Most Voters in Key Battleground States Support Structural Reforms to CFPB

May 22, 2017
Jacqueline Ortiz Ramsay

 

Washington, D.C. (May 22, 2017) – 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 found that just 14 percent said the CFPB should keep its current structure, shows that consumers support structural changes at the bureau.

 

The May 2017 poll of voters in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio and West Virginia revealed three in five voters said a commission would lead to consumer protections that are fairer, more accountable, more representative, and more transparent.

 

Aggregate Key Findings

  • 58 percent of surveyed voters support establishing a bipartisan commission at the CFPB.
  • By a 3-1 margin, these voters prefer a bipartisan commission over a single director.
  • Only 14 percent of respondents said they believe the CFPB should be left the way it is now.
  • By a 4-1 margin, voters agree the CFPB should be structured as a commission like the Federal Deposit Insurance Corp. (FDIC).
  • More than half of voters believe a commission would help consumers and small businesses.
  • Three in five voters said a commission would make the CFPB fairer (63 percent), more representative (62 percent), more accountable (62 percent), and more transparent (60 percent).
  • 57 percent said the CFPB’s authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director.
  • 59 percent also said a commission would better position the CFPB to help consumers over the long run.

 

Key Findings State-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.

 

Please see our infographic for a shareable visual of the poll's findings.

 

“CBA and its members have long championed what the poll results revealed: a bipartisan commission at the CFPB would increase accountability, fairness, and transparency,” CBA President and CEO Richard Hunt said. “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. Now’s the time for lawmakers to act.”

 

“The survey is clear on the consumer’s preference to replace the CFPB’s single-director governing structure with a bipartisan commission—a longstanding ICBA policy,” ICBA President and CEO Camden R. Fine said. “This poll bolsters our position that Congress should implement reforms to make the bureau more balanced and accountable to the consumers it is charged with serving.”

 

“It's hard to find any policy position in Washington that a majority of Americans agree on,” ALTA CEO Michelle Korsmo said. “So when 58 percent of consumers said the CFPB’s authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director, Congress should listen to them.”

 

About the Consumer Bankers Association (CBA)

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. For more information, visit www.consumerbankers.com and follow @consumerbankers on Twitter.

 

About the Independent Community Bankers of America (ICBA)

The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.

 

About the American Land Title Association (ALTA)

The American Land Title Association, founded in 1907, is the national trade association representing more than 6,200 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. With offices throughout the United States, ALTA members conduct title searches, examinations, closings, and issue title insurance that helps protect the property rights of millions of American homebuyers every year.

 

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