WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Feb. 12 that it has released a five-year Strategic Plan, which includes updates to its mission, strategic goals and strategic objectives.
"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," said acting director Mick Mulvaney in a statement. "By hewing to the statute, this strategic plan provides the bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers."
The CFPB noted in a news release that the plan draws its power from the Dodd-Frank Wall Street Reform and Consumer Protection Act. With the new strategic plan, the bureau plans to refocus its mission on utilizing existing federal consumer financial laws to regulate consumer financial products and services. Additionally, the CFPB plans to enforce those laws judiciously and educate and empower consumers to make financial decisions on a more-informed basis.
The new strategic plan replaces the April 2013 version. Under the Government Performance and Results Act (GPRA) and GPRA Modernization Act, the bureau must adopt a new strategic plan every five years.
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