[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR265.3]

[Page 778]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 265--RULES REGARDING DELEGATION OF AUTHORITY--Table of Contents
 
Sec. 265.3  Board review of delegated actions.

    (a) Request by Board member. The Board shall review any action taken 
at a delegated level upon the vote of one member of the Board, either on 
the member's own initiative or on the basis of a petition for review by 
any person claiming to be adversely affected by the delegated action.
    (b) Petition for review. A petition for review of a delegated action 
must be received by the Secretary of the Board not later than the fifth 
day following the date of the delegated action.
    (c) Notice of review. The Secretary shall give notice of review by 
the Board of a delegated action to any person with respect to whom the 
action was taken not later than the tenth day following the date of the 
delegated action. Upon receiving notice, such person may not proceed 
further in reliance upon the delegated action until notified of the 
outcome of the review by the Board.
    (d) By action of a delegee. A delegee may submit any matter to the 
Board for determination if the delegee considers it appropriate because 
of the importance or complexity of the matter.