While Republicans in the Congress and Senate continue to grouse about the structure of the newborn Consumer Financial Protection Bureau, a new poll indicates that those politicians’ actions may not be a reflection of their constituents’ desires.
According to a new poll of U.S. voters by the AARP and the Center for Responsible Lending, 74% of all respondents are in favor of having a single agency with the single mission of protecting consumers from financial companies.
Even when broken down among party lines, the numbers show that support for an undiluted CFPB is strong, with 83% of Democrats, 73% of independents and 68% of Republicans responding affirmatively.
Republicans in the House of Representative have introduced legislation that would weaken the CFPB by replacing its sole director with a bipartisan panel, as well as making it more difficult for the bureau to enact new regulations. Meanwhile, Republican Senators have vowed to block confirming any director to lead the CFPB unless the bureau undergoes structural changes.
Other results of note:
A majority (63%) of voters, including 61% of independents, want more government oversight of financial companies. Just 1 in 4 want less government oversight.
Almost all voters (93%) favor requiring credit card companies, banks, and other lenders to provide clearer explanations of their rates and fees.
More than three-quarters (77%) favor making it harder for lenders to offer loans with risky or confusing features, such as low teaser rates.
More than 7 in 10 (73%) favor banning payments from lenders to mortgage brokers for putting homeowners into higher rate mortgages than they legitimately qualify for.
Nearly half of voters (48%), including 43% of independents, would be less likely to vote for a member of Congress who voted to repeal Wall Street reform. Just 2 in 10 (22%) are more likely to support a member of Congress who voted to repeal Wall Street reform.
“Everyday Americans know what’s good for their pocketbooks, their families, and our economy,” says the president for the Center for Responsible Lending. “That’s why a large, bipartisan majority is calling for financial reforms to take effect.”
NEW POLL DEMONSTRATES BROAD SUPPORT FOR FINANCIAL REFORM [ResponsibleLending.org]