President Donald Trump slammed the Consumer Financial Protection Bureau and its former director Saturday, calling the consumer watchdog "a total disaster" just hours after senior administration officials defended his decision to appoint Mick Mulvaney as its acting head.

"The Consumer Financial Protection Bureau, or CFPB, has been a total disaster as run by the previous Administrations pick," Trump tweeted. "Financial Institutions have been devastated and unable to properly serve the public. We will bring it back to life!"