Title 12 — Banks and BankingRelease 119-73
§3023 Appeal procedures applicable upon denial or restriction of application for assistance
Title 12 › Chapter CHAPTER 31— - NATIONAL CONSUMER COOPERATIVE BANK › Subchapter SUBCHAPTER I— - ESTABLISHMENT AND OPERATION › § 3023
Summary
If an application for help is denied or limited, the applicant must get a written explanation within 30 days telling why. After getting that notice, the applicant has 30 days to ask the Board of Directors to review the decision. The Board must take up the review at its next meeting and quickly tell the applicant whether the Bank acted properly under this law, its rules, and Board policy, and explain why.
Full Legal Text
Title 12, §3023
Banks and Banking — Source: USLM XML via OLRC
(a)If an application for assistance under this chapter is denied in whole or in part, the applicant shall be informed within thirty days in writing of the reasons for the denial or restriction.
(b)Any applicant for assistance under this chapter receiving notice of denial or restriction of the application may, within thirty days of receipt of such notice, request the Board of Directors to review the application and notice of denial or restriction for a determination of whether the action of the Bank was correctly within the terms of this chapter, the regulations, and the policy of the Board. The Board shall consider the request for review at its next meeting and promptly inform the applicant of its determination and the reasons therefor.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3023
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73