12 U.S.C. § 4807

Time limit on agency consideration of completed applications

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(a) In general

Each Federal banking agency shall take final action on any application to the agency before the end of the 1-year period beginning on the date on which a completed application is received by the agency.

(b) Waiver by applicant authorized

Any person submitting an application to a Federal banking agency may waive the applicability of subsection (a) with respect to such application at any time.

(Pub. L. 103–325, title III, § 343, Sept. 23, 1994, 108 Stat. 2238.)

Notes of Decisions

Cited in 1 case (1 in the last 5 years), 2022–2022 · leading case: Custodia Bank Inc v. Fed. Reserve Bd. of Governors (D. Wyo. 2022).

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Custodia Bank Inc v. Fed. Reserve Bd. of Governors (D. Wyo. 2022). · cites it 2× “Custodia contends a one-year statutory deadline from 12 U.S.C. § 4807 (a) applies to its master account application, which the Defendants have exceeded.”

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