The power struggle raging Monday at the top of a key consumer protection agency underscores US President Donald Trump's efforts to rein in financial regulation.

Two senior government officials claim to be rightfully in charge of the Consumer Financial Protection Bureau -- a Trump appointee and the agency's new deputy director -- and the politically charged case was poised to play out in the federal courts.

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.

It has constantly been under fire from Republicans and Trump has promised to roll back regulations across the economy that he says have hindered lending and business activity.