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CFPB Goals Shift Focus Away From Mortgages, Relatively
Friday, February 26, 2016
In a speech this week to its Consumer Advisory Board the director of the Consumer Financial Protection Bureau (CFPB) laid out nine goals for the Bureau over the next two years. Richard Cordray said the goals represent the key areas where the Bureau hopes to make substantial progress. They "are statements about particular outcomes in particular markets that we want to drive toward fulfilling, rather than descriptions of the tools that will be used." The treatment of the mortgage market is surprisingly light compared to the rest of the list of goals and largely consists of 'old news' to mortgage market participants.
In a related press release the Bureau nailed the general goals outlined by Cordray down to specific actions it intends to pursue. Below we present the goals as they were presented to the Advisory Board, a summary of the policy specifics from the CFPB's press release and, where relevant, remarks about them from Barbara S. Mishkin's article in Ballard & Spahr's CFPB Rulemaking blog.
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