A new poll shows many Americans are troubled by the CFPB’s lack of oversight.
The poll, by the U.S. Consumer Coalition and Zogby Analytics, asked 3,225 “likely voters” and 3,604 adults in the U.S. their views on federal agencies. Unsurprisingly nearly a third of those polled weren’t familiar with the agency.
Among those who were, 39 percent polled prefer the CFPB to be run by a bipartisan panel accountable to elected officials (like Congress). Right now, Congress has little oversight of the CFPB’s actions and the agency is run by a single political appointee.
The poll also showed consumers disagree with the agency’s efforts to restrict the availability of certain consumer loans. 54 percent of those polled disagreed that the CFPB should “be able to restrict consumers’ ability to take out short-term loans” and 61 percent disagreed that the CFPB should “be able to tell consumers who they can borrow from and for what purposes.”
It’s unsurprising consumers want this powerful agency to be subject to adequate oversight and refrain from limiting consumer financial options. Yet efforts to rein in the CFPB’s vast overreach remain stalled in Congress.