CFPB revises supervisory appeals process

The Consumer Financial Protection Bureau issued a procedural rule updating the process by which financial institutions can appeal supervisory findings.

Details: Under the revised appeals process:

  • The supervision director will select an appeals committee of three CFPB managers with relevant expertise who did not work on the matter being appealed.

  • 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.

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