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Five-year plan unveiled by CFPB
WASHINGTON (9/27/12)--The Consumer Financial Protection Bureau (CFPB) on Wednesday released its draft strategic plan for 2013 through 2018, and credit unions and other interested parties can suggest improvements to the plan and comment on how that plan could impact the consumer finance market until Oct. 25.

In the proposed plan, the CFPB noted its stated goals of promoting a marketplace where:

  • 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, the CFPB added.

The agency said it will, in part, determine its success 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," she said.

For the full CFPB release, use the resource link.
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