; and (2) notify the financial institution of such decision and, if the agency denies the request— (A) provide the financial institution with the reason for such denial; and (B) suggest changes to the request that, if adopted, would allow the agency to approve such request. (c) Result of failure To act If an appropriate Federal banking agency fails to approve or deny a request within the 30-day period required under subsection (b), such request shall be deemed to be approved. 5. Rural community bank leverage ratio (a) In general During the 3-year period beginning on the date on which the deposit insurance that a rural community bank has obtained from the Federal Deposit Insurance Corporation becomes effective, the Community Bank Leverage Ratio for the rural community bank shall be 8 percent. (b) Phase-In authority The Federal banking agencies shall issue rules to phase-in the Community Bank Leverage Ratio described under subsection (a) with respect to a rural community bank by setting lower Community Bank Leverage Ratio percentages during the first 2 years of the 3-year period described under subsection (a). (c) Definitions In this section: (1) Community Bank Leverage Ratio The term Community Bank Leverage Ratio has the meaning given that term under section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( 12 U.S.C. 5371 note). (2) Federal banking agency The term Federal banking agency has the meaning given that term under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). (3) Rural community bank The term rural community bank means a financial institution— (A) with total consolidated assets of less than $10,000,000,000