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Americans for Financial Reform and the Center for Responsible Lending Findings from a National Survey of 1,000 Likely 2016 Voters Celinda Lake, David Mermin, Liesl Newton, and Claire Redemer Washington, DC | Berkeley, CA | New York, NY
Celinda Lake, David Mermin, Liesl Newton, and Claire Redemer
Washington, DC | Berkeley, CA | New York, NY LakeResearch.com 202.776.9066
Americans for Financial Reform and the Center for Responsible Lending
Findings from a National Survey of 1,000 Likely 2016 Voters
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survey that was conducted by telephone using professional interviewers between June 16-22, 2015. The survey reached a total of 1,000 likely 2016 voters nationwide.
from a voter file, using land lines and cell phones. 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.
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regulation of Wall Street and the financial industry.
– Over nine in ten voters agree on the importance of regulating financial services and products to make sure they are fair to consumers. – Two-thirds say there should be more, rather than less, oversight and regulation of financial companies. – Four-fifths agree there should be tougher rules and enforcement on the practices that caused the financial crisis. – Nearly three-fifths say tough regulations on Wall Street will help prevent future financial problems, rather than hurt the U.S. economy, and, similarly, voters agree by more than a 2:1 margin that the financial system still poses a danger and that stronger rules are needed, rather than believing that more regulation would hinder innovation and economic growth. – Voters strongly support regulations requiring small-dollar and mortgage lenders to verify a borrower’s ability to repay before issuing a loan.
Consumer Protection Act, nearly three-quarters (73%) of likely 2016 voters say they favor it, including 80% of Democrats, 72% of Independents, and 65%
– Support for Wall Street reform also holds up after an engaged debate, as a majority of voters across party lines continues to favor the pro-reform arguments. – Independents respond especially strongly to the more forceful pro-reform argument, which evokes imagery of markets crashing and consumers being ripped
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have been treated unfairly by a financial institution.
– Half of African-American voters and 45% of Latino voters report being mistreated, compared to 31% of white voters. – Our polling consistently shows that more voters report being overcharged or deceived than say they have been treated unfairly. This finding indicates that even those voters who have been overcharged or deceived by a financial institution do not automatically interpret their treatment as unfair.
heard a brief description of the bureau and its purpose.
the pro-CFPB arguments in a set of engaged debates, including majorities of Democrats, Independents, and Republicans.
three-quarters of voters favoring an argument that cites the CFPB’s oversight
– 61% of Republicans, 69% of Independents, and 82% of Democrats favor the CFPB’s regulatory action in this case.
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people with their practices.
– By more than a 3:1 margin, voters are more inclined to see payday lenders as predators rather than as a resource in an engaged debate.
Democrats, 77% of Independents, and 60% of Republicans, say the federal government should be doing more to help those who are struggling with student loan debt.
– Even more voters (88%) believe that borrowers should be able to pay back their student loans with a monthly payment based on their income.
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political influence of Wall Street financial companies on elected officials.
– Overall concern has risen from 80% to 84%, and intense concern has risen from 56% to 64%. – Concern about the political influence of Wall Street financial companies has increased across party lines, which majorities of Democrats, Independents, and Republicans saying they are very concerned.
candidate they knew had received large sums of campaign money from big banks and financial companies, including nearly half (48%) who would be much less likely to vote for such a candidate. Voters inclination to punish these candidates has increased in the past year.
– 66% of Democrats and 58% of Independents and Republicans say they would be less likely to vote for such a candidate. White college-educated women are also particularly likely to punish a candidate they know has received large sums of campaign money from big banks.
support a candidate who favored protecting consumers by keeping tough rules on Wall Street to prevent irresponsible practices and abuses.
– Majority support for such a candidate also spans party lines, with 52% of Republicans, 54% of Independents, and 72% of Democrats reporting that they would be more likely to support a candidate committed to consumer protection and tough rules for Wall Street. Older Democrats are particularly enthusiastic.
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As we have found in previous years, more voters report being overcharged or deceived (40%) by a financial institution than say they were treated unfairly
their treatment as unfair.
37 57 43 51 40 56 36 60 32 64 31 65
Yes No Yes No Yes No Yes No Yes No Yes No
Mistreated by Financial Institutions
2015 2015
Overcharged or Deceived* Treated Unfairly*
*split-sampled
Have you ever been overcharged or deceived by a financial institution? Have you ever been treated unfairly by a financial institution?
2014 2013 2014 2013
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58 57 60 60 61 65 49 48 43 62 44 52 62 54 59 51 59 57 55 56 58 60 56 62 36 38 35 35 34 31 44 50 50 34 42 45 34 43 38 44 36 40 43 42 38 36 41 35 Total 2013 2014 2015 White 2013 2014 2015 African American 2013 2014 2015 Latino 2013 2014 2015 HHI Under $30k 2013 2014 2015 HHI $30-50k 2013 2014 2015 HHI $50-75k 2013 2014 2015 HHI $75k+ 2013 2014 2015
Overcharged/Treated Unfairly
No Yes
People of color are significantly more likely to report being
unfairly by a financial institution, as compared to white voters (31%). Less affluent voters are slightly more likely than more affluent voters to say they have been overcharged, deceived, or treated unfairly.
11
A sweeping majority of voters consistently agree that it is important to regulate financial services and products to make sure they are fair to consumers, including over two-thirds who believe it is very important.
93 6 1 93 6 1 91 7 73 70 70 2
Important Not Important DK Important Not Important DK Important Not Important DK
Regulating Financial Services and Products
+84
2013 2014
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?
+87 +87
2015
12
93 93 91 96 96 96 95 92 88 89 89 88
73 70 70 81 80 83 75 70 65 63 59 59
Total 2013 2014 2015 Democrats 2013 2014 2015 Independents 2013 2014 2015 Republicans 2013 2014 2015
Regulating Financial Services and Products
Important Very Important
Nine in ten voters across party lines agree that it is important to regulate financial services and products to make sure they are fair for consumers. Agreement has been remarkably consistent among Democrats and Republicans, while Independents don’t feel quite as strongly about this issue as they did in 2013— though two thirds still say regulation is very important.
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?
Darker colors indicate intensity.
13
Two-thirds of voters continue to agree that there should be more government oversight of financial companies overall. Intensity has increased slightly, with almost half of voters saying there should be much more oversight.
66 26 9 65 24 11 66 23 8
43 14 42 13 47 12
More Less Neither more nor less/DK More Less Neither more nor less/DK More Less Neither more nor less
More or Less Government Oversight*
+44
2015 2013 2014
*split-sampled 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?
+40 +41
14
Support for more regulation has similarly held steady since last year at
71 20 9 62 23 15 63 25 11 48 13 41 14 47 11
More Less Neither more nor less/DK More Less Neither more nor less/DK More Less Neither more nor less/DK
More or Less Government Regulation*
2015
+38
2013 2014
*split-sampled Darker colors indicate intensity.
Generally speaking, do you think there should be more government regulation of financial companies, such as Wall Street banks, mortgage lenders, payday lenders, and credit card companies, or less regulation of these companies?
+51 +39
15
Voters consistently believe there should be tougher rules and enforcement for financial companies, while only one in nine say Wall Street financial companies’ practices have changed enough that they don’t need further regulation.
77 11 73 17 83 9 78 11 79 11
Tougher Rules & Enforcement Don't Need Further Regulation Tougher Rules & Enforcement Don't Need Further Regulation Tougher Rules & Enforcement Don't Need Further Regulation Tougher Rules & Enforcement Don't Need Further Regulation Tougher Rules & Enforcement Don't Need Further Regulation
Tougher Rules for Financial Companies
2015
Should Wall Street financial companies be held accountable with tougher rules and enforcement for the practices that caused the financial crisis,
2011 2012 2013 2014
16
9 11 11 3 5 5 3 9 4 11 12 11 8 7 11 19 17 26 11 13 12 83 78 79 93 87 87 87 83 89 83 74 75 80 82 78 74 73 64 77 71 75 Total 2013 2014 2015 Democratic Men 2013 2014 2015 Democratic Women 2013 2014 2015 Independent Men 2013 2014 2015 Independent Women 2013 2014 2015 Republican Men 2013 2014 2015 Republican Women 2013 2014 2015
Tougher Rules for Financial companies
Don't Need Further Regulation Tougher Rules
Men and women across party lines agree by large margins that Wall Street financial companies should be held accountable with tougher rules and
women feel particularly strongly on this issue (89% agree); Republican men are somewhat more ambivalent, but, even among this group, just over a quarter say there is no need for further regulation.
17
By more than a 2:1 margin, voters believe that the financial system still poses a danger and that stronger rules are needed, rather than thinking that we have done enough and that more regulation would hinder innovation and economic growth.
60 27 12
The financial system still poses a
needed. We have done enough. More regulation would hinder innovation and economic growth. Neither/Both/DK
Stronger rules are needed vs. Regulation would hinder growth
+33
Darker colors indicate intensity.
Some people believe that Wall Street and the financial industry are still too powerful and still engaged in reckless practices, posing a continuing danger to the economy. Others believe we have done enough to reform the financial system and that more regulation would hinder innovation and economic growth. Which of these positions comes closer to your views: The financial system still poses a danger. Stronger rules are still
18
Agreement is particularly strong among Democrats and Independents, but even a plurality
believe that stronger rules are still needed. Majorities of voters of all ages also agree that stronger rules are needed.
16 24 41 25 33 23 28 24 71 61 47 60 54 64 58 64
Democrats Independents Republicans Under 30 30 to 39 40 to 49 50 to 64 65+
Reckless Practices vs. Done Enough
Done Enough Still a Danger
Some people believe that Wall Street and the financial industry are still too powerful and still engaged in reckless practices, posing a continuing danger to the economy. Others believe we have done enough to reform the financial system and that more regulation would hinder innovation and economic growth. Which of these positions comes closer to your views: The financial system still poses a danger. Stronger rules are still
19
By over a 2:1 margin, voters believe tough regulations on Wall Street will help prevent future financial problems, rather than hurt the U.S. economy.
61 21 18 58 23 19
Prevent Problems Hurt Economy Both/Neither/DK/Und/Ref Prevent Problems Hurt Economy Both/Neither/DK/Und/Ref
Effect of Tough Regulations on Wall Street
2014 2015
Please tell me which of the following statements comes closer to your own views. Tough regulations on Wall Street will help prevent future financial problems. Tough regulations on Wall Street will hurt the U.S. economy.
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When voters hear a brief description of the Dodd-Frank Wall Street reform law, nearly three-quarters favor it, including nearly half strongly. 73 16 11 49 8
Favor Oppose DK
Wall Street Reform Law
Darker colors indicate intensity.
Now please listen to this description of the Wall Street Reform law that was passed after the financial crisis. In addition to requiring federal oversight of a larger range of financial companies, this law also prohibits banks from making certain types of risky investments, and created the Consumer Financial Protection Bureau to oversee and enforce rules against abusive financial practices that put consumers at risk. It also bans taxpayer-funded bailouts of large banks and financial companies and, instead, sets up a system where shareholders and creditors bear the losses of failed companies. Please tell me whether, overall, you favor
+58
22
16 9 18 21 16 14 12 17 13 9 16 73 80 72 65 72 70 81 71 77 87 72 Total Democrats Independents Republicans White African American Latino HHI below $30k HHI $30-50k HHI $50-75k HHI $75k+
Wall Street Reform Law
Oppose Favor
Four-fifths of Democrats, nearly three-quarters of Independents, and two- thirds of Republicans support the Wall Street reform law after hearing a brief description. Latino and middle class voters (HHI $50-75k) are especially supportive, but strong support extends across ethnicity and income level.
Now please listen to this description of the Wall Street Reform law that was passed after the financial crisis. In addition to requiring federal oversight of a larger range of financial companies, this law also prohibits banks from making certain types of risky investments, and created the Consumer Financial Protection Bureau to oversee and enforce rules against abusive financial practices that put consumers at risk. It also bans taxpayer-funded bailouts of large banks and financial companies and, instead, sets up a system where shareholders and creditors bear the losses of failed companies. Please tell me whether, overall, you favor or oppose this law.
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Head-to-Head Wall Street Reform Arguments
Standard Argument (Some/other people say) Wall Street caused the financial crisis which cost us millions of jobs, billions of dollars in taxpayer funded bailouts, and trillions of dollars in lost homes and lost retirement savings. We need tough rules to hold Wall Street accountable and prevent them from repeating the irresponsible practices that caused the crisis. These rules are essential to protect an economy that works for all of us. Forceful Argument (Some/other people say) that without basic rules and accountability, financial markets don't work. People get ripped off, banks and lenders make reckless decisions, and eventually the markets crash. We saw this happen in 1929 and again in 2008. This is why we need to have common-sense rules to keep the markets healthy, and to keep our economy from being rigged in favor of a few large Wall Street interests and against the American people. Opposition Argument (Some/other people say) The so-called Wall Street reform law is a job killer that created a brand new federal agency that has already cost taxpayers billions, and has done more harm than good for our economy. Our economy is still recovering, and we can’t afford to let this excessive government regulation and bureaucracy discourage businesses from creating jobs and slow the progress of our economic recovery.
Now I’d like to read you a pair of statements about Wall Street reform. Of the two, please tell me which statement is closer to your own views.
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The pro-reform arguments win majority support across party lines, with the most enthusiasm from Democrats. Independents respond especially strongly to the more forceful pro-reform argument, which evokes imagery of markets crashing and consumers being ripped off.
Now I’d like to read you a pair of statements about Wall Street reform. Of the two, please tell me which statement is closer to your
62 77 57 54 64 78 63 52 23 15 23 32 20 12 18 28 47 61 41 37 46 57 46 37 9 7 8 13 9 4 7 17
Total Democrats Independents Republicans Total Democrats Independents Republicans
Wall Street Reform Engaged Debate
Anti-Reform Pro-Reform
Darker colors indicate intensity.
Net
DK/Both/ Neither
+39 16 +62 9 +34 20 +22 14 +67 16 +66 10 +45 19 +24 21 Standard Argument* Forceful Argument*
*split-sampled
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Support for the CFPB has remained steady since last year, with three- quarters of voters saying they favor the CFPB after hearing a brief description of the bureau and its purpose. A majority now say they strongly favor the agency.
80 13 8 75 15 11 75 14 11
49 47 51 8
Favor Oppose Don't Know Favor Oppose Don't Know Favor Oppose Don't Know
Consumer Financial Protection Bureau
+61
2015 2013 2014
Darker colors indicate intensity.
Part of the Wall Street Reform law was the establishment of the Consumer Financial Protection Bureau, or CFPB. It is the first federal agency whose focus is protecting consumers when they use mortgages, credit cards, bank accounts, and other financial products and services [and making sure they are fair to consumers]. Its mission includes preventing deceptive, unfair and abusive lending and collection practices by banks and other companies. From what you know about the Consumer Financial Protection Bureau, or CFPB, would you say you favor or oppose the CFPB?
+67 +60
27
Intensity of support for the CFPB has increased across party lines, with Democrats the most supportive (85% favor), followed by nearly three-quarters (73%) of Independents and two-thirds (64%) of Republicans. Republicans have shifted in favor of the CFPB, and with intensity. 80 75 75 91 85 85 79 75 73 71 63 64 13 15 14 5 8 7 12 13 15 20 24 20 49 47 51 63 59 62 49 45 48 31 36 40 6 9 8 5 5 9 9 12 16 10
Overall 2013 2014 2015 Democrats 2013 2014 2015 Independents 2013 2014 2015 Republicans 2013 2014 2015
Oppose Favor
Darker colors indicate intensity.
Net DK
+67 8 +60 11 +61 11 +86 4 +77 7 +79 8 +67 10 +62 12 +59 12 +51 9 +38 13 +45 16
Consumer Financial Protection Bureau
Part of the Wall Street Reform law was the establishment of the Consumer Financial Protection Bureau, or CFPB. It is the first federal agency whose focus is protecting consumers when they use mortgages, credit cards, bank accounts, and other financial products and services [and making sure they are fair to consumers]. Its mission includes preventing deceptive, unfair and abusive lending and collection practices by banks and other companies. From what you know about the Consumer Financial Protection Bureau, or CFPB, would you say you favor or oppose the CFPB?
28
Support for the CFPB holds up to attacks. In a head-to-head debate between an
that costs tax dollars and jobs and a positive argument about the importance of the CFPB to keep Wall Street in check, over three-fifths of voters prefer the pro-CFPB argument, compared to fewer than a quarter who agree more with the attack.
63 24 13 47 13
CFPB Works Unaccountable Bureaucracy Neither/Both/DK
CFPB Head-to-Head: Keep in Check*
+39
*split-sampled Darker colors indicate intensity. Statement A: Wall Street special interests are fighting tooth and nail to get rid of the CFPB because it works. Irresponsible banking practices caused the last financial crisis, and, left to their
financial industry in check and stop them from ripping off consumers or tanking our economy
Statement B: (Some/other people say) The CFPB is another unaccountable, expensive, federal bureaucracy we don't need. The financial crisis was caused by government interference. Imposing even more regulation just hurts small businesses, costs jobs, and impedes economic recovery. The CFPB is yet another example of out of control, big federal government.
Now I’d like to read you a pair of statements about the Consumer Financial Protection Bureau, or CFPB. Of the two, please tell me which statement is closer to your own views.
29
Over two-thirds of voters favor the pro-CFPB argument that we need the CFPB to provide rules against dangerous financial products just as we need other rules to guard against other unsafe products like meat or automobiles. Agreement with this positive argument has increased significantly since last year, both in terms of breadth and intensity.
64 26 10 59 29 12 67 19 15
49 13 45 14 53 8 CFPB Head-to-Head: Dangerous Products*
2015 2013 2014
*split-sampled Darker colors indicate intensity. Statement A: (Some/other people say) We have rules to guard against unsafe meat, appliances, and automobiles. The CFPB is there to provide similar rules for financial
dangerous toys, it should be against the rules to sell dangerous loans. Statement B: Some/other people say) The CFPB is another unaccountable, expensive, federal bureaucracy we don't need. The financial crisis was caused by government
just hurts small businesses, costs jobs, and impedes economic recovery. The CFPB is yet another example of out of control, big federal government.
Part of the Wall Street Reform law was the establishment of the Consumer Financial Protection Bureau, or CFPB. Now I’d like to read you a pair of statements about the Consumer Financial Protection Bureau. Of the two, please tell me which statement is closer to your own views.
Need Rules Unaccountable Neither/ Both/DK Need Rules Unaccountable Neither/ Both/DK Need Rules Unaccountable Neither/ Both/DK
30
Democrats and Independents prefer the comparison of financial regulations to rules against other unsafe products, while Republicans respond similarly to both pro-CFPB arguments, slightly favoring the one that vilifies Wall Street financial interests and suggests they would cause another crisis if left to their own devices.
Part of the Wall Street Reform law was the establishment of the Consumer Financial Protection Bureau, or CFPB. Now I’d like to read you a pair of statements about the Consumer Financial Protection Bureau. Of the two, please tell me which statement is closer to your own views.
63 74 60 54 67 79 71 51 24 16 22 35 19 9 17 32
47 58 46 37 53 68 57 36 13 9 11 20 8 9 13
Keep in check - Total Democrats Independents Republicans Dangerous Products - Total Democrats Independents Republicans
CFPB Head-to-Head
CFPB Works Unaccountable Bureaucracy Unaccountable Bureaucracy Need Rules
Darker colors indicate intensity. *split-sampled
Net Neither/ Both/DK
+39 13 +58 11 +39 18 +18 10 +48 15 +70 12 +54 12 +18 17
31
Voters also strongly support the CFPB’s enforcement actions, with nearly three- quarters of voters favoring an argument that cites the CFPB’s effective oversight
who strongly favor this argument in an engaged debate.
The CFPB has used its enforcement authority to bring suits against companies it found to have violated the law. Please tell me which of the following two statements is closer to your own views about this type of regulatory action:
72 17 11 58 8
Companies should be accountable CFPB out of control Neither/Both/DK
Accountability vs. CFPB out of control
+54
Darker colors indicate intensity. Statement A: (Some/other people say) Companies that violate the law should be held accountable and made to pay. For example, in 2014, Bank of America and GE Capital had to pay fines and refunds totaling nearly $1 billion dollars as a result of their deceptive marketing and billing practices for credit card add-on
CFPB should be doing. Statement B: (Some/other people say) The CFPB is out
lawsuits that hurt regular Americans and businesses. CFPB lawsuits unfairly target businesses that government regulators don't like, preventing these businesses from innovating and prospering. CFPB intrusion costs American jobs and money for consumers and taxpayers.
32
Voters are more broadly and strongly supportive of CFPB enforcement than they were a year ago, due to the updated example, the shifting political climate, or both. Democrats and especially Republicans have shifted in favor of CFPB enforcement actions in the past year, while Independents have remained steadily supportive.
The CFPB has used its enforcement authority to bring suits against companies it found to have violated the law. Please tell me which of the following two statements is closer to your own views about this type of regulatory action.
66 72 76 82 68 69 52 61 21 17 14 13 17 19 33 21 52 58 63 67 55 54 37 49 11 8 7 6 8 11 19 9
Overall 2014 2015 Democrats 2014 2015 Independents 2014 2015 Republicans 2014 2015
Accountability vs. CFPB out of control
CFPB Out of Control Companies Should Be Accountable
Darker colors indicate intensity.
Net Neither/ Both/DK
+45 13 +54 11 +62 9 +68 5 +51 15 +50 13 +19 16 +40 17
34
Nearly nine in ten voters consistently support requirements that small-dollar lenders must make sure a loan is affordable in light of a customer’s income and expenses, and verify a customer’s ability to repay. Agreement on this issue has been remarkably consistent over the past three years.
89 8 88 8 86 9 89 7 88 9 88 8 65 68 69 67 67 68
Support Oppose Support Oppose Support Oppose Support Oppose Support Oppose Support Oppose
Small-dollar lenders must make sure a loan is affordable in light of a customer’s income and expenses* Small-dollar lenders must verify a customer’s ability to repay*
2015 2015
+78 +80
2013 2014
*split-sampled Darker colors indicate intensity.
Now I am going to read you a series of proposals that are being considered to regulate financial products and services. For each, please tell me if you support or oppose the proposal.
2013 2014
+81 +80 +82 +79
35
Over two-thirds of voters support keeping the requirement that lenders must verify a borrower’s ability to repay before issuing the mortgage, while just over a quarter favor loosening that requirement.
Currently, mortgage lenders are always required to verify a borrower’s ability to repay before issuing the mortgage. Some people have suggested loosening and adding exceptions to this requirement, so that lenders can issue some mortgages without having to determine a borrower’s ability to repay. Which would you favor: LOOSENING the requirement, so some mortgages can be issued without verifying ability to repay, or KEEPING the requirement that lenders must fully verify the ability to repay for ALL mortgages?
69 26 5 49 15
Keeping Loosening Don't know
Loosening/Keeping requirement that lenders must verify the ability to repay mortgages
+42
Darker colors indicate intensity.
36
White voters, Republicans, and older voters are the most inclined to favor keeping this requirement in place. Latino voters disproportionately favor loosening the requirement—though a majority still favor keeping it in place.
Currently, mortgage lenders are always required to verify a borrower’s ability to repay before issuing the mortgage. Some people have suggested loosening and adding exceptions to this requirement, so that lenders can issue some mortgages without having to determine a borrower’s ability to repay. Which would you favor: LOOSENING the requirement, so some mortgages can be issued without verifying ability to repay, or KEEPING the requirement that lenders must fully verify the ability to repay for ALL mortgages?
69 66 67 73 73 60 57 61 65 68 72 71 26 30 29 21 23 31 38 30 33 28 24 22 49 46 50 53 53 43 38 42 42 50 51 55 15 18 14 13 14 19 21 16 18 17 14 13
Total Democrats Independents Republicans White African American Latino Under 30 Age 30-39 Age 40-49 Age 50-64 Age 65+
Loosening/Keeping Requirement for Mortgage Lenders
Keeping Loosening
Net DK
+42 5 +35 4 +39 4 +52 6 +50 4 +29 9 +19 6 +32 9 +32 2 +40 4 +48 4 +49 7
Darker colors indicate intensity.
37
Three-quarters of voters believe (a majority strongly) that bank customers should have the right to take complaints to court instead of being required to accept dispute arbitration by a third party chosen by the bank. The proposal that borrowers should be allowed to sue the same lender together over a common problem is almost as popular, but generates less intense support.
76 16 75 15 74 12 71 17 70 14 56 8 56 8 50 7 46 8 48 6
Support Oppose Support Oppose Support Oppose Support Oppose Support Oppose
+60 +62 +56
2014 2015 2013 2014 2015
Bank customers must have the right to take complaints to court, instead of being required to accept dispute arbitration by a third party chosen by the bank or lending institution* Borrowers must be allowed to sue the same lender together over a common problem*
*split-sampled Darker colors indicate intensity.
Now I am going to read you a series of proposals that are being considered to regulate financial products and services. For each, please tell me if you support or oppose the proposal.
+60 +55
38
Majorities of voters across party lines strongly support a requirement that bank customers have the right to take complaints to court instead of being required to accept dispute arbitration by a third party chosen by the bank or lending institution.
76 75 82 80 79 74 68 70 16 15 12 12 14 13 20 21
56 56 63 60 56 54 46 55 8 8 5 7 8 10 10 7
Total 2014 2015 Democrats 2014 2015 Independents 2014 2015 Republicans 2014 2015
Darker colors indicate intensity.
Net
+60 +60 +70 +68 +65 +61 +47 +49
Bank customers must have the right to take complaints to court, instead of being required to accept dispute arbitration by a third party chosen by the bank or lending institution*
Now I am going to read you a series of proposals that are being considered to regulate financial products and services. For each, please tell me if you support or oppose the proposal.
*split-sampled
Oppose Support
39
Over three-fifths of Democrats, Independents, and Republicans support a requirement that borrowers must be allowed to sue the same lender together over a common problem. Democrats are the most supportive, with over three-fifths strongly supporting this proposal. 74 71 70 78 72 78 70 73 70 74 69 63 12 17 14 7 16 8 16 14 14 15 22 23
50 46 48 51 49 61 52 49 41 47 40 42 7 8 6 6 8 5 5 9 13 11
Total 2013 2014 2015 Democrats 2013 2014 2015 Independents 2013 2014 2015 Republicans 2013 2014 2015
Oppose Support
Net
+62 +55 +56 +71 +56 +70 +54 +60 +56 +60 +47 +40
Borrowers must be allowed to sue the same lender together over a common problem*
Darker colors indicate intensity.
Now I am going to read you a series of proposals that are being considered to regulate financial products and services. For each, please tell me if you support or oppose the proposal.
*split-sampled
41
By more than a 3:1 margin, voters are more inclined to see payday lenders as predators rather than as a resource—an increase since last year when the margin was closer to 2:1. Fewer than a fifth now agree with the statement defending the importance and utility of payday lenders.
56 27 17 61 19 7 39 12 47 8
Payday Lenders Prey Payday Lenders Are Resource Neither/DK Payday Lenders Prey Payday Lenders Are Resource Neither/DK
Payday Lenders: Predators vs. Resource 2014 2015
Darker colors indicate intensity. Statement A: Payday lenders prey on the elderly on Social Security, on working families making minimum wage, on military families, and on single parents. In this economy, it’s hard enough for families living paycheck to paycheck to make ends meet, without having to resort to 300 and 400 percent interest rate loans – that’s just too much. Statement B: Payday lenders are an important resource for those who can’t get credit any other way. If people can't afford to pay the interest, they shouldn't borrow the
clearly posted, people can make their own decisions and not have the government controlling what they do with their own money.
Now I am going to read two statements about payday lenders. Please listen to both and tell me which statement is closer to your own views.
42
56 61 54 62 59 64 58 59 54 60 27 19 27 17 26 17 28 19 27 22 Overall 2014 2015 Northeast 2014 2015 Midwest 2014 2015 South 2014 2015 West 2014 2015
Payday Lenders: Predators vs. Resource
Predators Resource
Majorities nationwide are more inclined to regard payday lenders as predators than as a resource after they hear head-to-head arguments. In every region, voters have grown less inclined to view payday lenders as a resource—and more inclined to view them as predatory—in the past year.
43
88 88 88 94 93 90 88 91 88 82 79 89
65 68 71 76 76 74 60 71 70 59 58 70
Total 2013 2014 2015 Democrats 2013 2014 2015 Independents 2013 2014 2015 Republicans 2013 2014 2015
Agree Strongly Agree
I am going to read you a series of statements about student loans. For each, please tell me if you agree or disagree with the
Darker colors indicate intensity.
“Borrowers should be able to pay back their student loans with a monthly payment based on their income.”
Nine in ten voters across party lines agree that borrowers should be able to pay back their student loans with a monthly payment based on their income. Republicans’ agreement with this statement has increased significantly in the past year.
44
88 88 88 94 95 95 93 89 89 87 88 89 87 86 86 85 88 87
65 68 71 79 76 72 70 71 69 64 67 74 65 67 70 60 67 71
Total 2013 2014 2015 Under 30 2013 2014 2015 Age 30-39 2013 2014 2015 Age 40-49 2013 2014 2015 Age 50-64 2013 2014 2015 Age 65+ 2013 2014 2015
Agree Strongly Agree
I am going to read you a series of statements about student loans. For each, please tell me if you agree or disagree with the
Darker colors indicate intensity.
“Borrowers should be able to pay back their student loans with a monthly payment based on their income.”
Large majorities of voters of all ages agree that borrowers should be able to pay back their student loans with a monthly payment based on their income. The youngest voters are especially enthusiastic: 95% of voters under 30 agree with this proposal.
45
More than three-quarters of voters believe that the federal government should be doing more to help those who are struggling with student loan debt, including three-fifths who strongly agree with this statement. Overall agreement and intensity have both increased significantly in the past year.
I am going to read you a series of statements about student loans. For each, please tell me if you agree or disagree with the
70 25 4 78 19 4 48 14 60 9
Agree Disagree No Opinion/DK Agree Disagree No Opinion/DK
“The federal government should be doing more to help those who are struggling with student loan debt.”
2015
Darker colors indicate intensity.
2014
46
Agreement that the federal government should be doing more to help those who are struggling with student loan debt has increased across party lines, with nine in ten Democrats, three-quarters of Independents, and three-fifths of Republicans agreeing with this statement. This is a powerful bipartisan issue.
I am going to read you a series of statements about student loans. For each, please tell me if you agree or disagree with the statement.
70 78 84 92 71 77 54 60 25 19 11 5 24 20 42 35 48 60 63 81 44 58 35 37 14 9 13 7 26 16
Total 2014 2015 Democrats 2015 Independents 2014 2015 Republicans 2014 2015
Disagree Agree
Darker colors indicate intensity.
Net NO/ DK
+45 4 +59 4 +72 5 +88 3 +47 5 +57 3 +12 4 +26 5
“The federal government should be doing more to help those who are struggling with student loan debt.”
Republican men: 65% agree Republican <50: 55% agree Republican women: 55% agree Republican 50+: 63% agree
47
Voters at the lower end of the income spectrum agree particularly strongly that the federal government should be doing more to help those struggling with student loan debt; notably, support only drops below the 80% threshold among the most affluent voters.
I am going to read you a series of statements about student loans. For each, please tell me if you agree or disagree with the statement.
70 78 78 88 77 82 68 81 63 69 25 19 16 6 17 16 29 16 33 29
48 60 53 74 48 65 44 61 45 57 14 9 9 9 6 13 9 19 13
Total 2014 2015 HHI below $30k 2014 2015 HHI $30-50k 2014 2015 HHI $50-75k 2014 2015 HHI $75k+ 2014 2015
Disagree Agree
Darker colors indicate intensity.
Net NO/ DK
+45 4 +59 4 +61 6 +83 6 +60 6 +66 2 +38 3 +65 3 +30 4 +40 2
“The federal government should be doing more to help those who are struggling with student loan debt.”
49
Voters’ concern about the political influence of Wall Street financial companies has increased in the past year, with intense concern rising to nearly two-thirds.
How concerned are you about the influence of Wall Street financial companies on elected officials—very concerned, somewhat concerned, a little concerned, or not at all concerned?
80 18 2 84 12 3 56 64
Concerned Not Concerned DK/Refuse Concerned Not Concerned DK/Refuse
Political Influence of Wall Street Financial Companies
2014 2015
Darker colors indicate intensity.
50
Voters will punish candidates who receive large amounts of campaign money from big banks. Over three-fifths say they would be less likely to vote for a candidate they knew had received large sums of campaign money from big banks and financial companies, and nearly half would be much less likely to vote for such a candidate. Voters’ inclination to punish these candidates has increased in the past year.
And if you knew that a candidate or member of Congress had received large sums of campaign money from big banks and financial companies, would that make you more or less likely to vote for him or her, or would it not make a difference to you?
56 14 62 13 37 7 48 7
Less Likely More Likely Less Likely More Likely
More/Less Likely to Vote for a Candidate who Received Large Sums of Money*
2015 2014
+48 +42
Darker colors indicate intensity. *split-sampled
51
Voters across party lines have become more punitive on this issue in the past year, with nearly three-fifths of Independents and Republicans and two-thirds of Democrats saying they would be less likely to support a candidate who had received large sums of campaign money from big banks and financial companies.
62 66 55 58 49 58 15 14 14 14 13 13
41 48 41 47 30 48
9 10 7 6 6 6
Democrats 2014 2015 Independents 2014 2015 Republicans 2014 2015
Darker colors indicate intensity.
Net DK
+47 2 +51 4 +42 2 +44 2 +37 1 +45 3
*split-sampled
Received Large Sums of Money*
Less Likely More Likely
And if you knew that a candidate or member of Congress had received large sums of campaign money from big banks and financial companies, would that make you more or less likely to vote for him or her, or would it not make a difference to you?
52
Over three-fifths of voters say they would be more likely (45% much more likely) to support a candidate who favored protecting consumers by keeping tough rules on Wall Street to prevent irresponsible practices and abuses. The new question phrasing tested this year tests significantly more strongly than the more generic “favored stronger regulation of Wall Street and the financial world” description tested last year.
And If you knew that a candidate or member of Congress favored stronger regulation of Wall Street and the financial world, would that make you more or less likely to vote for him or her, or would it not make a difference to you? And if you knew that a candidate or member of Congress favored protecting consumers by keeping tough rules on Wall Street to prevent irresponsible practices and abuses, would that make you more or less likely to vote for him or her, or would it not make a difference to you?
46 22 61 12 27 13 45 9
More Likely Less Likely More Likely Less Likely
More/Less Likely to Vote for a Candidate who Favored Stronger Regulation*
2015 2014
+48 +24
Darker colors indicate intensity. *split-sampled
53
Democrats are the most enthusiastic about a candidate committed to protecting consumers by keepings rough rules on Wall Street, with nearly three-quarters more likely to support such a candidate (60% much more likely); however, majorities of Independents and Republicans also say they would be more likely to support a candidate who favors keeping tough rules on Wall Street.
60 72 45 54 31 52 17 13 22 17 26 8
39 60 29 38 15 34
9 9 11 11 17 5
Democrats 2014 2015 Independents 2014 2015 Republicans 2014 2015
Darker colors indicate intensity.
Net DK
+44 1 +59 3 +23 7 +37 2 +5 7 +43 7
*split-sampled
Favored Stronger Regulation*
More Likely Less Likely
And If you knew that a candidate or member of Congress favored stronger regulation of Wall Street and the financial world, would that make you more or less likely to vote for him or her, or would it not make a difference to you? And if you knew that a candidate or member of Congress favored protecting consumers by keeping tough rules on Wall Street to prevent irresponsible practices and abuses, would that make you more or less likely to vote for him or her, or would it not make a difference to you?
54
regulation and oversight of financial companies and Wall Street and broadly agree that further reforms are needed. Voters also support the government’s role in regulating the financial industry. Advocates should continue to cite this support to put pressure on lawmakers.
excessive overdraft fees and lending abuses, and they want the government to do more to help those struggling with student loan debt.
political influence of Wall Street, as the Presidential election heats up. Highlighting Wall Street contributions in political campaigns could influence voters’ candidate choice, and will keep the issue at the forefront.
Celinda Lake clake@lakeresearch.com David Mermin dmermin@lakeresearch.com Liesl Newton lnewton@lakersearch.com Claire Redemer credemer@lakersearch.com
Washington, DC | Berkeley, CA | New York, NY
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