; (B) a public payment bank (as defined in section 101(c)); and (C) a non-federally chartered bank (as defined in section 102(b)) that obtains a certificate of Federal recognition under section 102. (5) Public member bank The term public member bank means a covered bank that is a member of the Federal Reserve System. (6) Secretary The term Secretary means the Secretary of the Treasury. (7) State The term State means each of the several States, the District of Columbia, and any commonwealth, territory, or possession of the United States. I Federal Recognition of Public Banks 101. Federal charter of public lending banks and public payment banks (a) In general The Board of Governors shall charter public lending banks and public payment banks. (b) Public lending bank defined The term public lending bank means a person that— (1) is wholly owned and controlled by— (A) a State or Tribal government, including a unit of local government, government agency; (B) a State or Tribally chartered corporation; (C) a nonprofit instrumentality designated by a State or Tribal government as acting in the public interest of a community within such State or Tribe, including an unincorporated community; or (D) an association of 1 or more entities described in subparagraphs (A) through (C); (2) that— (A) is not owned or governed by, operated as a subsidiary of, or otherwise affiliated with any for-profit entity; (B) does not own, govern, or operate as a subsidiary of any for-profit entity; and (C) does not compensate any employee, executive, or board member at a rate to exceed the salary of the President of the United States for that equivalent period; and (3) provides— (A) fiscal agent services; (B) money transmitter services; (C) digital dollar services as a pass-through intermediary for the Federal Government; (D) depository services; (E) postal banking services; (F) securities-related services