Kathy Kraninger, director of the Consumer Financial Protection Bureau, listens during a Financial Stability Oversight Council meeting at the Treasury Department on March 6. (Andrew Harrer/Bloomberg News)The Consumer Financial Protection Bureau, a watchdog bureau set up after the global financial crisis, has been “damaged” under the Trump administration, key Democrats said during a contentious committee hearing Thursday. Republicans and the Trump administration have “undertaken a sustained effort to destroy the agency,” she said. The former ombudsman, Seth Frotman, resigned last August in protest, claiming the Trump administration was siding with predatory lenders over consumers. Read More:Trump administration hands payday lenders a major victoryMick Mulvaney fires all 25 members of consumer watchdog’s advisory board

Source: Washington Post March 07, 2019 21:37 UTC