---
kind: "section"
citation: "12 U.S.C. § 4623"
title: "12"
title_heading: "Banks and Banking"
number: "4623"
heading: "Judicial review of Director action"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/4623"
units:
  - "Chapter 46 — Government Sponsored Enterprises"
  - "Subchapter II — Required Capital Levels for Regulated Entities, Special Enforcement Powers, and Reviews of Assets and Liabilities"
---

# §4623. Judicial review of Director action

- (a) **Jurisdiction—**
  - (1) **Filing of petition—** A [regulated entity](/usc/12/4502.md?p=20) that is not classified as critically undercapitalized and is the subject of a classification under [section 4614 of this title](/usc/12/4614.md) or a discretionary supervisory action taken under this subchapter by the [Director](/usc/12/4502.md?p=9) (other than action to appoint a conservator under section [4616](/usc/12/4616.md) or [4617](/usc/12/4617.md) of this title or action under section 4619[^1] of this title) may obtain review of the classification or action by filing, within 10 days after receiving written notice of the [Director](/usc/12/4502.md?p=9)’s action, a written petition requesting that the classification or action of the [Director](/usc/12/4502.md?p=9) be modified, terminated, or set aside.
  - (2) **Place for filing—** A petition filed pursuant to this subsection shall be filed in the United States Court of Appeals for the District of Columbia Circuit.
- (b) **Scope of review—** The Court may modify, terminate, or set aside an action taken by the [Director](/usc/12/4502.md?p=9) and reviewed by the Court pursuant to this section only if the court finds, on the record on which the [Director](/usc/12/4502.md?p=9) acted, that the action of the [Director](/usc/12/4502.md?p=9) was arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with applicable laws.
- (c) **Unavailability of stay—** The commencement of proceedings for judicial review pursuant to this section shall not operate as a stay of any action taken by the [Director](/usc/12/4502.md?p=9). Pending judicial review of the action, the court shall not have jurisdiction to stay, enjoin, or otherwise delay any supervisory action taken by the [Director](/usc/12/4502.md?p=9) with respect to a [regulated entity](/usc/12/4502.md?p=20) that is classified as significantly or critically undercapitalized or any action of the [Director](/usc/12/4502.md?p=9) that results in the classification of a [regulated entity](/usc/12/4502.md?p=20) as significantly or critically undercapitalized.
- (d) **Limitation on jurisdiction—** Except as provided in this section, no court shall have jurisdiction to affect, by injunction or otherwise, the issuance or effectiveness of any classification or action of the [Director](/usc/12/4502.md?p=9) under this subchapter (other than appointment of a conservator under section [4616](/usc/12/4616.md) or [4617](/usc/12/4617.md) of this title or action under section 4619[^1] of this title) or to review, modify, suspend, terminate, or set aside such classification or action.

## Footnotes

[^1]: See References in Text note below.

## Source credit

(Pub. L. 102–550, title XIII, § 1369D, Oct. 28, 1992, 106 Stat. 3985; Pub. L. 110–289, div. A, title I, § 1145(b)(3), July 30, 2008, 122 Stat. 2767.)

## Notes

### Editorial Notes

### References in Text

Section 4619 of this title, referred to in subsecs. (a)(1) and (d), was repealed by Pub. L. 110–289, div. A, title I, § 1145(b)(4), July 30, 2008, 122 Stat. 2767.

### Amendments

2008—Subsec. (a)(1). Pub. L. 110–289, § 1145(b)(3)(B), substituted “A regulated entity” for “An enterprise”.

Subsec. (c). Pub. L. 110–289, § 1145(b)(3)(A), substituted “a regulated entity” for “an enterprise” in two places.