June 13, 2018

Mick Mulvaney: Changing CFPB’s name sends a message

Housingwire--Kelsey Ramirez

The Consumer Financial Protection Bureau, or should we say Bureau of Consumer Financial Protection, took the next step in its name change by putting up bcfp signage at the agency’s headquarters.

CFPB Acting Director Mick Mulvaney has been seeking to change the name for some time now, changing what he called the bureau and changing its name in the official documents sent out by his office.

At the end of March, the bureau released its new seal, adopting its first official seal. The seal shows an eagle with its wings raised across a blue background. But the top of the seal says, “Bureau of Consumer Financial Protection.”

While the design of the new seal took shape under former CFPB Director Richard Cordray, it was Mulvaney who changed the name on the seal.

Now, the bureau changed its signage at its headquarters to read bcfp, instead of the previous signs which read cfpb.

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Mulvaney explained this name change is a small but visible way to send a message, according to an article by Joseph Lawler for the Washington Examiner.

From the article:

“We changed the name because it’s the name in the statute,” Mulvaney told reporters Tuesday at the agency. “And if ... your whole theme is going to be, ‘we’re going to follow the statute,’ I thought it was a good, small way — but a very visible way — to send a message.”
Mulvaney said that the changes would not cost anything, and are a good thing as they will bring up discussion surrounding the underlying law, according to the article.

But some critics worry that consumer protections are receiving a demotion in this new name.

But the bureau’s website still opens with the words, “We’re the CFPB,” and has the bureau’s original logo.

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CFPB website

In the text of the Dodd-Frank law, the bureau is called the Bureau of Consumer Financial Protection. Mulvaney explained the name change will bring the bureau into alignment with that law.


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