A denied applicant may request a hearing and a final determination follows
What the document says“Not later than 30 days after the date of receipt of any notice of the denial of an application under this section, the applicant may request, in writing, an opportunity for a written or oral hearing before the primary Federal payment stablecoin regulator to appeal the denial.”
Subsection (d)(2)(C). On a timely request the regulator must set a time no later than 30 days out and a place at which the applicant may appear, in person or through counsel, to submit written materials or give oral testimony and argument. A final determination with a statement of its basis and specific findings is due within 60 days of the hearing. If no timely request is made, the regulator must notify the applicant within 10 days that the denial is final.
What the document actually says“Not later than 30 days after the date of receipt of any notice of the denial of an application under this section, the applicant may request, in writing, an opportunity for a written or oral hearing before the primary Federal payment stablecoin regulator to appeal the denial.”
A firm told no has 30 days to ask for a hearing. It must ask in writing. The hearing can be on paper or in person.
The hearing must be set within 30 days of that ask. The firm may bring a lawyer. The answer is due 60 days after the hearing.
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