WASHINGTON — The one-time Consumer Financial Protection Bureau, which became the Bureau of Consumer Financial Protection, is once again the Consumer Financial Protection Bureau.
Kathy Kraninger, who was recently confirmed as director of the agency, has said that among her first acts will be to reverse her predecessor’s position and once again make it the Consumer Financial Protection Bureau, better known as the CFPB.
As CUToday.info reported here, in April Mick Mulvaney, the former acting director of the agency, had renamed it the BCFP shortly after he took over, saying that is the official name by which the agency was created under the Dodd-Frank Act and it should be officially known as such. With the changed name the Bureau also introduced a new seal.
“We have a legal name but will be using our colloquial name and the branded acronym 'CFPB,'” Kraninger said in an email to Bureau employees announcing the reversal. “I believe this decision is most efficient and effective for our continued work together.”
Earlier this month an analysis released by the Washington publication The Hill suggested changing the name would ultimately represent approximately $300 million in costs to banks, credit unions and other entities overseen by the agency as they update their databases, regulatory filings and disclosure forms with the new “BCFP” name to be in compliance with the rules enforced by the agency.
The latest announcement by the now CFPB will involve at least one cost: re-reshuffling the letters on the wall of its Washington offices.