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68 Congress. e two strategic goals of the bureau come directly from Sections 1011 and 1013 of the Dodd-Frank Act: "to regulate the offering and provision of consumer financial products or services under the federal consumer financial laws" and "to educate and empower consumers to make better-informed financial decisions." ere are also five strategic objectives to achieving those goals—educating consumers, protecting consumers from UDAAP and discrimination, reducing unwarranted regulatory burdens, enforcing federal consumer financial law consistency, and facilitating access and innovation in markets through transparency and efficiency. It's worth noting that Cordray's Strategic Plan was 40 pages long, while Mulvaney's is a much more limited 15 pages. In April 2018, Mulvaney also sent a Semi- Annual Report to Congress for the period of April 1, 2017, to September 30, 2017, in which he stated that the bureau is too powerful and has too little oversight. In his Semi-Annual Report, Mulvaney recommended four changes to the Dodd-Frank Act, which founded the BCFP: » Fund the bureau through Congressional appropriations, under Section 1017 of Dodd-Frank » Require legislative approval of major bureau rules » Ensure the Director answers to the President » Create an independent Inspector General for the bureau e BCFP is currently funded by transfers each year of combined earnings from the Federal Reserve System. For 2018, the budget totaled approximately $663 million, up from $631.7 million in 2016 and $646.2 million in 2017. Mulvaney also listed the bureau's Spring 2018 rulemaking agenda, with an immediate focus on Business Lending Data (Regulation B); the Expedited Funds Availability Act (Regulation CC); the Debt Collection Rule; Home Mortgage Disclosure Regulation (Regulation C); Payday, Vehicle Title, and Certain High-Cost Installment Loans; the Gramm-Leach-Bliley Act (GLBA) (Regulation P); the Amendment Relating to Disclosure of Records and Information; and Amendments to the Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z). BACK TO BASICS What does all this mean for enforcement of the Dodd-Frank Act under the refocused BCFP? State Attorneys General, who have collaborated closely with the bureau since its founding, plan to shoulder much more responsibility under the administration of President Trump. At the winter meeting of the National Association of Attorneys General on February 28, 2018, Mulvaney emphasized that the BCFP will focus much more on persecuting illegal acts rather than on making new laws or policy—a notable change compared to the tenor under Cordray's rule. State AGs have already begun shifting in reaction to Mulvaney's new policies. State enforcement of consumer protection laws has tripled over the past year. Pennsylvania and Washington have set up consumer financial protection units, and California, Oregon, Illinois, Iowa, Massachusetts, and North Carolina are likely to increase their resources dedicated to enforcement of these laws. Between November 21, 2017, when the BCFP announced a settlement with Citibank, and July 13, 2018, no enforcement actions have been filed. Four enforcement actions were settled with significant reductions in penalties or with a restitution award only. Cordray issued an average of two to four enforcement actions each month. As of July 16, 2018, the BCFP confirmed they are investigating possible violations of consumer protection laws. So, look for more state enforcement of consumer protection laws, and for more bureau cooperation with lenders, servicers, creditors, and businesses. Mulvaney announced at the end of May 2018 that the BCFP is working with the Commodity Futures Trading Commission (CFTC) to develop a fintech sandbox. A sandbox allows startups to test products with feedback from regulators. e CFTC, a swaps-and-derivatives regulator, has launched one of the most robust sandboxes at the federal level. e United Kingdom's Financial Conduct Authority announced earlier this year plans for a global testing bed for new financial technology applications. Arizona started a regulatory sandbox in March 2018, and Illinois has announced similar plans. e Dodd-Frank Act allows the BCFP to foster such innovation, though rarely has the bureau done so. Now it seems that may change. Mulvaney emphasized that the BCFP will focus much more on persecuting illegal acts rather than on making new laws or policy—a notable change compared to the tenor under Cordray's rule.