Obama: GOP makes 'no sense' on Wall Street reform

The CFPB has proven to be one of the more contentious pieces of the sweeping overhaul. Obama circumvented GOP opposition to make a recess appointment of its first director, Richard Cordray. And Republicans are pushing a number of bills that would curb or otherwise alter how the CFPB operates, calling it dangerously powerful and lacking accountability.

Pressed on the lack of major prosecutions for actions that drove the financial crisis, Obama said that while there might be future prosecutions, not everything done wrong was necessarily illegal.

"In some cases, really irresponsible practices that hurt a lot of people might not have been technically against the law," he said. "They might have been the wrong thing to do, but prosecutors are required to actually build cases based on what the law is."

He noted that a large portion of Dodd-Frank is devoted to laying out clearer rules of the road, making clear what is and is not permitted on Wall Street.

He also touted the recent housing settlement the government reached with some of the nation's largest banks, noting that while the deal settled civil charges of "robo-signing" and other mortgage servicing blunders, it "doesn't provide any criminal immunity whatsoever."

"We've set up a task force not just with the federal government, but with state attorney generals [sic], that as we speak are actively going through all the records, issuing subpoenas. They will, on the basis of law, make determinations as to whether there are prosecutions out there," he added.