The Hill reports that changing the name of the Consumer Financial Protection Bureau could cost the businesses it regulates more than $300 million.
Banks, lenders and other financial services firms subject to CFPB supervision could be required to spend millions of dollars if the agency goes through with a rebranding proposal from acting Director Mick Mulvaney.
The agency, established by the 2010 Dodd-Frank Wall Street reform law, has been known as the Consumer Financial Protection Bureau and CFPB since it opened in 2011. … Mulvaney, a Republican who's also the White House budget director, replaced Cordray. In April, he began referring to the agency as the Bureau of Consumer Financial Protection, shortened to Bureau or BCFP.
The article is here.
