The Consumer Financial Protection Bureau released its five-year strategic plan this week, establishing its mission, strategic goals and strategic objectives. Working with the CFPB on a number of credit union priorities is on CUNA’s 2018 advocacy agenda.
According to the bureau, the plan 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 plan, the bureau 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.”
The bureau is required by Dodd-Frank to update and publish a five-year strategic plan. This week’s plan is a revision of the draft released in October 2017. The previous plan was published in April 2013.