CFPB Releases Strategic Plan

On February 12, 2018, the Consumer Financial Protection Bureau released its five-year Strategic Plan setting forth the agency’s mission, strategic goals, and strategic objectives. The CFPB stated that the plan draws directly from the Dodd-Frank Act and refocuses the Bureau’s mission on regulating consumer financial products or services under existing federal consumer financial laws, enforcing those laws judiciously, and educating and empowering consumers to make better informed financial decisions.

In departing from the CFPB’s prior Strategic Plan, the Bureau said it will now:

  • Focus on equally protecting the legal rights of all, including those regulated by the bureau.
  • Engage in rulemaking where appropriate to address unwarranted regulatory burdens.
  • Implement federal consumer financial law.
  • Operate more efficiently, effectively, and transparently.

The Strategic Plan sets forth the following goals:

Goal 1:  Ensure that all consumers have access to markets for consumer financial products and services.

The CFPB states that it will achieve this goal by:

  • Ensuring that consumers are provided with timely and understandable information to make responsible decisions about financial transactions.
  • Regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations in order to reduce unwarranted regulatory burdens.
  • Ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.

Goal 2:  Implement and enforce the law consistently to ensure that markets for consumer financial products and services are fair, transparent, and competitive.

The CFPB will achieve this goal by:

  • Protecting consumers from unfair, deceptive, or abusive acts and practices and from discrimination.
  • Enforcing federal consumer financial law consistently, without regard to the status of a person as a depository institution, in order to promote fair competition.

Goal 3:  Foster operational excellence through efficient and effective processes, governance and security of resources and information.

The CFPB will achieve this goal by:

  • Safeguarding the Bureau’s information and systems.
  • Maintaining a talented, diverse, inclusive, and engaged workforce.
  • Managing risk and promoting accountability with the Bureau.

The complete CFPB Strategic Plan can be found here.

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