WASHINGTON—The Consumer Financial Protection Bureau (CFPB) has issued a procedural rule designed to update the process by which financial institutions can appeal supervisory findings.
According to the CFPB, the updated rule broadens the Bureau officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes.
The Changes
The CFPB said the changes in the updated appeals process include:
- The supervision director will select an appeals committee of three CFPB managers with relevant expertise who did not work on the matter being appealed, and who will advise the supervision director in conjunction with attorneys assigned by the CFPB’s general counsel.
- The appeals committee will now be able to remand a matter to supervision staff for consideration of a modified finding, in addition to the existing options of upholding or rescinding the finding.
- Institutions may now file an appeal of any compliance rating or finding, not only an adverse rating.
Why the Changes?
According to the CFPB, its original supervisory appeals process was modeled after the processes of the prudential banking regulators and was last updated in 2015, and the updated process reflects changes to the CFPB’s organizational structure and is “informed by the prudential regulators’ recent changes to their respective processes.”
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