Released: December 20, 2018
The CFPB tried to change its name. Here’s why it’s giving up
Source: Renae Merle, Washington Post (Paid Registration)
The watchdog agency has been known as the CFPB since opening its doors in 2011, but its former acting director, Mick Mulvaney, a Trump appointee, believed it should instead be called the Bureau of Consumer Financial Protection, or BCFP.
Critics called the effort a costly stunt aimed at undermining the bureau’s identity. The Hill newspaper, citing an agency analysis, reported that the name change could cost the agency up to $19 million and financial firms up to $300 million.
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