Poll: Majority of voters want changes to CFPB leadership

A new poll of voters in key battleground states found that a majority want changes at the CFPB

Poll: Majority of voters want changes to CFPB leadership
More than half the registered voters in key battleground states want the Consumer Financial Protection Bureau’s leadership structure reformed, according to a new poll.

The poll, conducted by Morning Consult and commissioned by the Consumer Bankers Association, the Independent Community Bankers of America, and the American Land Title Association, found that just 14% of respondents felt the CFPB should keep its current structure.

Meanwhile, 58% of respondents said they thought the agency should be run by a bipartisan commission. Respondents preferred a structure with a commission over the current, single-director structure by a 3-1 margin.

“It’s hard to find any policy position on Washington that a majority of Americans agree on,” said Michelle Korsmo, CEO of ALTA. “So when 58% of consumers said the CFPB’s authority to supervice financial institutions, write rules and enforce penalties is too important to be controlled by a single director, Congress should listen to them.”

Other key findings of the survey included:
  • More than half of voters thought a commission would help consumers and small businesses.
  • Sixty-three percent said a commission would make the CFPB fairer, while 62% said it would make the agency more accountable, and 60% thought it would make the agency more transparent.
  • Fifty-nine percent said they believed a commission would better position the CFPB to help consumers over the long run.
“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 he best way forward for consumers and small businesses is through a commission made up of a diverse and bipartisan group of experts similar to the FDIC,” said Richard Hunt, CBA president and CEO. “Now’s the time for lawmakers to act.”


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