CFPB Opens Today; America Likes It

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, July 21st, 2011

As the new Consumer Financial Protection Bureau (CFPB) officially opens its doors for the first time today we released a new poll which found that the new financial watchdog enjoys broad support from nearly three-quarters (74%) of consumers.

Americans clearly feel that the CFPB is needed to keep big banks and lenders in check, as our poll found that a majority of consumers support the CFPB and its mission to be a ‘cop on the beat’ that protects consumers from deceptive and dangerous practices.

Respondents believed that the CFPB’s top priorities should be holding financial companies accountable if they break the law (88%); strengthening and enforcing rules against deceptive and unfair practices by banks, credit card companies, and other lenders (86%); and, requiring that mortgage and other documents for financial products be easier for consumers to understand (85%).

The CFPB was created by the Wall Street reform law passed by Congress last year and will work to make sure financial companies provide consumers with the information they need to understand the true costs and risks of different financial products. It has been charged with identifying and stopping unfair, deceptive, and abusive financial practices and keeping the rules governing financial service products up-to-date.

Ironically while most Americans are happy about the financial watchdog officially opening today opponents are scheduled to vote on bills that weaken the mission of agency.

Click here to learn more about the CFPB

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