AUSTIN, Texas, March 2, 2017 /PRNewswire/ -- Just 1 in 8 U.S. adults has a favorable view of the Consumer Financial Protection Bureau (CFPB), according to a new CreditCards.com survey. The vast majority (81%) says they haven't heard enough about the agency to make a determination; 4% view it unfavorably.
The CFPB has been at the center of a political battle in recent weeks. Multiple bills that would directly or indirectly eliminate the organization have been introduced into Congress over the past month. Opponents of the CFPB say it's an example of government overreach while proponents say it has helped more than 27 million consumers. To view the full results, go to: www.creditcards.com/credit-card-news/cfpb-consumer-watchdog-poll.php
"Following the 2008 financial crisis, many consumers were left feeling vulnerable and suspicious of financial institutions," said Matt Schulz, senior industry analyst at CreditCards.com. "The inception of the CFPB in 2011 made financial companies accountable for improper practices and provides consumers a formal course of action for infractions. Notably, the CFPB reports that it has delivered $11.7 billion in relief to consumers from its enforcement actions."
In theory, Americans are overwhelmingly in favor of an organization like the CFPB. A whopping 80% said they are in favor of having a federal government agency whose goal is to protect consumers from unfair, deceptive or abusive practices and take action against companies who break the law (words lifted from the CFPB's mission statement without specifically naming the agency). But as noted above, when asked specifically about the CFPB, just 12% responded favorably. Positive viewpoints are more likely as age, income and education increase.
CreditCards.com commissioned Princeton Survey Research Associates International to conduct the survey. PSRAI obtained telephone interviews with a nationally representative sample of 1,001 adults living in the continental United States. 494 were asked the theoretical version of the question and 507 were specifically asked about the CFPB. Interviews were conducted by landline (500) and cellphone (501, including 298 without a landline phone) in English and Spanish Feb. 16-19, 2017. Statistical results are weighted to correct known demographic discrepancies. The margin of the sampling error for each question is plus or minus 5.4 percentage points.
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2016, over 35 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
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Kayleen (Katie) Yates
VP, Corporate Communications
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