New Poll: Americans Overwhelmingly Support Consumer Financial Protection Bureau
Today the Consumer Financial Protection Bureau is open for business and despite its main creator, Elizabeth Warren, prevented from heading it, the Bureau still enjoys a 74% support from Americans. President Obama appointed Ohio Attorney General, Richard Cordray amid threats that Senate Republicans would not approve anyone to head the Bureau, lest their demands be met. However, a new poll from Center For Responsible Lending (pdf) shows that across partisan lines, Americans support financial reform in some form and want the consumer protection that the CFPB specifically offers. Also today, the House is scheduled to vote on a GOP backed measure that would lessen the influence of the Bureau by replacing a director with a board of directors.
Some key findings from the Center For Responsible Lending poll:
Likely voters, including majorities of Independents, Democrats, and Republicans, favor the 2010 Dodd-Frank Wall Street Reform law by a 5 to 1 margin (71% vs. 14%).
Presented with information about challenges in Congress to the law, almost two-thirds (63%) believe that policymakers should allow the law to be fully implemented.
Three-quarters (74%) of voters support the existence of a single entity with the mission of protecting consumers from deceptive practices.
Voters also voice overwhelming support for the following consumer protection functions of the Consumer Finance Protection Bureau: Requiring clearer explanations of rates and fees, restricting lenders from offering loans with risky or confusing features, and banning incentives to mortgage brokers to put homeowners into higher rate mortgages than they qualify for.
Three-quarters (73%) of voters want to see federal oversight of financial companies that previously lacked national oversight, including mortgage brokers, payday lenders, and companies offering pre-paid debit cards.
Read the report here.