The Acting Director of the CFPB, Mick Mulvaney (Bio coming soon), has indicated he wants the entity name changed to Bureau of Consumer Financial Protection.
Recently I received a press release from the organization that still identifies itself as the Consumer Financial Protection Bureau and the press release is from the Bureau of Consumer Financial Protection. It also has the new logo they want to switch to.
The BCFP or CFPB is in the midst of one hell of an identity crisis.
It seems silly to change the name at this point for any reason. Can you imagine how much it is going to cost in having to throw away all the CFPB materials and reprint them just to change the name and logo? Talk about government waste of tax dollars.
The current CFPB website at consumerfinance.gov says “The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.” But the BCFP press release seems to change the mission. It says, “The Bureau of Consumer Financial Protection is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.”
The emphasis seems to be a move from putting consumers first to putting financial markets first.
Any guesses on how that’s going to work out for the average consumer? Comment below.