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There have been active efforts in the U.S., Europe, and Japan on the design of a neutrino factory. This type of facility produces intense beams of neutrinos from the decay of muons in a high-energy storage ring. In the U.S., a second detailed feasibility study (FS2) for a neutrino factory was completed in 2001. Since that report was published, new ideas in bunching, cooling, and acceleration of muon beams have been developed. We have incorporated these ideas into a new facility design, which we designate as study 2B (ST2B), that should lead to significant cost savings over the FS2 design.