; or (B) the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue final regulations implementing this section. (2) Authority to issue regulations and process applications The primary Federal payment stablecoin regulators may, before the effective date described under paragraph (1)— (A) issue regulations to carry out this section; and (B) pursuant to regulations described under subparagraph (A), accept and process applications described under this section. (3) Notice to Congress Each of the primary Federal payment stablecoin regulators shall notify Congress once beginning to process applications described under this section. (4) Safe harbor for pending applications The primary Federal payment stablecoin regulator may waive the application of the requirements of this section for a period not to exceed 12 months beginning on the effective date described under paragraph (1), with respect to— (A) a subsidiary of an insured depository institution, if the insured depository institution has an application pending for the subsidiary to become a permitted payment stablecoin issuer on the effective date described under paragraph (1)