A new poll shows that American voters broadly support the 2010 Dodd-Frank Wall Street Reform law. The poll--conducted by Lake Research Partners for CRL, AARP, and Americans for Financial Reform--reveals that voters overwhelmingly support the Consumer Finance Protection Bureau and its specific functions.
Some key findings from this poll:
- Likely voters, including majorities of Independents, Democrats, and Republicans, favor the 2010 Dodd-Frank Wall Street Reform law by a 5 to 1 margin (71% vs. 14%).
- Presented with information about challenges in Congress to the law, almost two-thirds (63%) believe that policymakers should allow the law to be fully implemented.
- Three-quarters (74%) of voters support the existence of a single entity with the mission of protecting consumers from deceptive practices.
- Voters also voice overwhelming support for the following consumer protection functions of the Consumer Finance Protection Bureau: Requiring clearer explanations of rates and fees, restricting lenders from offering loans with risky or confusing features, and banning incentives to mortgage brokers to put homeowners into higher rate mortgages than they qualify for.
- Three-quarters (73%) of voters want to see federal oversight of financial companies that previously lacked national oversight, including mortgage brokers, payday lenders, and companies offering pre-paid debit cards.
Read the pollsters' memo