On October 31, 2012, the CFPB issued the above bulletin that advises it is implementing a policy that will allow its supervised entities to appeal certain supervisory findings in the examination reports and supervisory letters it issues to the financial service providers that the CFPB supervises. The appeals process is outlined in the attached document and involves a review of the appealed matter by a committee that includes management at CFPB Headquarters in Washington, D.C. and representatives of regional offices that were not involved in the matter under review. The appeals process allows financial service providers to request a review of a less than satisfactory compliance rating or any underlying adverse finding set forth in the relevant examination report, or adverse findings conveyed in a supervisory letter.

Complete Memorandum