How to change the volume name of a FAT32 filesystem?

Dosfstools, which provides mkfs.vfat and friends, also provides fatlabel (called dosfslabel in older versions) to change the label.

For my USB drive mlabel did not work, but fatlabelworked!

fatlabel /dev/device

gives you label

fatlabel /dev/device NEW_LABEL

sets new label

Have a look at the ubuntu page about renaming usb drives, it's basically:

mlabel -i <device> ::<label>