It has been about five years since the Consumer Financial Protection Bureau (CFPB) officially began. From its lackluster early years to its recent promises to “reform” the financial industry, this organization has not been a stranger to controversy. The group is looking to ramp up its efforts to implement changes to the financial industry even more in the future.consumer-financial-protection-bureau-logo

According to the Director of the CFPB Richard Cordray, “By pursuing the goals of evenhanded oversight, appropriate law enforcement, fair rules, expert research, and broad-based consumer education and engagement, we have been working to restore trust and confidence in the markets for household financial products and services. As we do that more and more, we can see that we are succeeding in delivering tangible value for consumers.”

Cordray promises that the CFPB will use these objectives to form a foundation for the future, and has set up nine steps the bureau will stick with in order to do so. Cordray went on to explain, “They are statements we are making about particular outcomes in particular markets that we want to drive toward fulfilling, rather than descriptions of what tools we plan to use. So strategy starts with what we want to see in the marketplace, which then can guide us in selecting the tools most appropriate for the task.”

Here is an overview of the nine steps the CFPB plans on using:

Commenting on the big picture created by these nine steps Cordray said, “As we look ahead and work toward the primary goals we have set for ourselves, I believe these are also important characteristics of our work together at the Consumer Bureau.”

On paper, all of these steps sound reasonable, and even positive. However, it remains to be seen if Cordray and his staff can pull these things off without placing undue scrutiny and penalties on some service providers. Can this organization effectively “overhaul” the financial industry without forcing some financial service providers out of business, and creating financial vacuums in the marketplace that would effectively leave consumers with fewer choices on how to handle their money? The answers to these questions will become more apparent as this organization continues to do what it does. As this happens, though, we all have to wonder whether or not the CFPB has consumers and providers best interests at heart or if it is using its nine step plan to further its own agenda and that of the current presidential administration.