Tri-State Bancorporation, Inc. v. Board of Governors of the Federal Reserve System

PELL, Circuit Judge.

This is a petition to set aside an order denying petitioner’s application for approval of formation of a bank holding company. The Bank Holding Company Act, as amended, (BHC Act) (12 U.S.C. § 1841 et seq.) provides that certain applications made to the Board of Governors of the Federal Reserve System. (Fed) under the BHC Act “shall be! deemed to have been granted” should the Fed not rule on the application within 91 days. The BHC Act provides that the 91-day period “begins on the date of submission to the Board [Fed] of the complete record on that application.” 12 U.S.C. §…