Exclusive: Consumer bureau name change could cost firms $300 million

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Exclusive: Consumer bureau name change could cost firms $300 million

Exclusive: Consumer bureau name change could cost firms $300 million

The Hill-

Changing the name of the Consumer Financial Protection Bureau (CFPB) could cost the businesses it regulates more than $300 million, according to an internal agency analysis obtained by The Hill.

Banks, lenders and other financial services firms subject to CFPB supervision could be required to spend millions of dollars if the agency goes through with a rebranding proposal from acting Director Mick Mulvaney.

The agency, established by the 2010 Dodd-Frank Wall Street reform law, has been known as the Consumer Financial Protection Bureau and CFPB since it opened in 2011. It was led by Richard Cordray, a Democrat, from 2012 until his resignation in November 2017.

[THE HILL]

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