CFPB Name Change May Cost Firms Over $300 Million

Changing the name of the Consumer Financial Protection Bureau ("CFPB") may cost financial services firms over $300 million, according to internal analysis.

As reported by The Hill, the CFPB's name change to "Bureau of Consumer Financial Protection" force regulated firms to update "internal databases, regulatory filings and disclosure forms with the new name." The CFPB released the new logo in March 2018 and changed the sign in its front lobby in June 2018 in order to reflect the name codified in Dodd-Frank. Currently, the CFPB plans to update its website with the new name by March 2019.