The Consumer Financial Protection Bureau unveiled a four-year strategic plan yesterday, pledging to “fulfill the Bureau’s statutory responsibilities, but go no further,” according to acting director Mick Mulvaney.
The plan details three specific goals for the next four years:
- 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.
Within each goal, the bureau laid out specific objectives.
For ensuring that all consumers have access to markets, the CFPB will:
- Ensure that consumers are provided with timely and understandable information to make responsible decisions about financial transactions.
- Regularly identify and address outdated, unnecessary, or unduly burdensome regulations in order to reduce unwarranted regulatory burdens.
- Ensure that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
To make sure it is implementing and enforcing the law consistently, the CFPB will:
- Protect consumers from unfair, deceptive, or abusive acts and practices and from discrimination.
- Enforce federal consumer financial law consistently, without regard to the status of a person as a 10 depository institution, in order to promote fair competition.
And to help foster operational excellence, the CFPB will:
- Safeguard the Bureau’s information and systems.
- Maintain a talented, diverse, inclusive and engaged workforce.
- Manage risk and promote accountability within the Bureau.
