Reserve System or for access to Federal Reserve services under section 11A of the Federal Reserve Act ( 12 U.S.C. 248a ) shall be decided upon by the Board of Governors of the Federal Reserve System, or a Federal Reserve bank, as applicable, before any application to become a State member bank or for Federal Reserve services from any other entity which seeks to operate as a covered depository institution and which is filed on or after the date of enactment of this Act. (c) Decision The applications described in subsections (a) and (b) of this section shall be decided upon by the appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) or Federal Reserve bank, as applicable, before an insured depository institution in operation before the enactment date of this Act may issue a payment stablecoin in accordance with section 722A of the Gramm-Leach-Bliley Act, as added by section 601 of this Act. 707. Study on use of distributed ledger technology for reduction of risk in depository institutions Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall complete a study and submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report regarding the manner in which distributed ledger technology may reduce risk for depository institutions, as defined in section 19(b)(1) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1) ), including settlement risk, operational risk and capital requirements. 708. Clarifying application review times with respect to the Federal banking agencies Section 343 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4807 ) is amended by striking subsections (a) and (b) and inserting the following: (a) Final action (1) Definition In this subsection, the term completed application — (A) means the information requested by the Federal banking agency