If the gross annual revenues are less than $1,000,000 in the preceding year, is the bank required to provide a written notice of action taken, or can it be done verbally?

Bump

You need to review 1002.9(a)(3). You can notify them orally of the denial but you still have to comply with (a)(1)&(2). IOWs you have to give them a written notice, either at the time of application or when you deny them of their right to obtain the specific reasons for denial within 60 days of notification along with the other information required by (a)(2)(ii).