The CFPB’s New Director Stops Efforts to Change Bureau’s Name
Earlier this month, the Consumer Financial Protection Bureau elected a new director, Kathy Kraninger. One of her first decisions as director was to put a stop to the plan to change the Bureau’s name.
Former acting director Mick Mulvaney proposed the name change in March, transitioning from the CFPB to BCFP (Bureau of Consumer Financial Protection). Mulvaney felt the organization had long been operating under a misnomer, and he was simply correcting it.
In response to the name change, Kraninger emailed staff members to say, “To be clear, I care much more about what we do than what we are called.” The official name BCFP will be used for certain documents, but otherwise, the organization will continue to be called the CFPB.
Mulvaney’s efforts went as far as changing the Bureau’s flag and seal, but they did not fully come to fruition. Those opposed to the idea were primarily worried about the exorbitant costs associated with the transition. Analysis showed it could cost as much as $300 million to change all the forms, internal databases, and other information containing the Bureau’s namesake.
Kraninger said the Bureau is stopping efforts to change the name after assessing “costs, operational challenges and the effect on stakeholders.”