; and (II) (aa) approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied; or (bb) disapprove the application and notify the applicant in writing of the disapproval. (ii) Bank-owned applicants Notwithstanding subparagraph (B), not later than 45 days after the date on which the Administrator receives a completed application submitted by a bank-owned applicant in accordance with this subsection and in accordance with such requirements as the Administrator may prescribe by regulation, the Administrator shall— (I) review the application in its entirety; and (II) (aa) approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied; or (bb) disapprove the application and notify the applicant in writing of the disapproval. ; (2) in paragraph (3)— (A) in subparagraph (A)— (i) in clause (i), by striking and at the end; (ii) in clause (ii), by adding and at the end; and (iii) by adding at the end the following: (iii) the management of the applicant has successfully passed Federal Bureau of Investigation background checks within the preceding 1-year period; ; and (B) in subparagraph (B)— (i) in clause (ii), by striking and at the end; (ii) in clause (iii), by adding and at the end; and (iii) by adding at the end the following: (iv) the public interest of approving or disapproving the applicant. ; (3) in paragraph (4)(A)— (A) in clause (ii), by striking and at the end; (B) in clause (iii), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (iv) has successfully passed a Federal Bureau of Investigation background check within the preceding 1-year period.