Poll: Voters Support CFPB, Strict Financial Regulation
As Republicans push to overhaul Dodd-Frank, a new poll shows that voters favor strict regulation of financial institutions and the goals of the controversial CFPB.
The poll was sponsored by Americans for Financial Reform and the Center for Responsible Lending—two pro-regulation groups. However, it was conducted by bipartisan polling companies, Republican Chesapeake Beach Consulting and Democratic Lake Research Partners.
The Center for Responsible Lending is an affiliate of the Self-Help Credit Union.
“By wide margins, voters want to see tough oversight of Wall Street banks, financial service providers, payday and mortgage lenders and debt collectors,” the two polling groups said, in releasing the report.
The poll of 1,000 likely 2018 voters was conducted between June 24 and June 29. It has a margin of error of 3.1%. The poll did not separate banks from credit unions.
The poll found that:
- 91% of the respondents believe that it is important to regulate financial services, with 71% said it is very important.
- When Dodd-Frank was explained to respondents, 74% of the respondents said they support the law, including 67% of Republicans.
- When the CFPB was explained to voters, 77% said they favored continuation of the agency’s activities, including 80% of Democrats, 77% of independents and 66% of Republicans.
- When the CFPB’s arbitration rule was explained, 66% of the respondents said they favored the rule, with 19% saying it would result in frivolous law suits.