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Acting CFPB Director Issues a New Five-Year Strategic Plan

Fri, Feb 16, 2018

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney released a strategic plan  for the agency through 2022 that shifts the bureau’s focus away from aggressive enforcement.

"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,” wrote Mulvaney.

The plan outlines three main goals: making sure consumers have access to financial services; enforcing financial laws fairly and transparently; and operating efficiently with a “security of resources and information.”

The plan states that the CFPB will seek the counsel of others for its decisions and act with “humility and moderation” and sets a goal of targeting rules that should be eliminated.

President Trump’s 2019 budget plan, also released Monday, calls for significant cuts to the CFPB’s budget, capping it at its 2015 level of $485 million. Under the proposal, the bureau would be funded through Congress rather than the Federal Reserve and its enforcement authority limited.