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Strategy for Success: The Consumer Financial Protection Bureau as a Results-Oriented, Information Age Agency

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An examination of the CFPB at the time of its creation, discussing its direction within the context of the performance and results movement in the federal government.
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    ABSTRACT Title of    Document: STRATEGY FOR SUCCESS: THE CONSUMER FINANCIAL PROTECTION BUREAU AS A RESULTS-ORIENTED, INFORMATION AGE AGENCY. Michael R. Drayne, Master of Public Management, 2011. Directed By: Senior Lecturer Elizabeth Duke, School of Public Policy. This paper explores the factors that can lead the newly-created Consumer Financial Protection Bureau (CFPB) to be considered an example of a successful federal agency in a period of declining public confidence in government. The CFPB was created via a restructuring of the system of consumer financial regulation, whose sponsors in Congress and the Obama Administration nevertheless left the details of how the system was to be further re-engineered in the hands of the new agency’s  early leaders. The paper reviews the development of the  performance and results movement in the federal government, and asserts that these principles need to be more integrated into the CFPB than they were in the predecessor regulators of consumer finance. It discusses the need to incorporate a broader use of governmental tools, and  presents a prototypical view of the new agency to highlight the changes necessary as it begins operations.    STRATEGY FOR SUCCESS: THE CONSUMER FINANCIAL PROTECTION BUREAU AS A RESULTS-BASED, INFORMATION AGE AGENCY   By Michael R. Drayne Submitted in fulfillment of the requirements of PUAF 798A Readings in Public Policy January 2011    © Copyright by Michael R. Drayne 2011  ii Preface The topic examined in this paper arose first and foremost from my experience of over two decades in the field of residential finance, where the need to comply with voluminous, detailed and technical federal regulation consumes an enormous amount of resources, often without engendering any commensurate feeling that the effort is actually  benefitting the consumer. The carnage to this industry and American homeowners that resulted from the financial crisis of 2007-8 and subsequent recession awakened my interest in the already high and now increased role of government in this field, and  brought me to the graduate school of the University of Maryland School of Public Policy. There, Prof. Kenneth S. Apfel ’s teaching on the subject of  public administration and the  place of the performance and results movement within it stirred an interest in the question of whether this movement had practical application to my own field. I appreciate his approval of the deviation from the normal course of study that permitted me to undertake a more intensive study of this topic as it pertains to the environment of a federal regulatory agency. My most important debt is to Prof. Elizabeth Duke, my thesis advisor. Prof Duke  brought to this effort the inside perspective on the workings of the federal government and the requirements of academic writing that I lacked entirely, and had an innate ability to know when to stand aside and when to step in with an opinion. Her gently offered suggestions were always correct, and I am appreciative of and grateful for the contribution she made to this work.

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Jul 23, 2017
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