Mick Mulvaney, the director of the Office of Management and Budget, has changed the name of the consumer agency, the Washington Examiner reported.
The Consumer Financial Protection Bureau (CFPB), is not technically called by that name, Mulvaney said in congressional testimony Wednesday. The Bureau of Consumer Financial Protection "is the formal name of the CFPB — the CFPB technically doesn't exist," Mulvaney said.
An agency representative said Friday the name change "furthers the acting director's stated goal of hewing closely to the statute," the Examiner reported.
The agency introduced its new seal with the new name on March 30.
"The seal reflects the Bureau's mission through American imagery and references to the nation's founding documents. It also aligns the Bureau with the seals of other federal financial regulators," the statement said.
The CFPB name was used at the agency's headquarters, on its website's URL, and on its Twitter account, the report said.
House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, offered praise for the change, the Examiner reported.
"Agencies should follow the law… I commend Acting Director Mulvaney's efforts to follow the law as written," Hensarling said through a spokesman.
The Examiner reported that the executive director of Allied Progress, a liberal watchdog group, criticized the change.
"Only an idiot would walk away from such a successful investment in this brand… an idiot or someone who wants to make the CFPB look, feel, and sound more bureaucratic and less like an accessible champion for consumers," Karl Frisch said.
The bureau on Friday imposed its first fine since Mulvaney took the acting director position. The $1 billion fine against Wells Fargo & Co. is the second biggest in the agency's history, MarketWatch reported.
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