A revised supervisory appeals process that includes the creation of a committee assigned to deal with each review was announced Friday by the federal consumer financial protection agency.
The Consumer Financial Protection Bureau (CFPB) described its new process as a “streamlined rule” that details how financial institutions can appeal findings from supervisory examinations.
The agency said the procedural rule it issued “broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal” and other clarifying changes.
The agency said the key changes in the rule include:
- The CFPB Supervision Director will select an appeals committee of three bureau managers with relevant expertise who did not work on the matter being appealed, and who will advise the director in conjunction with attorneys assigned by the CFPB’s Office of General Counsel.
- The appeals committee may 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 file an appeal of any compliance rating or finding, not only an adverse rating.
The bureau said the changes reflects revisions to the CFPB’s organizational structure and “is informed by the prudential regulators’ recent changes to their respective processes.”