Financial Reform

CFPB director downplays Clinton VP talk, says he will focus on consumers

CFPB Director on regulation
CFPB Director on regulation

Rumors have circulated that Hillary Clinton could possibly tap Richard Cordray as her running mate, but the Consumer Financial Protection Bureau director tried to put those rumblings to rest Tuesday.

"Standing up for consumers is a full time job," said Cordray, who is the first director of the agency.

On CNBC's "Closing Bell," he explained that his focus is on all of the work that lies ahead to ensure a healthy American economy that "works for both consumers and responsible lenders."

"Mortgage lending is up, auto lending is up … credit card lending is up," said Cordray who attributed the growing markets and growing consumer confidence to effective market reform.

Next on Corday's reform list is payday lending market which he said has "lending rules that catch consumers in debt traps."

With the agency's five-year anniversary approaching, Corday said he was reminded of his early days with the CFPB when banks criticized consumer complaints as unwarranted. Complaints were "less than 1,000 in the first month" so the range of data was very limited, he said.

With more time and more data, Cordray said the CFPB has "responded to almost 1 million consumer complaints … getting back $11.5 billion to consumers in enforcement actions."