CFPB Announces Appeals Process for Supervisory Matters

[author: ]

The CFPB recently began issuing examination reports and supervisory letters to financial service providers that it supervises.  It has also announced a policy that would allow supervised entities to appeal certain supervisory findings in those examination reports and supervisory letters.

An entity may appeal final CFPB compliance ratings that are less than satisfactory or any underlying adverse finding, or adverse findings conveyed to an entity in a supervisory letter. Adverse findings are those that result in a “Matter Requiring Attention” by the board of directors or principal(s) of the entity.

An entity may not appeal pursuant to this policy:

  • preliminary supervisory matters (including preliminary findings);
  • CFPB decisions to initiate supervisory measures, such as requiring memoranda of understanding;
  • enforcement actions, such as cease and desist orders; or
  • referrals of information to other regulatory agencies.

An entity may only appeal a finding once. For example, an entity that receives a less than satisfactory rating in an examination report that is based on an earlier finding memorialized in a supervisory letter may appeal the letter or the report, but not both.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Stinson Leonard Street - Dodd-Frank and the Jobs Act | Attorney Advertising

Written by:

more+
less-

Stinson Leonard Street - Dodd-Frank and the Jobs Act on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×