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CFPB revises supervisory appeals process

The CFPB has announced it has issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes.

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.

Publication Update: Published on 2/22/2024 at 89 FR 13263. It became applicable on publication.

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