Alert October 02, 2012

CFPB Releases Draft Five-Year Strategic Plan

The CFPB released its draft five-year strategic plan, which outlines four goals over the next five years, including:

  • Preventing financial harm to consumers while promoting good practices that benefit consumers;
  • Empowering consumers to live better financial lives;
  • Informing the public, policymakers and the CFPB’s own policymaking with data driven analysis of consumer finance markets and behavior; and
  • Advancing the CFPB’s performance by maximizing resource productivity and enhancing impact. 

The CFPB plans to reach its first goal—of preventing financial harm—through regulations and supervision. The CFPB will use performance indicators such as the number of supervision activities opened and the contributions of local and state law enforcement officials in reporting violations of consumer protection laws. The CFPB is seeking comments from the public on its strategic plan. Comments are due by October 25, 2012.