A State regulator and the Board must share information on an ongoing basis
What the document says“A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.”
Subsection (c). The duty runs both ways and is continuing rather than one time. The initial application and any accompanying documents are named as part of what is shared.
What the document actually says“A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.”
The state watchdog and the Fed must keep each other informed. This goes on over time. The first request a maker filed is part of it.
This duty holds whether or not the two sign a deal. Papers filed with the state go to the Fed as well.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.