Generally speaking, an issue in controversy refers to a point or matter of discussion that is in dispute.
When used in reference to an administrative program of an agency it means an issue that is material to a decision and with which there is disagreement between an agency and persons or between persons who would be substantially affected by a decision [5 USCS § 571 (8)].
In case of an arbitration of a dispute involving financial institution, issues in controversy refers to:
(1)any decision made by a final agency who is appointed as conservator or receiver, upon a claim against an insured depository institution or insured credit union;
(2)any decision made by a liquidating agent appointed for insured depository institution or insured credit union;
(3)any final action taken by an agency who is appointed as conservator or receiver for an insured depository institution;
(4)any final action taken by a liquidating agent appointed for an insured credit union; and
(5)any other issue for which the appropriate Federal banking agency or the National Credit Union Administration Board determines that alternative means of dispute resolution would be appropriate. [12 USCS § 4806(f)(4)].