USCC/ Zogby Analytics Release New Poll on CFPB
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the Consumer Financial Protection Bureau (CFPB). According to the agency’s mission, the CFPB works to “educate consumers, enforce federal consumer financial laws, and gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets.”
The Bureau’s core functions include:
- Write rules, supervise companies, and enforce federal consumer financial protection laws
- Restrict unfair, deceptive, or abusive acts or practices
- Take consumer complaints
- Promote financial education
- Research consumer behavior
- Monitor financial markets for new risks to consumers
- Enforce laws that outlaw discrimination and other unfair treatment in consumer finance
- Online Survey of 3,225 likely voters and 3,604 adults nationwide
- Survey date: 06/05/15 – 06/10/15
- MOE +/- 1.7 Percentage Points
The Consumer Financial Protection Bureau (CFPB)
- 73% of respondents agreed that the CFPB should be held to the same anti-discrimination standards as all other federal agencies.
- 77% of respondents agreed that women with equal experience and qualifications should be paid the same as men at the CFPB.
- 66% of respondents said the Director should be fired over an incident where CFPB officials referred to a division with a large number of African-American employees as “The Plantation,” and a second incident where a CFPB manager allegedly called an employee an expletive “foreigner.”
Bulk Data Collection of Consumers’ Financial Data
- Only 20% of respondents agree that (1) the CFPB should be able to collect and review credit card statements without consumers’ knowledge or (2) collect these and use the information to find out how and where consumers spend their money.
- 57% disagreed with both statements
- More Americans are doubtful that the CFPB can “protect credit card information and personal data … from hackers” than believe it has the capability.
- A majority were also not confident that the agency is “safeguarding credit card data … and will do everything possible to prevent it from getting it into the wrong hands.”
- Only 8% said that the CFPB’s data collection is better than NSA’s reviewing of domestic phone and text records.
- 43% said it is equally as egregious as the NSA spying program.
The Responsibility to Protect Consumers
- 69% disagreed that the government should be able to tell consumers how to spend their money or how to make financial decisions for their own families.
- 71% agreed that it is the consumer’s responsibility to determine whether or not to take out the loans and mortgages with unfavorable terms as long as they are presented clearly.
- 65% said consumers should be able to make their own decisions in applying for payday loans, even with exorbitant rates.
- Only one in four (25%) agreed that the CFPB “should be able to restrict access to financial products without the approval of Congress or the American people” even though consumers overwhelmingly approve of a product.
- Only 30% felt that the CFPB should essentially operate without Congressional oversight.
- 54% disagreed that the CFPB should “be able to restrict consumers’ ability to take out short-term loans.
- 61% disagreed that the CFPB should “be able to tell consumers who they can borrow from and for what purposes.” This included:
- Liberals (58% to 21%)
- Moderates (58% to 20%)
- Conservatives (68% to 21%)
- 60% agree that it is very important to them that the agency “ask permission to spend taxpayer money.”
- 78% said the CFPB should “have to go to Congress and get its budget and appropriations approved just like other agencies.”
- A majority support the CFPB being led by a bipartisan panel representing all political views, more oversight, and being held accountable to an elected body of officials such as Congress (39%). By contrast, 26% of respondents expressed support for a CFPB that is intentionally structured to be insulated from outside pressure, executive interference, and congressional oversight.
What They Are Saying
“The key findings of the poll highlight the need for Congress to address the CFPB’s massive data collection effort and make the agency more transparent and accountable.”
–U.S. Senator Mike Crapo (R-Idaho)
“Despite disturbing reports of low morale and Congressional investigations, the leadership at the CFPB continues to turn a blind eye to the treatment of its own people. A new poll from the US Consumer Coalition found that a 73% of respondents believe that the CFPB should be held to the same anti-discrimination standards as all other federal agencies, and a significant majority believed that CFPB Director Cordray should be held responsible and fired for his managers’ racism.”
–U.S. Representative Sean Duffy (R-Wisconsin)
“The CFPB is a rogue agency and it must be held accountable to the American people. Americans are awakening to the fact that the NSA spying controversy pales in comparison to the data being collected by the CFPB. Privacy is of real concern given the personal data being collected by the CFPB that is open for abuse. The government watchdog organization, GAO, has highlighted several major areas in the CFPB’s large-scale data collections information database that is in need of serious reform. It’s ridiculous that the CFPB collects millions of mortgage applications and credit card records all without Congressional oversight. It’s time to make this dangerous agency accountable to Congress and the American people.”
–U.S. Senator David Perdue (R-Georgia)
Executive Analysis – Executive Analysis developed and written by Zogby Analytics.
US Consumer Coalition: The US Consumer Coalition (USCC) is a grassroots organization that works to protect consumers’ rights to access free-market goods and services.
Zogby Analytics: Zogby Analytics is a research partner experienced in asking the right questions to collect your critical data. We bring our expert research experience to your projects. We have successfully surveyed a wide variety of industries, including banking, medical devices, government agencies, colleges and universities, non-profits, automotive, insurance and many more. We have extensively polled four Presidential election cycles and many off- year state and local elections.