The CFPB’s New Director Stops Efforts to Change Bureau’s Name

The CFPB’s New Director Stops Efforts to Change Bureau’s Name

December 20, 2018         Written By Bill Hardekopf

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.”



The information contained within this article was accurate as of December 20, 2018. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time