Toward the second goal, the bureau said it would continue protecting consumers from UDAAPs and discrimination, as well as "enforc [ing] federal consumer financial law consistently, without regard to the status of a person as a depository institution, in order to promote fair competition".
The full CFPB strategic plan for 2018 - 2022 is available to read by clicking here.
Meanwhile, President Trump released his own strategic plan this week, in the form of his 2019 budget proposal. "While we are aware of reports that the Federal Trade Commission (FTC) may be taking the lead in investigating Equifax's failure to maintain adequate data security standards, the CFPB still has a duty to investigate the harm to consumers and whether other federal consumer financial laws have been violated".
"The proposed reforms would impose financial discipline, reduce wasteful spending, and ensure appropriate congressional oversight", according to a strategic statement released Monday.
The Mulvaney mission: To regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws and to educate and empower consumers to make better informed financial decisions.
However, the new strategic plan does change how the bureau approaches enforcement that follows those examinations.
The CFPB will "will go no further" than the mission outlined in the 2010 Dodd-Frank Act, Mick Mulvaney, its temporary director, said in a revised five-year strategic plan for the regulator.
Along with NAFCU, the letter was also signed by the American Financial Servicers Association, Consumer Mortgage Coalition, Credit Union National Administration, HOPE NOW Alliance, Independent Community Bankers of America, and Real Estate Settlement Providers Council. The memo also lays out a vision of "free, innovative, competitive, and transparent consumer finance markets where the rights of all parties are protected".
It's been a hectic few months at the CFPB under the leadership of Acting Director Mick Mulvaney, who is also the White House Budget Director. Mulvaney has already taken several steps to shake up the agency, such as ending lawsuits and pausing investigations. In mid-January, a U.S. District Judge backed Mulvaney's claim as legitimate head of the CFPB, saying the English had failed to meet the "exacting standard" necessary for him to issue a preliminary injunction.
"Supposed acting director Mulvaney of CFPB on Face the Nation yesterday talking about doing the job with "humility" and not being aggressive".