CFPB releases new 5-year strategic plan

The Consumer Financial Protection Bureau recently released a five-year Strategic Plan meant to keep the agency from “misusing” its powers.

Mick Mulvaney

That’s according to the CFPB’s Acting Director Mick Mulvaney, who has expressed concerns the CFPB was too aggressive in the past.

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“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,” Mulvaney said in a statement. “By hewing to the statute, this Strategic Plan provides the Bureau with a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers.”

The plan is also meant to “address unwarranted regulatory burdens” and to ensure the bureau operates “more efficiently, effectively and transparently.” 

Click here to read the whole plan.