Consumers back tougher regulation, favor the CFPB

by Adam Smith12 Sep 2013

While the mortgage industry still struggles to come to grips with increased regulation, it appears consumers are all for tougher oversight for brokers, banks and other financial institutions.

A survey conducted by the Center for Responsible Lending (CRL) has found widespread, multipartisan support among consumers for tighter financial regulations. The survey found that public opinion strongly favors strict oversight of banks and financial companies, as well as the need for the CFPB.

"Financial regulation has been a divisive issue in Washington; by contrast, the electorate is strikingly united. Regulating financial services and products is seen as either 'important' or 'very important' by over 90% of voters, the survey found," the CRL said.

The group pointed out that the attitude toward financial oversight "transcends differences of age, race, geography and political party". The poll found 96% of Democrats considered financial regulation important, as did 95% of independents and 89% of Republicans.

The poll also found that 78% of consumers favor oversight for "mortgage brokers, payday lenders, debt collectors and companies the create credit reports and scores". Fifty-one percent of respondents had a favorable view of the CFPB, while only 12% held a negative view. Thirty-seven percent either had no opinion or had never heard of the CFPB.

Poll

Should CFPB have more supervision over credit agencies?