Title 12, Banks and BankingRelease 119-102
§3023 Appeal Procedures Applicable Upon Denial or Restriction of Application for Assistance
Title 12 › CHAPTER 31 — NATIONAL CONSUMER COOPERATIVE BANK › SUBCHAPTER I — ESTABLISHMENT AND OPERATION › § 3023
Summary
Applicants denied or limited must be told in writing within 30 days why. Within 30 days of that notice they may ask the Board of Directors to review; the Board will consider it at its next meeting and promptly notify them of its decision and reasons.
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
Aug 21, 2026
Release point: 119-102