; 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; and (D) provide money transmitter and digital dollar services. 103. Federal Reserve System membership (a) Eligibility A covered bank shall be eligible for membership in the Federal reserve system as a public member bank and, except as provided in subsection (c), shall be treated in the same manner as a member bank under section 4 of the Federal Reserve Act ( 12 U.S.C. 308 ). (b) Conditional public member bank The Board of Governors shall establish a special category of public member bank, called a conditional public member bank , for persons that are in the process of applying for becoming a covered bank. Such conditional public member banks shall be subject to such conditions and restrictions as the Board of Governors determines to be necessary and appropriate to promote public welfare, provided that such conditions and restrictions are not arbitrary, punitive, or unduly burdensome. (c) Purchasing stock The Board of Governors may not require a covered bank to purchase stock in a Federal reserve bank or otherwise maintain paid-in capital in the Federal reserve system. 104. Public member bank services (a) Purposes of services The Board of Governors shall offer the services described in subsection (b) to public member banks in order to— (1) promote the safety, soundness, viability, and resiliency of publicly owned and operated financial institutions