CFPB Unveils Five-Year Strategic Plan

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a draft of its strategic plan for 2013 through 2018, and credit unions and other interested parties can suggest improvements and comment on its potential impact on the consumer finance market until Oct. 25.
In the proposed plan, the CFPB stated goals of promoting a marketplace in which:

  • Customers can see prices and risks up front and easily make product comparisons; and
  • No one can build a business model around unfair, deceptive or abusive practices.

To reach these goals, the CFPB proposal sets out 11 desired outcomes, 25 strategies that will help the CFPB achieve these outcomes, and 27 performance measures that the agency will use to track its progress.
Helping consumers more fully understand the risks associated with some financial products and improving financial literacy are also key goals going forward, according to the agency.
The bureau said its success will be partially determined by keeping track of the percentage of scheduled regulatory projects it completes, the percentage of five-year regulation reviews that are completed on schedule, and the percentage of rulemakings that are informed by public outreach processes, such as Small Business Regulatory Enforcement Fairness Act (SBREFA) panels and/or e-rulemaking.
Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn said CUNA is reviewing the plan and will certainly be commenting.

“We want the CFPB to include efforts to protect credit unions from needless regulatory burdens in its strategic plan,” Dunn said.

The CFPB announced appointees to its consumer advisory board and three councils, including the Credit Union Advisory Council (CUAC), earlier this month. Washington State Employees Credit Union CEO Kevin Foster-Keddie was chosen as a member of the CUAC, which will convene for the first time on Oct. 11.


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