Consumer Financial Protection Bureau Director Kathy Kraninger has halted efforts to change the name of the agency to the Bureau of Consumer Financial Protection, according to a memo she wrote employees on Wednesday.
In the memo, Kraninger said the issue was an "early priority" because implementing a name change would have impacted required reports and legal filings. An internal agency memo had said the cost to the financial services industry could be roughly $300 million if the name change went forward.
“I have officially halted all ongoing efforts to make changes to existing products and materials related to the name correction initiative,” Kraninger wrote in the memo.
Former acting CFPB Director Mick Mulvaney initiated the name change in March claiming the Dodd-Frank Act specified that the agency was called “Bureau of Consumer Financial Protection." Though the financial reform law also mentioned the "Consumer Financial Protection Bureau," Mulvaney said BCFP was the correct name and commissioned a seal reflecting that. Kraninger said the agency will continue to use that seal and may refer to itself as BCFP in legal filings, but it would not seek to change its name more broadly.
Read more in American Banker.