In a speech February 25 at the CFPB's Consumer Advisory Board meeting, CFPB Director Richard Cordray identified nine "key areas where we hope to make substantial progress over the next two years." He also noted, however, that "these goals do not capture all of the important work we are doing." The nine goals are:
First, we envision a mortgage market where lenders serve the entire array of credit-worthy borrowers fairly, and where servicers have processes in place that result in fair and efficient outcomes for consumers.
Second, we envision a student loan market where student loans are serviced in a way that is transparent and fair to help students repay their debts.
Third, we envision a consumer reporting market with better data that is more accurate and inclusive of more consumers.
Fourth, we envision a market free from discrimination and where consumers have equal access to small business lending.
Fifth, we envision a market where consumers are savvy about their own finances, and they have reliable places to turn to for the tools and skill building to increase their own financial capability.
Sixth, we envision a market where consumer education and policy decisions about household finances are based on a deep understanding of how households use financial products and make choices about money and the effects on their lives.
Seventh, we envision an open-use credit market where payday and installment lenders rely on business models that succeed when consumers use credit as needed and are able to repay their debts when they come due.
Eighth, we envision a debt collection market where everyone who collects debts substantiates the debts they are collecting and communicates with debtors about their debts in a respectful, lawful, consumer-oriented manner.
Ninth, and finally, we envision an entire consumer financial marketplace where consumers will have the ability to effectuate their rights and hold institutions accountable for unlawful conduct.
It will be interesting to see how the Bureau interprets and implements those goals, including the eighth goal that would require debt collectors to substantiate the debts they collect, the fifth goal that seeks to insure that consumers are savvy about their own finances, and the ninth, which wants consumers to have the ability to effectuate their rights and hold institutions accountable.
