44  7b7         
,inve/m5t company act ( #aidj ,section  
#b7;a77#cf7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4                  
#hj;a-#b7;a77#cf77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   
include a balance ) a regi/]$ cov]$     
provid]1 z su* t]m is def9$ 9 section #b
 ( ! ,,pace ,act ( #bjbf44  7c7         
,securities act ( #aicc ,section        
#b7;a77#a7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;b7a77#a77 is am5d$ by
 add+ at ! end ! foll[+3 ,! t]m security
 does n include a balance ) a regi/]$   
cov]$ provid]1 z su* t]m is def9$ 9     
section #b ( ! ,,pace ,act ( #bjbf44    
7d7 ,securities ex*ange act ( #aicd     
,section #c7;a77#aj7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a77#aj77 is am5d$ by add+ at ! end
 ! foll[+3 ,! t]m security does n       
include a balance ) a regi/]$ cov]$     
provid]1 z su* t]m is def9$ 9 section #b

 ( ! ,,pace ,act ( #bjbf44  7e7         
,securities inve/or protection act (    
#aigj ,section #af7ad7 ( ! ,securities  
,inve/or ,protection ,act ( #aigj 7#ae  
,u4,s4,c4 #ghlll7#ad77 is am5d$ by add+ 
at ! end ! foll[+3 ,! t]m security does 
n include a balance ) a regi/]$ cov]$   
provid]1 z su* t]m is def9$ 9 section #b
 ( ! ,,pace ,act ( #bjbf44