3 goals of CFPB’s revamped strategic plan

WASHINGTON, D.C. - 

It’s been a busy start to 2018 at the Consumer Financial Protection Bureau, especially since acting director Mick Mulvaney took office. 

First came multiple waves of requests for information about how the bureau is performing. Then on Monday, the CFPB highlighted three primary goals within its five-year strategic plan.

Along with other objectives, the bureau plan outlined those three primary goals as:

—Ensure that all consumers have access to markets for consumer financial products and services.

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

—Foster operational excellence through efficient and effective processes, governance and security of resources and information.

“If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further,” Mulvaney said in a news released shared by the bureau.

“By hewing to the statute, this strategic plan provides the bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers,” he continued.

Mulvaney explained the plan draws directly from the Dodd-Frank Wall Street Reform and Consumer Protection 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.

Among changes from the prior strategic plan, the bureau said it will now focus on equally protecting the legal rights of all, including those regulated by the bureau, and will engage in rulemaking where appropriate to address unwarranted regulatory burdens and to implement federal consumer financial law and will operate more efficiently, effectively, and transparently.

“Armed with this strategic direction, I look forward to working with the talented and hardworking people at the bureau to fulfill the bureau’s statutory mission in service of the American people,” Mulvaney wrote in the opening letter of the 16-page plan that’s available online here.

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