The Consumer Financial Protection Bureau has a five-year plan, the agency reported Tuesday. Through technology, data collection and resources in people, the agency plans to achieve its goals over the course of the next five years, the plan states.
“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.”
The bureau has already made some rule making progress and has influenced the reverse mortgage industry specifically through a milestone report to Congress on the industry presented in June.
Among its overarching goals: prevent financial harm to consumers while promoting good practices to benefit them; empowering consumers to live better financial lives; informing policy makers with data-drive analysis of finance markets and consumer behavior; and advancing the agency’s performance by maximizing resource productivity and enhancing impact.
Highlighting older Americans as one key consumer group of focus, the agency points to the 48 million people who are 62 and older.
“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.”
Written by Elizabeth Ecker