Bureau sets ‘preventing harm to consumers’ as top goal in new strategic plan

A draft strategic plan that lists its top goal as “preventing harm to consumers while promoting good practices that work for consumers, responsible providers, and the economy as a whole” has been posted by the Consumer Financial Protection Bureau (CFPB) for 2018-22.

In posting its draft plan, the bureau noted that it is required to produce a new strategic plan for the next five years, establishing the agency’s mission and strategic goals and objectives.

Comments are due by Nov. 18.

The other three goals outlined by the bureau for the next five years are:

  • Empower consumers to make informed financial choices to reach their own life goals and enhance their own financial well-being.
  • Inform the public, policy makers, and the CFPB’s own policy-making with market intelligence and data-driven analysis of consumer financial markets and consumer behavior.
  • Advance the CFPB’s performance by maximizing resource productivity.

The agency said that its draft plan articulates the agency’s long-term strategic goals and objectives that drive achievement of its mission. CFPB noted that the performance goals and measures which were previously  included in the FY 2013-2017 Strategic Plan were relocated to the agency’s FY 2018 Annual Performance Plan and  Report. The FY 2018 Annual Performance Plan and Report will identify the performance goals, performance measures, and targets for each strategic goal and objective, CFPB said.

“A review of other agency strategic plans indicated that many agencies use the strategic plan to identify long-term goals and objectives, and the performance plan and report to establish and track performance goals and measures. This approach helps to ensure that the Bureau’s planning documents provide the most relevant and up-to-date information on the CFPB’s performance,” the bureau said.

The agency expect that by February 2018 it will publish an Annual Performance Plan and Annual Performance Report describing the agency’s accomplishments and presenting the results of the agency’s performance metrics for FY 2017.

DRAFT Consumer Financial  Protection Bureau Strategic Plan

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