Bank of America 500 race changes name in Nascar

* Bank says change not intended to downplay bank's name

* Other banks also criticized for sports marketing

NEW YORK, May 15 - Bank of America Corp is changing the name of the Bank of America 500, a Nascar stock car race scheduled for Oct. 17 near its hometown, and will call it "Nascar Banking 500 only from Bank of America."

The change comes as banks receiving federal bailout money from taxpayers face a backlash from lawmakers and other critics for attaching their names to, and spending money on, sports and other events.

Bank of America has taken $45 billion from the Treasury Department's Troubled Asset Relief Program.

The bank said renaming the race highlights an affinity banking program that began in 2007. Spokesman Joe Goode said it is "not in the least" an attempt to downplay the bank's name.

"This move to rebrand the race has been under consideration for over a year," he said. "It is a natural progression in the manner in which we market our products to an engaged and active fan base."

The race is held at Lowe's Motor Speedway in Concord, North Carolina, close to the bank's hometown of Charlotte. Bank of America has sponsored it since 2006.

Citigroup Inc, which also took $45 billion of bailout funds, has been criticized for a 20-year, $400 million naming rights pact it signed in 2006 for Citi Field, the new ballpark for the New York Mets baseball team.

Wells Fargo & Co, which took $25 billion of bailout money, in February dropped the name of newly acquired Wachovia Corp from a PGA golf tournament in Charlotte, but called it the Quail Hollow Championship rather than put its own name on it.

Lawmakers also faulted Northern Trust Corp, which took $1.5 billion of bailout money, for spending at a southern California golf tournament it sponsored.