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.

Photo of Nikhil Gore Nikhil Gore

A member of the international arbitration and financial institutions practices, Nikhil V. Gore represents sovereign states and U.S. and global firms in international treaty-based and commercial disputes. He also regularly represents U.S. financial institutions, and the U.S. branches and affiliates of foreign financial…

A member of the international arbitration and financial institutions practices, Nikhil V. Gore represents sovereign states and U.S. and global firms in international treaty-based and commercial disputes. He also regularly represents U.S. financial institutions, and the U.S. branches and affiliates of foreign financial institutions, in investigations and inquiries involving the Federal Reserve, OCC, FDIC, CFPB, and state banking regulators.

Mr. Gore has served as counsel in investment and commercial arbitrations spanning several industries and a variety of regions, including Asia, Eastern Europe, North America, and Southern Africa. Additionally, he has expertise in the law of the sea, and was part of the Covington team that secured an order from the International Tribunal for the Law of the Sea, which required Russia to release three Ukrainian naval vessels and twenty-four servicemen detained in the Black Sea in 2018.

In his financial institutions practice, Mr. Gore has experience with enforcement actions and investigations relating to the Bank Secrecy Act, the federal criminal money laundering statutes, the full range of safety and soundness issues (including, in particular, supervisory reviews of bank control functions), and fair lending and consumer compliance. Mr. Gore is a regular contributor to the firm’s financial services blog.