For Immediate Release

September 9, 2024

Contacts:
Center for Responsible Lending, Matthew Kravitz, Matthew.Kravitz@ResponsibleLending.org
Americans for Financial Reform, Carter Dougherty, carter@ourfinancialsecurity.org

New Poll Shows Republican, Independent, and Democratic Voters Support the CFPB
Fresh data also show voters support the CFPB cracking down on junk fees, discrimination, and other harmful actions from financial firms

WASHINGTON, DC – As the focus on the American voter intensifies with the coming election, a new poll released today shows voters across the political spectrum overwhelmingly support the mission of the Consumer Financial Protection Bureau (CFPB), financial regulation generally, and a variety of specific CFPB actions, including efforts to limit credit card late fees, reduce overdraft charges, and prohibit medical debt from appearing on credit reports.

For more on voters’ views about government’s role in the financial services sector, read the polling memo here and toplines with the full results here. A bipartisan polling team from Lake Research Partners and Chesapeake Beach Consulting conducted the survey. The Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) commissioned the poll.

There are also more specialized memos on executive compensation, medical debt, private equity, and junk fees.

“Voters of all political persuasions understand the need for the Consumer Bureau – a government watchdog that protects consumers from financial firms’ junk fees, illegal discrimination, and other misconduct. Voters want to keep CFPB funding secure, independent, and shielded from the influence of financial industry lobbyists and campaign contributions so the Consumer Bureau can continue to do its job. This poll reaffirms that politicians, regardless of their political affiliation, would best represent their constituents by supporting the Consumer Bureau and by keeping their hands off its funding structure,” said Mike Calhoun, president at the Center for Responsible Lending.

“Skepticism about Wall Street and worry about its ill effects on families and communities runs deep in the United States, and with good reason. Whether the subject is credit card late fees, medical debt, or private equity’s growing impact in health care, voters favor tough regulation and oversight of the financial sector,” said Lisa Donner, executive director at Americans for Financial Reform.

Among other findings, the poll revealed:

• Nine in ten voters (91%) believe it is important to regulate financial services to ensure they are fair for consumers; this includes 95% of Democrats, 87% of Republicans, and 88% of independents.
• After hearing a short description of the CFPB and its mission, four in five voters (81%) express support for the agency; favorability for the Consumer Bureau has been consistently very high over the past decade, ticking up slightly in 2020 and remaining at an elevated level.
• After learning about the debate over CFPB funding, three quarters of voters (76%) agree with a statement in support of keeping the CFPB’s current secure and independent funding structure in place. Roughly seven in ten independents and Republicans agree, as do over eight in ten Democrats.
• 82% of voters support government regulators capping credit card late fees at $8 per month, down from $32 per month; at least three quarters of voters across party lines are supportive, with at least half strongly supporting the cap.
• After reading information about overdraft fees, 84% of voters support limiting the price banks can charge to only what the overdraft costs them, with no additional profit; a majority support this policy strongly.
• 82% support the CFPB using all the tools available to hold financial companies accountable for discrimination in lending, with over three quarters in support across party lines.
• Three quarters of voters (76%) are concerned about Wall Street firms owning healthcare companies.
• 76% of voters back requiring companies that provide loans to homeowners for solar panels to disclose when they raise the prices of the solar panels and installation in exchange for a lower interest rate.

The survey has a range of additional questions, including on fintech, small business lending, and bank failures.

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