Skip to main content

Mulvaney Unveils New CFPB Five-Year Strategic Plan

Phil Hall
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.”

 
Published
Feb 13, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021