Voters Overwhelmingly Support Expanding Consumer Financial Protections
By Anika Dandekar and Bella Kumar
A month ago, the U.S. Chamber of Commerce announced its launch of a “six-figure” digital campaign aimed at Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra after the agency announced that it would be targeting enforcement on discriminatory practices and unfair fees. A new survey from Data for Progress, conducted from July 15-18, 2022, finds that voters across party lines strongly support the CFPB’s increased enforcement on discriminatory practices and unfair fees.
Voters Want Increased Federal Government Action to Protect Consumers From Banks
We asked voters if they think the federal government should do more or less to protect consumers from banks and debt collectors, and a majority says yes. Fifty-four percent of voters say the federal government should do more, while 30 percent say it already does enough. Sixty-nine percent of Democrats, 54 percent of Independents, and 39 percent of Republicans believe the federal government should do more to protect consumers from banks and debt collectors.
The CFPB is a federal government agency responsible for protecting consumers in the financial sector. It writes and enforces rules for financial institutions like banks and debt collectors. The CFPB is considering a number of actions to expand its protection, and they have strong support in our survey. Voters:
Support increasing enforcement on discriminatory practices on the basis of race, religion, income, or gender by a +60-point margin
Support increasing enforcement on unfair overdraft fees, late fees, or other hidden charges by a +67-point margin
Support ensuring that companies using credit reports keep personal data private by a +81-point margin
Voters were told that the CFPB is considering increasing enforcement on discriminatory practices and on unfair fees, and were shown arguments in favor of enforcement as well as the Chamber of Commerce’s opposition arguments against the enforcement actions. Even after seeing both messages, voters support the CFPB increasing enforcement on these practices and fees by a +56-point margin, including Democrats by a +65-point margin, Independents by a +53-point margin, and Republicans by a +50-point margin.
Conclusion
During the pandemic, banks have been taking advantage of struggling Americans battling the coronavirus and inflation. In spite of inflation and current economic conditions, bank profits are soaring. Some banks, namely U.S. Bank, Regions Financial, and Wells Fargo, are looking to boost business by offering low-income consumers products laced with loads of fees and interest. The pandemic has put additional strain on families facing unemployment and childcare costs, making them more vulnerable to bank fraud and fund mishandlings. The Chamber of Commerce’s campaign attacking CFPB Director Rohit Chopra may not come as a surprise — the Chamber is funded by big bank and corporate interests with histories of consumer mistreatment. However, this research shows that American voters of all persuasions support the CFPB’s actions. Now more than ever, we need the CFPB to provide protections against corporate greed.
Anika Dandekar (@anikadandekar) is a polling analyst at Data for Progress.
Bella Kumar (@bellakkumar) is a communications intern at Data for Progress.