; or (ii) that the material supervisory determination be remanded to the examiners to allow the examiners to consider additional information presented in connection with the appeal. (C) Notice After a recommendation is made under subparagraph (A), the panel shall promptly notify the institution, the head of supervision of the agency, and the head of the agency of the recommendation, which shall contain a statement of the basis for the panel’s recommendation and identify the information on which the panel relied in reaching the recommendation. (D) Publication A copy of each panel recommendation shall be posted on the agency’s public website as soon as practicable, with exempt information redacted. If the panel determines that redaction is insufficient to prevent improper disclosure, the recommendation may be presented in summary form. (E) Standard of review A panel’s review of a material supervisory determination being appealed under this subsection shall be de novo. (F) No authority to delay or stay orders A panel shall have no authority to delay or stay the implementation of any formal order from the applicable agency. (6) Review by the head of the agency (A) Response by institution Not later than 15 days after receiving a notice of a recommendation under paragraph (5)(C), the institution may submit to the head of the agency written exceptions to the recommended decision. (B) Review by head of the agency Not later than 45 days after receiving a notice of a recommendation under paragraph (5)(C), the head of an agency shall review such decision and either ratify or reject the panel’s decision. (C) Review may not be delegated A review by the head of an agency under this paragraph may not be delegated to any other employee of the agency and, in the case of an agency that is headed by a body made up of multiple individuals, all such individuals shall participate in the review. (D) Reports to Congress The Federal banking agencies and the National Credit Union Administration shall each, not later than 90 days after the