CFPB Consumer Advisory Board Focuses on Goals February 25, 2016 AFSA Staff AFSA staff attended the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB) meeting on Feb. 25. At the meeting, CFPB Director Richard Cordray laid out nine priority goals which represent the key areas where the CFPB hopes to make substantial progress over the next two years. Among others, these goals include: limiting arbitration, advancing a consumer reporting system where furnishers provide and consumer reporting companies maintain and distribute data that are accurate and inclusive of more consumers, facilitating consumer-friendly debt collection, continuing to improve the mortgage origination and servicing markets, maintaining an “open-use” credit market (which includes installment loans) where lenders rely on business models that succeed when consumers use credit when needed and are able to repay their debts when due, and monitoring the small business lending market. Some of the goals will be met, at least in part, by the CFPB’s rulemaking efforts. Some of these goals are expected to be met, at least in part, by the CFPB’s rulemaking efforts. The CFPB cautioned that these priority goals do not capture all of the work the CFPB is doing. In particular, Chris D’Angelo, the CFPB’s Chief of Staff, noted that the CFBP, “…will continue to police all markets within our jurisdiction for compliance with consumer financial law and regulations. So, financial companies should continue their focus on complying with the law beyond the particular issues described in the goals, whether or not they see their particular industry or product mentioned explicitly.” D’Angelo also outlined four types of problems that the CFPB believes consumers face in the marketplace: deception, debt traps, dead ends (or situations where people cannot simply walk away when they are treated unfairly), and discrimination. The CFPB tends to focus on these problems in their work.