; (B) controls in any manner the election of a majority of the directors of the covered depository institution; or (C) has the power to exercise a controlling influence over the management or policies of the covered depository institution. (3) Covered depository institution The term covered depository institution means a depository institution operating under subsection (c) of section 5169 of the Revised Statutes ( 12 U.S.C. 27 ), or a substantially similar State law, other than a bank, as defined in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ), or an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ), which is exclusively engaged in issuing payment stablecoins, providing safekeeping, trust or custodial services, or activities incidental to the foregoing. (b) Controlling interest A person with a controlling interest in a covered depository institution shall— (1) submit annual audited financial statements and other information as otherwise reasonably required by the appropriate banking supervisor; and (2) provide a description of all affiliated or parent entities and their relationships with the institution, including annual updates. (c) Tax allocation agreement The appropriate banking supervisor may require a legal entity with a controlling interest in a covered depository institution to execute a tax allocation agreement with the institution that— (1) expressly states that an agency relationship exists between the person and the institution with respect to tax assets generated by the institution, and that the assets are held in trust by the person for the benefit of the institution and will be promptly remitted to the institution