CFPB Name Change Could Cost Businesses $300M
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CFPB Name Change Could Cost Businesses $300M

December 4, 2018
The newly branded “Bureau of Consumer Financial Protection,” formerly known as the “Consumer Financial Protection Bureau,” has announced a settlement with Wells Fargo Bank
The effort by Mick Mulvaney to change the name of the Consumer Financial Protection Bureau (CFPB) to the Bureau of Consumer Financial Protection (BCFP) could cost the businesses regulated by the agency more than $300 million, according to an internal analysis that was obtained by The Hill.
 
Mulvaney, who served as the CFPB’s acting director after Richard Cordray resigned as director in November 2017, began pushing for the name change in the spring. Mulvaney insisted the Dodd-Frank Act codified the agency’s name as BCFP and authorized a new logo to reflect that moniker. But changing the CFPB to the BCFP would require the companies regulated by the agency to update their internal databases, regulatory filings and disclosure forms with the new name in order to comply with the Fair Credit Reporting Act, the Electronic Fund Transfer Act. The internal analysis estimated that this would cost the financial services industry a total of approximately $300 million to be in alignment with those rules.
 
Internally, the CFPB would need to spend $9 million and $19 million to update its internal materials and its website to reflect the BCFP name. The agency is planning to update its website to reflect the name change by March, according to the internal analysis.