{"database": "press", "table": "releases", "rows": [["https://www.warren.senate.gov/newsroom/press-releases/senator-warren-calls-on-cfpb-inspector-general-to-investigate-wasteful-harmful-decision-to-change-agencys-name", "Senator Warren Calls on CFPB Inspector General to Investigate Wasteful, Harmful Decision to Change Agency's Name", "2018-12-18", "2018", "2018-12", "Democrat", "House", "MA", "Elizabeth Warren", "W000817", "www.warren.senate.gov", null, null, "legacy", "December 18, 2018\n\t\t\t Senator Warren Calls on CFPB Inspector General to Investigate Wasteful, Harmful Decision to Change Agency's Name \n\t\t\t\n\t\t\t\t\n\t\n\t\n\t\n\t\n\t \n\t\n\t\n\t\t\t\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n        \n\t\t\t\t Letter follows report that name change would cost the agency up to $19 million and cost regulated companies $300 million.\n\t\t\t\n\t\t\tLetter follows report that\r\nname changewould cost the agency up to$19 millionand\r\ncostregulatedcompanies$300million.Washington, DC- United States Senator Elizabeth\r\nWarren (D-Mass.) sent a letter to Mark Bialek, the Inspector General (IG) of\r\nthe Board of Governors of the Federal Reserve and the Consumer Financial\r\nProtection Bureau (CFPB), to request aninvestigation\r\nofformerInterimCFPBDirector Mick Mulvaney's attempt to\r\nchange the agency's name, at the cost ofmillions of dollars\r\nforconsumers,banks,and other regulated entities.\"The failure to justify the name change, combined with the failure to\r\nfollow basic procedural rules, the wasteful expenditures, and the confusing\r\nimplementation suggest a serious breakdown in the policy-making process at the\r\nCFPB,\"Senator Warren wrote.In March 2018, the CFPB announced that it would begin using a new seal that\r\nidentified the agency as the Bureau of Consumer Financial Protection (BCFP).\r\nSoon after, Mulvaney indicated he intended to change the agency's name.Publicreportsshow that the name change would cost the CFPB\r\nitself between $9 million and $19 million and would also cost banks, lenders\r\nand other financial services firms subject to CFPB supervision roughly $300\r\nmillion total. This cost wouldhave a significant effect onthe\r\nagency's budget, taking funding that could otherwise benefit consumers.Senator Warren also expressed concern that the CFPB did not take the\r\nappropriate steps to change its name, including formally amending several rules\r\nit enforcesusing the process required by the Administrative Procedures\r\nActand following Small Business Regulatory Enforcement Fairness Act\r\n(SBREFA) procedures.The senator notes that the name change could also confuse consumers,\r\npreventing them from filing complaints or seeking help. Currently, the CFPB\r\nappears to be using both names.\"In that environment, a consumer would be hard-pressed to know whether\r\na remediation check they receive with the old CFPB seal is a scam or whether\r\nthey have the right number if they call the complaint hotline and an operator\r\nfrom the BCFP answers the phone,\"the senator wrote.The senator requested that the CFPB IG launch an investigation into the name\r\nchange to determine how the decision was made; if the agency abided by formal\r\nprocesses; if a cost-benefit analysis was undertaken; the plans and benefits of\r\nthe name change; how the agency plans to absorb the cost; and if Mulvaney\r\nsought direction from the agency's general counsel. ###\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\n\t  \n\n\t\n\t\n\t\n\t\n\t \n\t\t\n\t\t\tPrint\n\t\t\n\t\t\n\t\t\t\n\t\t\tEmail\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\tTweet\n\t\t\t\n\t\t\n\t \n\t\n\t\n\n\t\n\t\n\t\n\t\n\t\n    \n\t\n\t\n    \n    \n    \n    \t\n    \t\n\t    \t  \n\t\t    \n\t\t    \n\t\t    \tPrevious Article", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.warren.senate.gov/newsroom/press-releases/senator-warren-calls-on-cfpb-inspector-general-to-investigate-wasteful-harmful-decision-to-change-agencys-name"], "units": {}, "query_ms": 2.564863068982959, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}