On October 18, the CFPB released and requested feedback on its draft strategic plan for fiscal years 2018-2022. This strategic plan identifies the Bureau’s long-term goals and objectives.

The proposed strategic plan outlines four broad goals for the next five years with multiple objectives and various strategies defined for each goal. Consistent with previous CFPB releases, these objectives reflect the Bureau’s continued use of data and technology to advance its mission. The four goals are:

  • “Prevent financial harm to consumers while promoting good practices that work for consumers, responsible providers, and the economy as a whole.” Objectives include creating and modifying regulations; supervising institutions; and enforcing consumer financial laws.
  • “Empower consumers to make informed financial choices to reach their own life goals and enhance their own financial well-being.” Objectives include handling complaints and sharing data; and creating and offering educational resources.
  • “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.” Objectives include monitoring markets and producing research reports.
  • “Advance the CFPB’s performance by maximizing resource productivity.” Objectives include hiring a diverse work force; using technology for public engagement; ensuring effective and efficient management; and maintaining meaningful channels for feedback.

The CFPB is requesting comments by November 18.