Key Takeaways Jonathan McKernan, President Donald Trump's nominee to lead the Consumer Financial Protection Bureau, said the agency would continue to perform its legally mandated duties.The Trump administration has all but shut down the CFPB in recent days,

While President's Trump nominee for Consumer Financial Protection Bureau director, Jonathan McKernan, was earnestly taking questions from senators about the job on Thursday, the agency made some other news.

Several employees at the Consumer Financial Protection Bureau (CFPB) said in a series of court filings Thursday that the Trump administration plans to “wind down” the agency, appearing to directly contradict the administration’s claims earlier this week.

The U.S. Consumer Financial Protection Bureau on Thursday dropped five enforcement actions against financial services companies accused of wrongdoing under the prior administration, including a major case against Capital One.

The move, on a suit that had accused the bank of tricking customers, was one of several dismissals ordered by Trump officials who are dismantling the agency.