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.
