User blog comment:Maki Kuronami/Ironwood?/@comment-3146930-20140706025846/@comment-3257939-20140706052838

Well, it's most likely that their colors are more related to their hair. Melanie=Melania=Blackness=Something that means a color=Hair color. After all, if Team RWBY is dressing in white in this volume, that doesn't apply to their colors either with the exception of Weiss.

I also think that Ironwood is the man in white. They don't need to dress in complete yellow because their name say so. Jaune's hair and his symbol are the only things that are yellow while Penny has nothing with the color of copper. That sounds more like a surname rather than a name. And if he was Penny's father/creator, does that makes her Penny Ironwood?

Yep, those two are definitely Pinocchio and Geppetto.