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CFPB Draft Five-Year Strategic Plan

On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released a draft strategic plan for the next five years, 2013 – 2018.  The draft strategic plan includes setting goals and strategies on what the agency aims to achieve, establishing strategies for the agency, and measuring the agency’s performance with targets and indicators.  The CFPB’s four primary goals are to:

  1. Prevent Financial Harm to Consumers While Promoting Good Practices That Benefit Them;
  2. Empower Consumers to Live Better Financial Lives;
  3. Inform The Public, Policy Makers, and the CFPB's own Policy-Making with Data-Driven Analysis of Consumer Finance Markets and Consumer Behavior; and
  4. Advance the CFPB's Performance By Maximizing Resource Productivity & Enhancing Impact. 

The agency will accept comments on the draft strategic plan by October 25, 2012.  MCUA, in conjunction with Credit Union National Association (CUNA) staff will be reviewing the strategic plan in detail and filing any pertinent comments; with the chief recommendation that the agency should include an assessment of the impact of its rules on credit unions in its strategic plan.