CFPB Five-Year Strategic Plan Highlights Fair Lending Enforcement
October 3, 2012
Willis, Christopher J.
The Consumer Financial Protection Bureau (CFPB) has issued a draft strategic plan with four goals and 11 desired outcomes for 2013 to 2018. The agency is seeking comment on the plan, with a deadline of Oct. 25, 2012. The outcomes and performance measures for enforcement success suggest the regulator will measure success by the number of enforcement actions it brings, with significant focus on the number of fair lending cases. The CFPB intends to prevent financial harm to consumers, promote good practices, empower consumers in their financial lives, and inform the public and policymakers with analysis of consumer finance markets. It also intends to supervise institutions to foster compliance with federal consumer financial laws. The bureau will assess its progress by tracking several enforcement-related performance measures against “specific targets.” However, the CFPB has not indicated how it plans to establish these targets.
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