; and (2) either— (A) chartered as a non-depository institution by an approved non-Federal financial regulator described in subsection (c); or (B) insured as a depository institution by the Corporation, or under an alternate public deposit insurance scheme approved by the Corporation. (c) List of approved non-Federal financial regulators The Board of Governors shall establish and maintain on a public website of the Board of Governors a list of approved non-Federal financial regulators for the purpose of determining eligibility for a certificate of Federal recognition under this section. (d) Conversion At the request of a non-federally chartered bank, the Board of Governors may convert such bank into a public payment bank or a public lending bank. (e) Services A non-federally chartered bank— (1) may not offer depository services before— (A) obtaining— (i) deposit insurance or conditional deposit insurance from the Corporation; or (ii) deposit insurance from alternate public deposit insurance scheme approved by the Corporation; and (B) becoming a public member bank or a conditional public member in accordance with section 103(b); and (2) may— (A) invest any funds held on behalf of an entity described in section 101(b)(1) in a fiscal agent account; (B) provide fiscal agent services, including sending and receiving money and effectuating payments to and from any entity whose funds are invested in a fiscal agent account; (C) invest any funds held on behalf of an entity not described in section 101(b)(1) in a payments account or as digital dollar products