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WBK Industry News - Federal Regulatory Developments

Director Kraninger Takes Position on BCFP/CFPB Name Controversy

It has been reported that Kathleen Kraninger, the new Director of the Bureau of Consumer Financial Protection, will halt ongoing efforts to change the order of the Bureau’s initials on existing products and materials.

An internal memo was reportedly sent out by Ms. Kraninger regarding the name change, which provides that statutorily required reports, legal filings, and other items specific to the Office of the Director, will use the Bureau seal and the “Bureau of Consumer Financial Protection,” which is the Bureau’s statutory name as set forth in the Consumer Financial Protection Act (Title X of Dodd Frank).  However, the “Consumer Financial Protection Bureau” and the existing “CFPB” logo will continue to be used on all other materials.  This is expected to save the significant cost that had been predicted if the industry were forced to revise existing documents and disclosures.