Skip to main content

Mulvaney Unveils New CFPB Five-Year Strategic Plan

Feb 13, 2018
Sen. Sherrod Brown (D-OH), the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, has published a 36-page report criticizing how Mick Mulvaney has run the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) has released a five-year Strategic Plan that offers a very different approach to regulatory oversight than the draft version initially released in October 2017.
 
In his introduction to the Strategic Plan, CFPB Acting Director Mick Mulvaney sought to establish a more holistic and less confrontational operating plan for the agency than the one advocated by former Director Richard Cordray, who resigned The Consumer Financial Protection Bureau (CFPB) has released a five-year Strategic Plan that offers a very different approach to regulatory oversight than the draft version initially released in October 2017last November in order to seek the Democratic nomination for Governor of Ohio.
 
“In reviewing the draft Strategic Plan released by the Bureau in October 2017, it became clear to me that the Bureau needed a more coherent strategic direction,” wrote Mulvaney. “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. Indeed, this should be an ironclad promise for any federal agency; pushing the envelope in pursuit of other objectives ignores the will of the American people, as established in law by their representatives in Congress and the White House. Pushing the envelope also risks trampling upon the liberties of our citizens, or interfering with the sovereignty or autonomy of the states or Indian tribes. I have resolved that this will not happen at the Bureau.”
 
The Strategic Plan cited three main goals for the next five years: ensuring consumers have access to financial products and services, implementing and enforcing the law “consistently” while ensuring markets are “fair, transparent and competitive,” and fostering “operational excellence through efficient and effective processes, governances, and security of resources and information.”

 
About the author
Published
Feb 13, 2018
DOJ Opens Criminal Investigation Into NY AG Letitia James Over Mortgage Fraud Claims

Investigation follows April referral by FHFA Director Bill Pulte; potential charges include wire, mail, and bank fraud

May 09, 2025
Federal Layoffs Help Drive Record 25% Surge In D.C. Housing Inventory

Cuts at mortgage, housing-related agencies help spur government employee exodus from the nation’s capital

May 07, 2025
Undocumented, But Not Unmortgageable

As immigration enforcement intensifies, lenders must decide if ITIN mortgages are too risky — or too valuable to ignore

Freddie Mac’s Net Income Up By $28M To $2.8B For Q1 2025

GSE sees chance to ‘strip away unnecessary bureaucracy and eliminate non-essential activities’ to drive tech investments, lower origination costs

May 01, 2025
What The CFPB’s 2025 Priorities Memo Means For Lenders

As mass layoffs at the agency are paused, law firm Garris Horn’s Senior Partner calls memo’s info, detail a ‘huge win’

CFPB Changes Course, Reportedly Chops Down Staff

Consumer finance watchdog’s headcount reportedly at about 12% as internal memo calls for focus on mortgages, big banks