; and (B) notifies Congress and the public that final rules have been issued. (b) Transitional provisions for existing non-Depository institutions (1) Application priority An application for authorization under this Act of a State non-depository trust company, or the holder of a State license that only persons engaged in crypto asset activities may obtain, which was chartered or issued under the laws of a State and granted permission by its regulator to issue payment stablecoins before May 1, 2024, shall be approved by the Board before an application from another entity that is filed on or after May 1, 2024. (2) Approval An application described in paragraph (1), shall be approved unless the Board finds, by unanimous vote of all members, that the non-depository institution is unlikely to come into compliance with the requirements of section 6(b) not later than 1 year after the effective date of this Act under subsection (a). (3) Issuance permitted A State non-depository trust company or holder of a State license to which this subsection applies may continue with issuance, redemption and other similar activities relating to a payment stablecoin under this subsection under this subsection until its application is approved or denied by the Board. (c) Transitional provisions for existing depository institutions (1) Application priority The application of a depository institution for authorization to become a national payment stablecoin issuer under section 7 of this Act, which was chartered and granted permission by its regulator to issue payment stablecoins before May 1, 2024, shall be decided upon by the Board before any other application for authorization to become a national payment stablecoin issuer which is filed on or after May 1, 2024. (2) Deemed approved The application described in paragraph (1) shall be deemed approved unless the Board finds, by unanimous vote of all members, that the depository institution is unlikely to come into compliance with the requirements of section 7(b) not later than 1 year