The Industry's Leading Source For F&I, Sales And Technology

Compliance

Poll: Most Voters in Battleground States Support Structural Reforms to CFPB

May 24, 2017

WASHINGTON, D.C. — Fifty-eight percent of registered voters in key battleground states say the Consumer Financial Protection Bureau (CFPB) should be run by a bipartisan commission, according to a Morning Consult poll commissioned by the Consumer Bankers Association (CBA), the Independent Community Bankers of America (ICBA), and the American Land Title Association (ALTA).

The poll, which was conducted in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio, and West Virginia, also found that just 14% of voters prefer that the CFPB remain as is. Results also revealed that three in five voters said a commission would lead to consumer protections that are fairer, more accountable, more representative, and more transparent.

And by a four-to-one margin, voters agreed the bureau should be structured as a commission like the Federal Deposit Insurance Corp, and three-in-five voters believe a commission would make the CFPB fairer (63 percent), more representative (62 percent), more accountable (62 percent), and more transparent (60 percent).

Additionally, 57% of voters polled said the CFPB’s authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director.

The following are findings by state:                                

  • In Indiana, by a 4-1 margin, voters agree the CFPB should be structured as a commission like the Federal Deposit Insurance Corporation.
  • In Ohio, by a 3-1 margin, voters prefer a bipartisan commission over a single director.
  • In Maine, 63 percent of voters support establishing a bipartisan commission at the CFPB.
  • In Michigan, voters said a commission would make the CFPB fairer (62 percent), more representative (63 percent), more accountable (62 percent), and more transparent (60 percent).
  • In Missouri, voters said a commission would make the CFPB fairer (61 percent), more representative (61 percent), more accountable (62 percent), and more transparent (58 percent).
  • In Montana, 60 percent of voters support establishing a bipartisan commission at the CFPB.
  • In North Dakota, by a 4-1 margin, voters prefer a bipartisan commission over a sole director.
  • In West Virginia, three out of five voters believe a commission would help consumers and small businesses.

“CBA and its members have long championed what the poll results revealed: a bipartisan commission at the CFPB would increase accountability, fairness, and transparency,” said CBA President and CEO Richard Hunt. “With the 2018 elections coming up, members of Congress in key battleground states may find these results useful, as voters, regardless of party affiliation, believe the best way forward for consumers and small businesses is through a commission made up of a diverse and bipartisan group of experts similar to that of the FDIC.”

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

ADT Announces 2017 Dealers’ Choice Awards Winners

Auto Dealer Today named the winners of the 13th annual Dealers’ Choice Awards.