Consumer Financial Protection Bureau Richard Cordray showed his sense of humor and introduced his agency’s mission this week not in one of the CFPB’s many field appearances, but on the Daily Show with Jon Stewart.
Steward poked fun at the process by which Cordray finally received his director title—two years following his initial appointment.
“I didn’t know whether to think that was fast or slow,” Cordray joked.
Cordray talked about mortgage market enforcement with Stewart, including the agency’s work on enforcement actions against lenders and other large companies like credit card providers.
“We have an enforcement authority and have been using it in a number of different markets,” Cordray said, describing the example of a credit card company that sells add-on services, but which doesn’t actually provide what it purports to.
“We’re getting hundreds of millions of dollars back for consumers,” he said.
From market pushback to moral hazard, Stewart quizzed Cordray on the bureau’s work—past, present and future. View the two-part interview here.
Written by Elizabeth EckerPrint Article