Financial Access Policy Goals Pursued by the Consumer Financial Protection Bureau (CFPB) in Its Regulatory Function: 2011–2023

Universal financial access, or the ability for all to open, afford, and continuously use beneficial and affordable financial products and services, eludes the USA. The Consumer Financial Protection Bureau (CFPB) has an important role to play in facilitating financial access through its regulatory function. This paper investigated the policy goals pursued by the CFPB proposed and final rules related to basic financial products and services. The paper also examined the products and services, providers, and populations targeted. Rules proposed through its independent authority were also examined. Researchers conducted a policy mapping content analysis of all CFPB proposed and final rules from 2011 to 2023. Two researchers independently coded basic characteristics, and policy goals and illustrative mechanisms. Researchers compared codes and addressed discrepancies through consensus, and created new codes as needed. The policy goals that appeared most often were increasing consumer protection and promoting the functioning of the financial marketplace. Out of 24 proposed or final rules, the most common financial products or services addressed were remittances and debt collection, with their providers being the most commonly targeted providers by new rules. Few populations were specifically targeted by proposed or final rules. The CFPB independently proposed or finalized 16 new rules, most of which addressed the same policy goals. Rules finalized by the CFPB since its inception address some of the key financial access challenges. However, the CFPB could exercise its independent rule-making authority to further address financial access issues, particularly for financially vulnerable populations.