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CFPB publishes five year strategic plan

The Consumer Financial Protection Bureau has requested comment on a five year plan detailing four strategic goals and 11 desired outcomes to be achieved by the agency, as well as markers used to measure CFPB performance for each outcome.

The agency said that it plans to achieve its mission through the use of trained individuals, technology and data collection.

CFPB goals include preventing financial harm to consumers while promoting good practices that benefit them, empowering consumers to live better financial lives, informing the public, policy makers and the CFPB’s own policy-making with data-driven analysis of consumer finance markets and consumer behavior, and advancing the CFPB’s performance by maximizing resource productivity and enhancing impact.

Additionally, the agency’s published outcomes, among others, include creating, adopting and administering regulation to promote a safe and understandable consumer financial marketplace; collecting, monitoring, responding to and sharing data associated with consumers complaints and inquiries about consumer financial products or services; and articulating a research-driven, evidence-based perspective on consumer financial markets and consumer behaviors to identify areas where CFPB intervention may improve market outcomes.

Each desired outcome is followed by performance markers that the agency will use to monitor its progress in reaching the outcome.

Public comment on the CFPB plan is due by Oct. 25.

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