Mulvaney Wants CFPB to Stick to the Law
Tuesday, February 20, 2018
A newly released strategic plan from the CFPB for the 2018-2022 fiscal years emphasizes sticking to the Bureau’s statutory responsibility. What this means is a slowdown in expansive rulemaking and a bureau that no longer plans to push the envelope on new rules and enforcement. The CFPB, according to the plan, will remain committed to protecting consumers but will refocus resources on institutions and product lines that pose the greatest risk. The strategic plan states that the Bureau will achieve its mission and vision through:
- Seeking the counsel of others and making decisions after carefully considering the evidence.
- Equally protecting the legal rights of all.
- Confidently doing what is right.
- Acting with humility and moderation.
The CFPB states that its revised strategic plan’s mission statement is drawn directly from the Dodd-Frank Act: “to regulate the offering and provision of consumer financial products or services under the federal consumer financial laws” and “to educate and empower consumers to make better informed financial decisions.”
For a look at the complete strategic plan click here.