Fifty-eight percent of registered voters in key battleground states believe the Consumer Financial Protection Bureau should be run by a bipartisan commission, according to a recent industry poll. The survey found just 14% of voters said the CFPB should keep its current governing structure led by a single director.
The May 2017 poll of voters in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio and West Virginia revealed three in five voters said a commission would lead be fairer, more accountable, more representative and more transparent for consumers.
“CBA and its members have long championed what the poll results revealed: a bipartisan commission at the CFPB would increase accountability, fairness and transparency,” CBA President and CEO Richard Hunt said in a joint news release by the CBA, ICBA and ALTA.
“The survey is clear on the consumer’s preference to replace the CFPB’s single-director governing structure with a bipartisan commission — a longstanding ICBA policy,” ICBA President and CEO Camden R. Fine said in the news release. “This poll bolsters our position that Congress should implement reforms to make the bureau more balanced and accountable to the consumers it is charged with serving.”
Other key findings of the survey include:
• By a 4-1 margin, voters agree the CFPB should be structured as a commission like the Federal Deposit Insurance Corp.
• More than half of voters believe a commission would help consumers and small businesses.
• 57% said the CFPB’s authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director.
• 59% said a commission would better position the CFPB to help consumers over the long run.
Click here to read more about the poll’s findings.