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Consumer Financial Protection Bureau is keeping banks in check

Consumer Financial Protection Bureau is keeping banks in check

Michael Barr served as the U.S. Treasury Department's assistant secretary for financial institutions in 2009 and 2010. He oversaw the Obama administration's dealings with Congress in creating the Consumer Financial Protection Bureau.

And he's still smarting from the experience.

"The banks fought against the bureau tooth and nail," Barr told me. "They were in an all-out war with the administration over this."

But he makes no effort to hide his satisfaction with how things turned out.

"The financial sector lost that fight," Barr said.

The bureau grew out of the debris of the financial meltdown, which more or less began five years...

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