The Consumer Financial Protection Bureau today issued a new rule revising the appeals process for institutions that seek to challenge a compliance rating or an adverse material finding made by the bureau. Under the rule, the CFPB will expand the appeals committee’s eligibility to include any bureau manager who did not participate in the matter being appealed and who has relevant expertise on the issues raised, not just managers from supervision, as was previously the case.
The rule also includes a new option for resolving the appeal, which is remanding the matter to supervision staff for consideration of a modified finding. In addition, the CFPB now will allow institutions to appeal any compliance rating issued for them, not just adverse ratings.
