CFPB Sets New Rules for Appeals (Nov. 4, 2015)
Companies seeking to appeal a supervisory action undertaken by the CFPB have to play by some new rules, now that the agency has revised its appeals process. The bureau announced the changes this week, saying the reforms “take into account structural changes within the agency and experience gained from the appeals process to date, with the goal of improving efficiency, consistency, transparency and fairness to supervised institutions.”
Under the new rules, an institution cannot appeal a finding related to a pending investigation or enforcement action until that investigation or action has been resolved. The amended policy also increases the number of CFPB staffers eligible to participate on an appeals committee by permitting members of the Supervision, Enforcement and Fair Lending (SEFL) associate director’s staff to participate, replacing the existing requirement that the associate director serve. The new rules also limit oral presentations to issues raised in the written appeal and extend the expected time to issue a written decision on appeals to 60 days from 45.
The revised appeals policy applies to appeals of any report or examination sent to the CFPB on or after Sept. 21, 2015. Parties seeking to file an appeal should send the request to a new mailbox devoted solely to appeals: [email protected].
Related stories:
