CFPB Releases Draft of Strategic Plan

When a football player is traded from one team to another or released, one of the first things that the team asks for is the copy of the player’s playbook, which details all of the plays that the team uses during the course of a game. The playbook is a roadmap that, if an opponent were to find it, could significantly help them win the game. The Consumer Financial Protection Bureau, for all intents and purposes, has released its playbook, in the form of a draft Strategic Plan for the next four years. The document outlines its priorities, goals, and objectives while also providing details about how it plans to meet those targets.

The CFPB’s priorities for the next four years are:

• Equitable recovery from the COVID-19 pandemic
• Equitable access to and engagement with consumer finance infrastructure
• Equitable wealth creation from home and small business ownership
• Fair, transparent, and competitive markets for consumer financial products and services
• Privacy, access, and fairness in a new data-driven economy

It’s strategic goals are:

• Implement and enforce the law to ensure consumers have access to fair, transparent, and competitive markets that serve consumers’ needs and protect consumers from unfair, deceptive, and abusive practices, and from discrimination.
• Empower consumers to live better financial lives, focusing on traditionally underserved people.
• Inform public policy with data-driven analysis on consumers’ experiences with financial institutions, products, and services.
• Foster operational excellence and further commitment to workforce equity to advance the CFPB’s mission.

The CFPB is seeking feedback and comments about its strategic plan. Comments must be filed by January 3 and can be submitted via email to [email protected].