A few days ago I stated that the CFPB has a new name and many were surprised by this statement. So I did a bit of research.
THE CFPB DOES HAVE A NEW NAME.
It appears in April 2018, Director Mulvaney clarified the name of the Consumer Financial Protection Bureau is really the Bureau of Consumer Financial Protection. The original Dodd Frank apparently reads, Bureau of Consumer Financial Protection and not Consumer Financial Protection Bureau. In his presentation in April, he stated many reasons for changing this now and “making it accurate”, he also stated that prior lawsuits were against the CFPB and not the BCFP.
Note: I see a bunch of attorneys charging their clients mega fees to get back to the court with changes to their lawsuits, the defendant is not the CFPB but the BCFP.
Many detractors are raising issues with the fact that all media must be redesigned and communications still need to be changed because e-mail and twitter still say CFPB. These detractors feel he is “creating” or retaining jobs for marketing and media people to make these changes.
The President did promise to minimize regulations (many thought possibly he would eliminate the CFPB) and it appears this is the method to do so, the CFPB is no more, but the BCFP is new and improved.