; (2) designate such agencies as the Designated Financial Regulator of the eligible FinTech startup; and (3) notify the eligible FinTech startup and each Federal financial regulator of such determination. (d) Sole enforcement authority by Designated Financial Regulator Except for the Designated Financial Regulator, the Federal financial regulators may not take any enforcement action against an eligible FinTech startup. (e) Authority To review designation (1) In general With respect to an entity that has had primary regulators designated under subsection (c)(2), the FinTech Council may review the designation on an annual basis, or pursuant to a request made under paragraph (2), to determine whether— (A) there has been a material change in the business model of the entity; (B) the entity is no longer an eligible FinTech startup; (C) there are material unseen risks that weren’t present at the time of the application; or (D) the entity can no longer demonstrate that it meets the requirements described under subsection (b)(2). (2) Recommendation of review If a Federal financial regulator determines that it would have, but for the prohibition under subsection (d), taken an enforcement action against an entity that has had primary regulators designated under subsection (c)(2), the Federal financial regulator may recommend that the FinTech Council review such designation under paragraph (1). (3) Authority to rescind designation If, in reviewing a designation under paragraph (1), the FinTech Council makes a determination under subparagraph (A), (B), (C), or (D) of paragraph (1), the FinTech Council may rescind the designation. (4) Reapplication permitted An eligible FinTech startup that loses its designation under this section may reapply for designation. (5) Notice If the FinTech Council rescinds a designation under this section, the Council shall— (A) immediately notify the entity that was the subject of the designation and the Congress