Voters also support protections on overdraft fees, credit card late fees and privacy

 

WASHINGTON, DC – In advance of Russell Vought’s first-ever congressional testimony as acting director at the Consumer Financial Protection Bureau (CFPB) this week, the Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) today released a new poll demonstrating that, across the political spectrum, likely midterm voters approve of the CFPB, with four in five expressing support. Conversely, voters oppose President Trump’s and Congress’s attempts to eliminate this consumer watchdog agency. 

 

Voters also support restoring CFPB protections – for overdraft fees, credit card late fees, privacy, and payment apps – that were cancelled during the current Trump Administration. A bipartisan polling team from Lake Research Partners and Chesapeake Beach Consulting conducted the survey. Read the polling memo and full results here.

 

“Americans of all political stripes, by overwhelming margins, support this consumer watchdog. The Administration’s and Congress’s actions to shutter the agency fly in the face of what voters want,” said Mike Calhoun, president at the Center for Responsible Lending. “The Consumer Bureau’s mission – making sure financial firms treat people fairly – is especially important as so many people struggle to afford housing and other essentials. Congress should pass the Protecting American Consumers Act to automatically and fully fund the CFPB’s work.”

 

“There is a massive disconnect between Congressional Republicans’ push to loosen Wall Street regulations, and what midterm voters actually want,” said Tom Feltner, associate director of consumer policy at Americans for Financial Reform. “Polling consistently shows that Republicans, independents, and Democrats alike want a Consumer Financial Protection Bureau that stands up to Wall Street abuses in order to protect families’ finances, rein in junk fees, and guard peoples’ privacy.”

 

Among other findings, the poll found:

  • Over nine in ten voters (92%) believe it is important to regulate financial services to make sure they are fair for consumers.
  • After hearing a short description of the CFPB and its mission, four in five voters (80%) express support for the CFPB, including 77% of Republicans and 69% of independents.
  • There is remarkably wide support across parties and among independents for a number of CFPB protections that were canceled or overturned by the Trump administration or Congress: 
    • Over four in five voters support capping credit card late fees at $8 and overdraft fees at $5 (82% each), including over three quarters of Republican voters for each policy.
    • Over four in five voters support regulating payment apps (such as Venmo, PayPal, and Cash App) to stop bad practices that harm people (81%), including 80% of Republicans.
    • Voters are near-unanimous in their support of stopping financial companies from selling consumers’ personal data (90%) with a high degree of consistency across party lines.

Related resources:

Read the polling memo and full results on the CFPB and financial regulation here.