Americans for Financial Reform and the Center for Responsible Lending Findings from a National Survey of 1,000 Likely 2014 Voters Celinda Lake, David Mermin, and Liesl Newton Washington, DC | Berkeley, CA | New York, NY LakeResearch.com 202.776.9066
Methodology • Lake Research Partners designed and administered this survey that was conducted by telephone using professional interviewers between June 25-30, 2014. The survey reached a total of 1,000 likely 2014 voters nationwide. • Telephone numbers for the survey were drawn randomly from a voter file. The sample was stratified geographically based on the proportion of voters in each region. The data were weighted by gender, race, age, party identification, education level, and region. • The margin of error for this survey is +/- 3.1%. 2
Executive Summary • Voters continue to offer broad and deep support for oversight and regulation of the financial industry. – 93% agree that is is important to regulate financial products to make sure they are fair to consumers, 78% think there should be tougher rules and enforcement for financial companies, and two-thirds agree there should be more federal oversight of financial companies. • Voters are also broadly supportive of a wide range of reforms to protect consumers from unfair financial practices. • Although voters’ level of concern about these issues has dipped slightly since last year — probably as a result of less media coverage — concerns about the financial industry and support for reform remain strong across party lines. • Although over two-fifths do not have an impression of the CFPB, those who do rate it favorably by a 4:1 margin. – Support for the CFPB increases to 75% after voters hear a description of its purpose. 3
Lay of the Land
Strong majorities of voters have favorable impressions of credit unions and community banks, while they are net negative toward big banks and Wall Street financial companies. They have mixed feelings toward the financial industry as a whole. Favorability Net NO/ NH Unfavorable Favorable 8 48 82 +75 10 Credit Unions 2013 8 54 83 2014 +75 10 6 45 83 +77 11 Community Banks 2013 5 46 81 +75 14 2014 +1 13 43 19 12 44 The Financial Industry 2013 39 16 15 43 +4 17 2014 49 25 16 42 -7 9 Big Banks 2013 46 24 17 42 -3 12 2014 51 27 28 Wall Street Financial Companies 2013 -24 21 48 26 30 2014 -18 23 Darker colors indicate intensity. Now I'd like to ask you about some people, groups, and products. For each, please tell me whether you have a very 5 favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression. If you haven't heard of {6}, or if you don't know enough about that person, group, or product to have an impression {5}, just say so and we will move on. [READ NAME.] Do you have a very favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression of [NAME]?
Both the FDIC and the CFPB receive positive ratings from voters, but the CFPB is less well-known. Net NO/ Favorability NH Favorable Unfavorable 12 38 69 +57 19 The FDIC 2013 11 37 67 +55 22 2014 12 23 51 +39 37 The Consumer Financial Protection Bureau* 2013 +36 42 11 22 47 2014 The Consumer Financial Protection Bureau, created by +26 39 17 10 20 43 the 2010 Wall Street Reform Law* 2013 +20 48 16 10 18 36 2014 *split-sampled Darker colors indicate intensity. Now I'd like to ask you about some people, groups, and products. For each, please tell me whether you have a very 6 favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression. If you haven't heard of {6}, or if you don't know enough about that person, group, or product to have an impression {5}, just say so and we will move on. [READ NAME.] Do you have a very favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression of [NAME]?
Voters are net favorable toward prepaid cards, credit-scoring companies, and credit card companies. The popularity of credit-scoring and credit card companies has increased somewhat in the past year. Net NO/ Favorability NH Unfavorable Favorable 21 10 27 58 +37 21 Pre-paid Cards 2013 23 12 25 55 2014 +32 22 +1 23 38 18 11 39 Credit-scoring Companies 2013 32 14 17 47 +15 21 2014 46 21 13 48 +1 6 Credit Card Companies 2013 40 21 17 52 2014 +11 8 *split-sampled Darker colors indicate intensity. Now I'd like to ask you about some people, groups, and products. For each, please tell me whether you have a very 7 favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression. If you haven't heard of {6}, or if you don't know enough about that person, group, or product to have an impression {5}, just say so and we will move on. [READ NAME.] Do you have a very favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression of [NAME]?
Voters have a higher opinion of student loans from the federal government than they do of student loans from private companies, though they rate both net favorably. Debt collectors and payday lenders are deeply unpopular. Net NO/ Favorability NH Unfavorable Favorable 28 16 31 59 +32 13 Student Loans from the Federal Government* 2013 25 12 29 59 +34 15 2014 +7 27 33 17 16 40 Student Loans from Private Companies* 2013 +8 30 31 18 18 39 2014 64 43 17 -47 19 Debt Collectors 2013 61 40 20 2014 -41 19 72 57 10 Payday Lenders 2013 -62 19 65 49 15 2014 -50 20 *split-sampled Darker colors indicate intensity. Now I'd like to ask you about some people, groups, and products. For each, please tell me whether you have a very 8 favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression. If you haven't heard of {6}, or if you don't know enough about that person, group, or product to have an impression {5}, just say so and we will move on. [READ NAME.] Do you have a very favorable, somewhat favorable, somewhat unfavorable, or very unfavorable impression of [NAME]?
The proportion of voters who report being overcharged or deceived by a financial institution has increased since last year from 37% to 43%. Voters are less likely to agree with the general idea they have been treated unfairly (32%) than to report the more specific problems of being overcharged or deceived (43%). Mistreated by Financial Institutions: 2013 vs. 2014 Overcharged or Deceived* Treated Unfairly* 2013 2014 2013 2014 64 60 57 51 43 37 36 32 Yes No Yes No Yes No Yes No *split-sampled 9 Have you ever been overcharged or deceived by a financial institution? Have you ever been treated unfairly by a financial institution?
Overcharged/Treated Unfairly: 2013/2014 Total 2013 58 36 2014 57 38 Reported unfair No Yes treatment has jumped Under 30 2013 59 36 among voters aged 30- 2014 66 25 39, a majority of whom now report bad Age 30-39 2013 62 33 experiences with 2014 42 52 financial institutions. Seniors and voters Age 40-49 2013 50 46 under 30 report the 2014 56 43 lowest levels of Age 50-64 2013 55 40 mistreatment. 2014 53 40 Age 65+ 2013 68 26 2014 66 30 10
Overcharged/Treated Unfairly: 2013/2014 Total 2013 58 36 Half of African- 2014 57 38 Americans and 42% of No Yes Latinos report that White 2013 60 35 they have been 2014 61 34 mistreated by a African American 2013 49 44 financial institution. 2014 48 50 Latino 2013 62 34 Over two-fifths of 2014 44 42 lower income (HHI <$30k) and upper HHI Under $30k 2013 62 34 2014 54 43 income (HHI $75k+) respondents alike say HHI $30-50k 2013 51 44 2014 59 36 that they have been mistreated by a HHI $50-75k 2013 55 43 2014 56 42 financial institution. HHI $75k+ 2013 60 36 2014 56 41 11
Regulation
As we found last year, more than nine in ten voters (93%) believe it is important to regulate financial services and products to make sure they are fair for consumers. Regulating Financial Services and Products: 2013/2014 2014 2013 93 93 +87 +87 73 70 6 6 1 1 Important Not Important DK Important Not Important DK 13 Darker colors indicate intensity. How important is it to regulate financial services and products to make sure they are fair for consumers? Is it very important, somewhat important, a little important, or not at all important?
Support for increased government oversight of financial companies remains strong, with nearly two-thirds of voters agreeing that there should be more (65%) rather than less (24%) government oversight of these companies. More or Less Government Oversight*: 2013/2014 2014 2013 66 65 +40 +41 26 24 43 42 11 9 14 13 More Less Neither more nor More Less Neither more nor less/DK less/DK *split-sampled 14 Darker colors indicate intensity. Generally speaking, do you think there should be more government oversight of financial companies, such as Wall Street banks, mortgage lenders, payday lenders, and credit card companies, or less oversight of these companies?
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