A decision is due in 180 days, and inaction after 90 days deems it approved
What the document says“(B) notify the applicant of such decision and, if the agency denies the request-- (i) provide the applicant with the reason for such denial; and (ii) suggest changes to the request that, if adopted, would allow the agency to approve such request.”
The section requires the federal banking agency to approve, conditionally approve, or deny a request within 180 days of receiving it and to tell the applicant, giving reasons for a denial and suggesting changes that would allow approval. It provides that where the agency fails to approve or deny within the 90-day period it refers to, the request is deemed approved.
What the document actually says“(B) notify the applicant of such decision and, if the agency denies the request-- (i) provide the applicant with the reason for such denial; and (ii) suggest changes to the request that, if adopted, would allow the agency to approve such request.”
The regulator must tell the applicant what it decided. If the answer is no, it must give the reason. It must also suggest changes that would make the answer yes.
The regulator has 180 days to decide. The text also names a 90 day period. If it does not answer in that time, the request counts as approved.
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