12 U.S.C. § 227

TIMETABLE FOR APPROVAL OF PLAN OF ACTION.

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“(a)Notification of Deficiencies.—Not later than 60 days after receipt of a plan of action, the Secretary shall notify the owner in writing of any deficiencies that prevent the plan of action from being approved. If deficiencies are found, such notice shall describe alternative ways in which the plan could be revised to meet the criteria for approval.“(b)Notification of Approval.—“(1)In general.—Not later than 180 days after receipt of a plan of action, or such longer period as the owner requests, the Secretary shall notify the owner in writing whether the plan of action, including any revisions, is approved. If approval is withheld, the notice shall describe—“(A) the reasons for withholding approval; and“(B) the actions that could be taken to meet the criteria for approval.“(2)Opportunity to revise.—The Secretary shall subsequently give the owner a reasonable opportunity to revise the plan of action and seek approval.

Notes of Decisions

Cited in 2 cases (1 in the last 5 years), 1985–2024 · leading case: Gary Plastic Packaging Corp. v. Lynch, 756 F.2d 230 (2d Cir. 1985).

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Gary Plastic Packaging Corp. v. Lynch, 756 F.2d 230 (2d Cir. 1985). “As part of the regulatory reformation, Congress enacted the Banking (Glass-Steagall) Act of 1933, 12 U.S.C. §§ 227 et seq., which separated investment banking and deposit banking.”

Jenkins v. Gothard (E.D. Mich. 2024). “Jenkins says that under the Banking Act of 1933, 12 U.S.C. § 227 et seq., “the government took all the gold & silver and left no way to pay debt/debts.”

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