The American Fintech Council (AFC), an association that represents many large online lenders and other Fintechs, says the Consumer Financial Protection Bureau (CFPB) strategic plan needs additional clarification.
The CFPB is a relatively new regulatory that was one of the aspects of the Dodd Frank legislation that followed the Great Financial crisis. The agency has been the target of much criticism and disfunction since its creation with some calling for its demise. Under the Trump Administration, its activities have been in decline.
The CFPB’s Draft Strategic Plan for fiscal years 2026–2030 was released March. The plan outlines a future where the agency seeks to reduce regulatory burdens, strengthens governance and culture, while addressing near term threats like quantifiable consumer harm regarding financial fraud.
Additionally, the plan includes a task force to tackle debanking, a nefarious activity pursued during the previous administration where individuals and firms were targeted due to their activities which were not aligned with the politics of the administration.
Other items of focus include an increased emphasis on cost benefit analysis as well as reducing compliance cost.
In a comment letter, the AFC) said the outlined recommendations support a regulatory framework that is “transparent, consistent, and grounded in statutory authority, enabling responsible innovation that expands access and improves consumer financial outcomes.” The AFC also recommended that the CFPB “clarify key concepts while maintaining focus on high-risk actors like for-profit credit repair organizations.”
The association also voiced their concern that the CFPB should not discourage new financial products. The letter asked for rulemaking on the Earned Wage Access (EWA) industry that states EWA is not a loan.
“A consistent regulatory framework grounded in clear statutory authority is critical to maintaining fair, competitive, and innovative financial markets,” said Ian P. Moloney, Chief Policy Officer at the American Fintech Council. “Providing regulatory clarity, particularly for emerging products like Earned Wage Access, will ensure that responsible providers can continue to meet consumer demand while operating within well-defined rules.”
The AFC asked the CFPB to reduce regulatory burdens by incorporating risk based measures includign outdated requirements, highlighting the need for modernized rules.
“The CFPB’s Strategic Plan presents an important opportunity to provide greater clarity, reinforce statutory boundaries, and focus regulatory resources on high-risk actors,” said Phil Goldfeder, CEO of the American Fintech Council.
One important aspect of the strategic plan that appears to be missing is artificial intelligence the ability to leverage Regtech or Suptech to streamline and improve compliance and oversight. AI is not mentioned in the plan nor did the AFC address the topic in its recommendation letter.
The Draft Strategic Plan for 2026–2030 was open for public feedback through April 17, 2026.
