Jeffrey Alberts of Pryor Cashman. Courtesy photo The CFPB Limits Intra-Agency Appeal Rights
The CFPB adopted a new intra-agency appeals process on Feb. 22, 2024. While the CFPB described its new rules as resulting from its review of revisions that other regulators have made to their intra-agency appeals processes over the past decade, the rules are most noteworthy for how they deny rights that other regulators of financial institutions provide.
February 29, 2024 at 09:33 AM
7 minute read
Over the past two years, the Consumer Financial Protection Bureau (CFPB) has been aggressively seeking to expand the range of companies over which it has examination authority. These efforts included the CFPB's announcement in 2022 of its intention to use a previously "dormant" authority to conduct regulatory examinations of nonbank financial companies when they pose risks to consumers and a rule the CFPB proposed in November 2023 that seeks to modify existing guidelines by adding provisions that specifically target "larger participants" within the digital wallet and payment application spheres, subjecting these nonbank companies to comprehensive examinations.
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