The Consumer Financial Protection Bureau yesterday released its five-year strategic plan, marking a change in enforcement strategy and laying out its mission and strategic objectives under the new administration.

“If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further,” Acting Director Mick Mulvaney said in a statement. “By hewing to the statute, this strategic plan provides the bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers.”

The plan draws directly from the Dodd-Frank Wall Street Reform and Consumer Protection Act and refocuses the CFPB’s mission on regulating consumer financial products or services under existing federal consumer financial laws, enforcing those laws judiciously and educating and empowering consumers to make better informed financial decisions, the bureau said.

Among changes from the prior strategic plan, the CFPB will now focus on equally protecting the legal rights of all, including those regulated by the bureau, and will engage in rulemaking where appropriate to address unwarranted regulatory burdens and to implement federal consumer financial law. It also claims it will operate more efficiently, effectively and transparently.

The CFPB is required to prepare and publish a five-year strategic plan in accordance with the Government Performance and Results Act (GPRA) and GPRA Modernization Act. The prior strategic plan was published in April 2013. The 2018 strategic plan is a revision of the draft released in October 2017.