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Politics & MoneyMortgage

Is the CFPB considering a name change?

And what else is changing at the bureau

During his formal correspondence, Consumer Financial Protection Bureau Acting Director Mick Mulvaney has begun calling the agency the Bureau of Consumer Financial Protection.

Is this the first sign of a name-change in the near future?

The photo below, for example, shows that in the release the bureau put out for Mulvaney’s testimony Wednesday before the House Committee on Financial Services, it used the “new name.”

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name change

But that’s not the only clue that points to an upcoming name change for the CFPB.

At the end of March, the bureau released its new seal, adopting its first official seal. The picture below shows an eagle with its wings raised across a blue background. But the top of the seal says, “Bureau of Consumer Financial Protection.”

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name change

The bureau explained the three stars above its head stand for its three pillars: serve, lead and innovate. The eagle’s breastplate is a shield symbolizing protection. Click here to see more on what the seal means.

However, some advocates now worry that consumer protections are receiving a demotion in this new name.

The CFPB did not respond to HousingWire’s request for comment on the matter. However, CNN is reporting that this is the name used in the actual Dodd-Frank law which established the agency.

But the name isn’t the only thing changing at the bureau. It is also receiving a makeover to the building. A new report from the Associated Press shows the CFPB spent about $6,000 frosting the windows on the offices of senior staff in recent months.

A couple months before, the bureau began renovating its offices, spending more than $240 million.

And, of course, it’s not just the cosmetics of the bureau that are getting a makeover, but also the way the agency is being run.

Since former Director Richard Cordray left the bureau 135 days ago, leaving his place to Acting Director Mick Mulvaney, the CFPB has not issued a single enforcement action.

“What we’ve done is try to focus on more formal rulemaking,” Mulvaney said during the 2018 Semi-Annual Report hearing, saying the bureau has sent out less guidance and letters.

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