On July 18, 2011, the Consumer Financial Protection Bureau issued a "progress report" entitled "Building the CFPB".
The report cites the Bureau's mission as "a 21st century agency that helps consumer financial markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives." The Bureau intends to "achieve its mission through data-driven analysis, innovative use of technology, [and] valuing the best people and great teamwork." The report articulates the Bureau's vision of "a consumer finance market place: ...where customers can see prices and risks up front and where they can easily make product comparisons; ...in which no one can build a business model around unfair, deceptive, or abusive practices; ...[and] that works for American consumers, responsible providers, and the economy as a whole.
The Bureau touted its work to date, primarily in developing new combined TILA/RESPA mortgage disclosure forms in its "Know Before You Owe" project. Several rounds of field testing of two alternative prototype disclosure forms have been conducted to date, with a total of five rounds of evaluation and revision of those forms before the Bureau will select a single draft disclosure around September 2011. At that point, the Bureau will commence formal rulemaking to prescribe the use of the selected form.
Credit cards are another stated priority for the Bureau. It intends to continue research and analysis and to commence rulemaking to "further clarify price and risk and make it easier for consumers to make direct product comparisons."
By July 21, 2011, the Bureau will be publishing a list of rules and orders to be enforced by the Bureau and releasing several additional reports mandated by the Dodd-Frank Act, including reports on remittance transfers, remittance exchange rates and credit scores.