It took some time for banking lawyers and compliance officers to get used to the Consumer Financial Protection Bureau’s (CFPB’s) announcement, under former Acting Director Mick Mulvaney, that it would refer to itself as the Bureau of Consumer Financial Protection (BCFP).  This blog — like many others in the industry — made sure to follow the agency’s instructions to the letter.

The moratorium, however, has now been lifted.  The Bureau’s new Director, Kathy Kraninger, has announced that her agency may once again be referred to as the CFPB.  The Bureau will use the name BCFP in certain formal contexts, such as statutorily required reports and legal filings, but will otherwise call itself by its original name.

Director Kraninger’s announcement should bring holiday cheer to industry and to Congress.  One analysis, initially made public by The Hill, suggested that the Bureau’s name change would have cost regulated businesses roughly $300 million — costs they would have incurred in updating internal databases, regulatory filings and disclosure forms.  Director Kraninger’s announcement may also please Senator Elizabeth Warren, who, earlier this week, asked the CFPB’s inspector general to investigate the name change.  The CFPB, too, will see benefits from the reversal — in particular, according to the same analysis reported by The Hill, an expected $9 million to $19 million in cost savings.