; or (ii) making such request in the institution’s appeal of a denial of the institution’s appeal under paragraph (2). (B) Timing of hearing If an institution requests a hearing, as described under subparagraph (A), the panel shall provide the institution with a hearing on the institution’s appeal not later than 30 days after the date the hearing is requested, except the panel may, in the discretion of the panel or upon good cause shown, extend such deadline by up to 15 days. (C) Rulemaking The Federal banking agencies and the National Credit Union Administration shall each issue rules to establish procedures for panel hearings described under this paragraph, including that— (i) the institution may appear at the hearing personally or through counsel; (ii) the institution may provide an oral and written presentation at the hearing; (iii) the panel may ask questions of any person participating in the hearing; (iv) the hearing may not involve— (I) taking testimony; (II) a cross-examination; and (III) discovery; (v) the hearing shall not governed by formal rules of evidence; and (vi) the panel shall have a verbatim transcript of the hearing prepared. (5) Recommendation by panel (A) In general A panel making a recommendation on an appeal under this subsection shall make the recommendation not later than— (i) 90 days after the date on which the appeal was referred by a head of supervision under paragraph (2)(A)(ii) or appealed by an institution after a denial under paragraph (2)(A); or (ii) if the institution requested a hearing under paragraph (4), 60 days after the date on which the hearing concluded. (B) Form of recommendation The panel may recommend— (i) that the material supervisory determination be continued, terminated, or otherwise modified