The power struggle raging Monday (Tuesday in Manila) at the top of a key consumer protection agency underscores US President Donald Trump’s efforts to rein in financial regulation. The independent agency, created during the Obama administration in the wake of the 2008 financial crisis, polices banks, debt collectors, payday lenders and investment firms to protect consumer rights. But the same day Trump named his own ultra-conservative budget director, Mick Mulvaney, a sharp critic of the agency, as its interim director. Trump wants to the CFPB to cease obstructing the flow of capital to the public, Mulvaney said. An unfettered financial sector had produced the global financial crisis and ensuing worldwide recession, she added.

Source: Manila Times November 27, 2017 23:37 UTC