Voters are net favorable toward prepaid cards, credit-scoring companies, and ..... those against American Express and JP
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. Net
Favorability Unfavorable Credit Unions 2013 2014
Community Banks 2013 2014
The Financial Industry 2013 2014
Big Banks 2013 2014
Wall Street Financial Companies 2013 2014
Favorable
NO/ NH
8 8
48 54
82 83
+75
10
+75
10
6 5
45 46
83 81
+77
11
+75
14
19 12 16 15
44 43
+1
13
+4
17
49 46
25 16 24 17
42 42
-7
9
-3
12
51 48
27 26
-24
21
-18
23
43 39
28 30
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 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]?
5
Both the FDIC and the CFPB receive positive ratings from voters, but the CFPB is less well-known. Net
Favorability Unfavorable
Favorable
NO/ NH
The FDIC 2013
12
38
69
+57
19
2014
11
37
67
+55
22
The Consumer Financial Protection Bureau* 2013
12
23
+39
37
2014
11
22
+36
42
+26
39
+20
48
The Consumer Financial Protection Bureau, created by the 2010 Wall Street Reform Law* 2013
*split-sampled
2014
17
51
47
10 20
16 10 18
43
36
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 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]?
6
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
Favorability Unfavorable Pre-paid Cards 2013 2014
Credit-scoring Companies 2013
38
32
2014
Credit Card Companies 2013
*split-sampled
2014
46
40
NO/ NH
Favorable
21
10
27
23
12
25
18 11
58
13
21
17
21
+32
22
+1
23
47
+15
21
48
+1
6
+11
8
55 39
14 17 21
+37
52
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 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]?
7
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
Favorability Unfavorable
28 25
Student Loans from the Federal Government* 2013 2014
2014
Debt Collectors 2013 2014
Payday Lenders 2013 *split-sampled
2014
64 61
72 65
Favorable
16 31 12 29
33 31
Student Loans from Private Companies* 2013
17 16 18 18 43 40
57 49
NO/ NH
59 59 40 39
17 20
10 15
+32
13
+34
15
+7
27
+8
30
-47
19
-41
19
-62
19
-50
20
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 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]?
8
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 Treated Unfairly*
Overcharged or Deceived* 2013
2014
57 37 Yes
No
43 Yes
2013
51
No
*split-sampled Have you ever been overcharged or deceived by a financial institution? Have you ever been treated unfairly by a financial institution?
2014
64
60
36 Yes
32 No
Yes
No
9
Overcharged/Treated Unfairly: 2013/2014 Total 2013 2014
Reported unfair treatment has jumped among voters aged 3039, a majority of whom now report bad experiences with financial institutions. Seniors and voters under 30 report the lowest levels of mistreatment.
58 57
36 38 No
Under 30 2013 59 2014 66 Age 30-39 2013 2014
Yes
36 25
62
33 42
Age 40-49 2013 2014
50 56
Age 50-64 2013 2014
55 53
Age 65+ 2013 68 2014 66
52 46 43 40 40 26 30 10
Overcharged/Treated Unfairly: 2013/2014
Half of AfricanAmericans and 42% of Latinos report that they have been mistreated by a financial institution. Over two-fifths of lower income (HHI
