CFPB Unveils 5 Year Plan

The Consumer Financial Protection Bureau released an online version of its 5 year plan last week. The controversial agency is seeking input from consumers who have question the long-term planning of the 2 year old organization.

The plan cites technology as an important aspect of the organization.

“Technology will be core to the CFPB accomplishing its mission,” the agency writes. “This means developing and leveraging technology to enhance the CFPB’s reach, impact and effectiveness. We strive to be recognized as an innovative, 21st century agency whose approach to technology serves as a beacon for all of government.”

Among its overarching goals: prevent financial harm to consumers while promoting good practices to benefit them; empower consumers to live better financial lives; inform policy makers with data-drive analysis of finance markets and consumer behavior; and advance performance by maximizing resource productivity and enhancing impact.

“Aging poses a number of unique financial challenges,” the CFPB writes. “Older Americans face complicated decisions about finances, retirement, and long-term planning. With the shift from defined benefit to defined contribution plans and other forms of “do-it-yourself retirement” such as IRAs, good financial advice and assistance is especially important. As people age, their ability to handle finances may decline, putting them at risk of making poor decisions or becoming victims of financial exploitation by scam artists or even by family members or legal fiduciaries.”

Will you weigh in on the plan? View it here.