; or (B) a nonbank entity with an application pending to become a Federal qualified nonbank stablecoin issuer on the effective date described under paragraph (1). 6. Supervision and enforcement with respect to subsidiaries of insured depository institutions and Federal qualified nonbank stablecoin issuers (a) Supervision (1) Subsidiary of an insured depository institution (A) In general Each permitted payment stablecoin issuer that is a subsidiary of an insured depository institution shall be subject to supervision by the primary Federal payment stablecoin regulator in the same manner as such insured depository institution. (B) Gramm-Leach-Bliley Act For purposes of title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 et seq. ) each permitted payment stablecoin issuer that is a subsidiary of an insured depository institution shall be deemed a financial institution. (2) Federal qualified nonbank payment stablecoin issuer (A) Submission of reports Each Federal qualified nonbank payment stablecoin issuer shall, upon request, submit reports to the primary Federal payment stablecoin regulator as to— (i) the Federal qualified nonbank payment stablecoin issuer’s financial condition, systems for monitoring and controlling financial and operating risks; and (ii) compliance by the Federal qualified nonbank payment stablecoin issuer (and any subsidiary thereof) with this Act. (B) Examinations The primary Federal payment stablecoin regulator may make examinations of a Federal qualified nonbank payment stablecoin issuer and each subsidiary of a Federal qualified nonbank stablecoin issuer in order to inform the regulator of— (i) the nature of the operations and financial condition of the Federal qualified nonbank stablecoin issuer; (ii) the financial, operational, and other risks within the Federal qualified nonbank stablecoin issuer that may pose a threat to— (I) the safety and soundness of the Federal qualified nonbank stablecoin issuer; or (II) the stability of the financial system of the United States