; grounds for denial (A) Timing The primary Federal payment stablecoin regulator shall render a decision on an application no later than 120 days after informing the applicant that the application is complete. (B) Denial of application (i) Grounds for denial The primary Federal payment stablecoin regulator may only deny a complete application received under paragraph (1) if the regulator determines that the activities of the applicant would be unsafe or unsound based on the factors described in paragraph (3). (ii) Explanation required If the primary Federal payment stablecoin regulator denies a complete application received under paragraph (1), the regulator shall provide the applicant with written notice explaining such denial, including all findings made by the regulator with respect to all identified material shortcomings regarding the application, including recommendations on how the applicant could address the identified material shortcomings. (iii) Opportunity for hearing