Rearranging the name of Consumer Financial Protection Bureau..

Came across this interesting controversy over names. Mick Mulavney, the former chief of CFPB wanted to change or rearrange the name of the watchdog to BCFP:

Mulvaney, who was installed by President Donald Trump as acting director of the bureau in November 2017, had maintained that he was only following the statute in insisting that the agency be called the Bureau of Consumer Financial Protection, or BCFP. He also rearranged the letters in the lobby of the agency’s office building.

Sen. Elizabeth Warren (D-Mass) on Monday asked the CFPB inspector general to investigate Mulvaney’s name-change decision, which she said would cost the agency between $9 million and $19 million, citing news reports.

Warren helped set up the bureau during the Obama administration in the wake of the financial crisis,

The new chief has decided to continue with CFPB:

Kathy Kraninger, the new director of the Consumer Financial Protection Bureau, is reversing the name change that her predecessor, Mick Mulvaney, tried to impose on the agency, according to an internal email Wednesday.

“I care much more about what we do than what we are called,” Kraninger wrote in the all-hands email, which was originally obtained by the consumer group Allied Progress. “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.”

Kraninger’s decision to distance herself from Mulvaney, her former boss at the Office of Management and Budget who was just named acting White House chief of staff, came just a week after she was sworn in to lead the bureau.

Kraninger said that for reports, legal filings and other official business, the agency will use Mulvaney’s preferred name. “The name ‘Consumer Financial Protection Bureau’ and the existing CFPB logo will continue to be used on all other materials,” she said.

Hmm,

This reminds me of another similar story in India. The proposed name for IDFC was actually IFDC with Finance ahead of Development. The Government decided to bring D ahead of F! Thankfully, this happened before the institution came up unlike CFPB..

 

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