WASHINGTON — Richard Cordray, the director of the Consumer Financial Protection Bureau, defended the agency on Thursday from industry allegations that the CFPB engages in "regulation by enforcement."

In a half-hour speech to the U.S. Chamber of Commerce, Cordray said that when a company is hit with an enforcement action, other companies in similar situations are put on notice that they could be violating the law if they are acting in the same way.

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