Warren Demands Probe of CFPB Name Change
December 19, 2018
Sen. Elizabeth Warren (D-MA) is calling for an investigation into the decision by Mick Mulvaney, the former Acting Director of the Consumer Financial Protection Bureau (CFPB), to change the agency’s name to the Bureau of Consumer Financial Protection (BCFP).
In a letter to Mark Bialek, the Inspector General (IG) of the Board of Governors of the Federal Reserve and CFPB, Warren cited reports that claimed the name change would bring millions of dollars in new costs to the financial institutions regulated by the CFPB, as well as up to $19 million for the CFPB itself.
"The failure to justify the name change, combined with the failure to follow basic procedural rules, the wasteful expenditures, and the confusing implementation suggest a serious breakdown in the policy-making process at the CFPB," wrote Warren, who added that Mulvaney failed to take formal steps required in changing the agency’s name.
Warren further insisted that consumers would be confused with the name change. "In that environment, a consumer would be hard-pressed to know whether a remediation check they receive with the old CFPB seal is a scam or whether they have the right number if they call the complaint hotline and an operator from the BCFP answers the phone," she stated.
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