WASHINGTON–Credit unions no longer need worry about the CFPB: it’s now the BCFP.
Mick Mulvaney, interim director of what has been known as the Consumer Financial Protection Bureau, said the agency has officially changed its name to the Bureau of Consumer Financial Protection.
With the new name has also come a new seal that features an eagle with wings spread in front of a blue background.
Mulvaney had earlier told Congress during his testimony that technically there has never been any such thing as the CFPB, as when it was created in 2011 by the Dodd-Frank Act it is referred to as the Bureau of Consumer Financial Protection.
“The CFPB doesn’t exist. The CFPB has never existed,” Mulvaney told the American Bankers Association meeting here. “I’m not sure who made that decision. I think I can guess; she might be in the Senate.”
The reference was to Sen. Elizabeth Warren (D-MA), who is the architect of the BCFP.
In addition, Mulvaney told the meeting other changes are also taking place. He said the BCFP will no longer make public the consumer complaints it receives. Banks and other organizations have argued complaints should be vetted prior to being posted in order to avoid inappropriate reputational harm.
“I don’t see anything in here that says I have to make all of this public,” Mulvaney told the bankers. “We are going to maintain the consumer database. It is mandated by law. I don’t see anything in here that I have to run a Yelp for financial services sponsored by the federal government.”