Kraninger announces that CFPB will remain CFPB, despite Mulvaney’s efforts to rebrand to BCFP

Inside Subprime: Jan 22, 2019

By Aubrey Sitler

Director of the Consumer Financial Protection Bureau (CFPB) Kathy Kraninger announced in late 2018 that she would not pursue her predecessor’s efforts to rebrand the agency to the Bureau for Consumer Financial Protection (BCFP). Kaninger replaced Mick Mulvany, an acting director widely perceived to be more sympathetic to payday loan firms than consumers.

In an email announcement to all CFPB staff, she noted: “I care much more about what we do than what we are called… As of December 17, 2018, I have officially halted all ongoing efforts to make changes to existing products and materials related to the name correction initiative.” This message was complemented by a tweet she posted, which showed a picture of two mugs — one with the CFPB logo and one with the BCFP seal — and a caption that read: “Both can do the job. It’s what we put inside that matters. #realconsumerprotection  KK.” This decision was one of Kraninger’s first in her new role, to which she was appointed in early December 2018.

Mick Mulvaney, the previous acting director of the CFPB, began a crusade in March 2018 to shift the CFPB’s name to the BCFP — an effort that started with commissioning a new seal and logo. It then progressed to include a formal request to the Associated Press (AP) to change the agency’s name and acronym in the AP Stylebook, and escalated to a redecorated CFPB lobby with “BCFP” signage. Many saw symbolism in the positioning of “bureaucracy” before the “consumer” in this name change, there was a another problem associated with it: its costs.

According to a CFPB analysis obtained and published by The Hill, this name change was estimated to cost taxpayers between $9 million and $19 million, and companies would have incurred over $300 million in costs associated with the name change.

Mulvaney’s insistence on rebranding the CFPB was widely seen to be consistent with his dedication to dismantling the Bureau’s intended role by undercutting its role as a consumer watchdog and advocacy agency.

For more information on payday loans, scams, and cash advances and check out our city and state financial guides including Florida, Illinois, Texas and more.

Visit OppLoans on YouTube | Facebook | Twitter | LinkedIn