It was the largest penalty the CFPB ever levied against a bank, Cordray said.
"This was outrageous conduct. It was a violation of trust and an abuse of trust. It should not have happened, and I guarantee you that we will be seeing that it does not happen again at any bank," he said in an interview with CNBC's "Closing Bell."
He said that there is no indication that the conduct is happening on any kind of systematic basis at other banks, but urged the institutions to carefully monitor their incentive programs "or they can go off the rails."
"We put industry clearly on notice. We will be looking for these types of problems," said Cordray.
Over a five-year period, 5,300 Wells Fargo employees were fired. But while there may be frustration that in yet another banking scandal no executives have been charged, Cordray noted that this is a civil case. However, he said his agency is willing to share the results of its investigation with authorities if requested.
The bottom line is that several years after the financial crisis, "the banks have not completely cleaned up their act," he said.
"We are going to make sure that these banks raise their standard of conduct to what we expect and what the consumers deserve," he said.
— CNBC's Jeff Cox contributed to this story.