Mulvaney Changes Official Name of CFPB
Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, has changed the official name of the Bureau.
In a release that was dated March 30 but has just recently come to light, Mulvaney announced the CFPB will now be known as the Bureau of Consumer Financial Protection. In addition, a new seal was introduced which highlights an eagle with its wings spread across a dark blue background. The eagle’s breastplate is meant to symbolize protection for the consumer.
Mulvaney told Congress last week that the CFPB was a misnomer and technically did not exist under such a name. Hence, the Bureau was properly re-named.
The CFPB was created in 2011 as part of the Dodd-Frank bill. It was designed to be funded by the Federal Reserve and independent of Congress and its appropriations. Richard Cordray served as its first director from 2012 to 2017. Mulvaney, who is the director of the Office of Management and Budget (OMB), is also serving as the Bureau’s interim director.