; or (B) in consultation with the State bank supervisor, implement a plan to appropriately limit activities below the threshold, consistent with the safety and soundness of the non-depository trust company and customer protection. (b) Authorization To issue payment stablecoin (1) Application (A) In general A non-depository trust company shall submit to a State bank supervisor, separately or as part of a charter application, an application for authorization to issue payment stablecoins. (B) Standards for evaluation The State bank supervisor may consult with the Board with respect to the following exclusive set of standards prior to approving an application under subparagraph (A): (i) The ability of the applicant to maintain required reserves backing the payment stablecoins. (ii) The financial resources, managerial or technical expertise, and governance of the applicant. (iii) The benefit to the public, including relating to innovation and competition. (iv) The stability of the financial system of the United States. (2) Registration (A) Deadline (i) In general Not later than 180 days after the approval of an application under paragraph (1), a non-depository trust company shall register with the Board by submitting to the Board a complete registration statement. (ii) Extension The Board may extend the deadline under clause (i) by an additional 180 days, if the Board determines appropriate. (B) Contents of a complete registration statement (i) Rules required Consistent with section 15 of this Act, the Board, in consultation with State bank supervisors, shall issue rules describing the content, documents, and materials required to be submitted to the Board that constitute a complete registration statement, which shall include materials required to be filed in an application to comply with the standards under paragraph (1)(B). (ii) Completeness If the State bank supervisor determines that an applicant has submitted all of the materials required under this subparagraph, the registration shall be deemed complete. (3)