WASHINGTON—Has new management at the Consumer Financial Protection Bureau meant a new name?
Not officially, but in a press release distributed this week the agency referred to itself as the Bureau of Consumer Financial Protection. While a lawsuit over who should be in charge at the Bureau following President Trump’s appointment of Mick Mulvaney as acting director continues to work its way through the courts, the subtle shift in language has appeared in some public statements by the CFPB–or BCFP.
The different names actually aren’t new, and go back to the way the 2010 Dodd Frank Act–which created the CFPB–was written. Dodd Frank refers to both the Consumer Financial Protection Bureau and the Bureau of Consumer Financial Protection.
The Federal Register even states, “the Bureau of Consumer Financial Protection, hereinto referred to as the Consumer Financial Protection Bureau.”
Going back as far as 2012 there has been some debate online over how the agency should be referred to, with some analysts opining that consumers would not naturally search the word “Bureau” online if they have an issue, but would instead be more likely to search the word “Consumer.”
Officially, the Bureau’s logo refers to it as the Consumer Financial Protection Bureau.