Fifty-eight percent of registered voters in key battleground states believe the Consumer Financial Protection Bureau (CFPB) should be run by a bipartisan commission as opposed to a single director, according to a recent poll
The poll, commissioned by the Consumer Bankers Association (CBA), the Independent Community Bankers of America (ICBA), and the American Land Title Association (ALTA), also showed that just 14 percent said the CFPB should keep its current structure, run by a single director. The survey was conducted in May and polled voters in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio and West Virginia.
Sixty-three percent said a bipartisan commission would make the CFPB fairer, while 62 percent said it would be more representative, and 60 percent said it would be more transparent. Fifty-seven percent said the CFPB’s authority to supervise financial institutions, write rules and enforce penalties is too important to be controlled by a single director, while 59 percent said a commission would better position the CFPB to help consumers over the long run.
“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. “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 the best way forward for consumers and small businesses is through a commission made up of a diverse and bipartisan group of experts similar to that of the FDIC. Now’s the time for lawmakers to act.”