Most Voters Say CFPB Should be Run By Bipartisan Commission
A poll commissioned by ALTA, the Consumer Bankers Association and Independent Community Bankers of America, found that 58 percent of registered voters in key battleground states say the Consumer Financial Protection Bureau (CFPB) should be run by a bipartisan commission.
Morning Consult, which polled voters in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio and West Virginia, found that three in five voters said a commission would lead to consumer protections that are fairer, more accountable, more representative and more transparent. 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.
“It's hard to find any policy position in Washington that a majority of Americans agree on,” said ALTA CEO Michelle Korsmo. “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.”
Converting the CFPB into a bipartisan commission would make the agency similar to the Federal Deposit Insurance Corporation, the Federal Reserve Board and the National Credit Union Administration. Three of the five federal banking regulators also are led by commissions. The other two, the CFPB and the Office of the Comptroller of the Currency, are led by single directors.
Changing CFPB leadership from a single director to a commission is an issue with bipartisan potential. In meetings last year with the heads of partner trade associations, ALTA found support for a narrow bill focused on a commission. This initiative garnered support from moderates on both sides of the aisle. This year has been different as legislators on both sides of the aisle have staked out extreme positions on the issue. On the left, Senator Elizabeth Warren (D-MA) is devoted to protecting the current structure of the CFPB at all costs. On the right, Chairman Jeb Hensarling (R-TX) is seeking to severely limit the power of the CFPB as part of his Financial Choice Act.
“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.”
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.
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