The Consumer Financial Protection Bureau’s new focus on reversing regulatory overreach and reducing unnecessary regulatory burdens will help make financial services more affordable and accessible for consumers, the American Bankers Association said today in response to the bureau’s draft strategic plan.
The draft strategic plan outlines the CFPB’s objectives for fiscal years 2026 through 2030. Each objective is designed to achieve strategic goals arising from President Trump’s economic strategy and management agenda.
In a letter, ABA said it strongly supports the CFPB’s focus on reducing unnecessary regulatory burdens through transparent rulemaking, acting within clear statutory authority, improving the consumer complaint database, and prioritizing consumer fraud and scam education. It also expressed support for the CFPB’s commitment to refocus supervision on redressing quantifiable consumer harm and avoiding duplicative supervision, while urging the bureau not to pull back from robust federal supervision of nondepository financial service providers to avoid gaps in consumer protection supervision.
Finally, ABA recommended the CFPB implement Trump’s recent executive order on promoting access to mortgage credit.
