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Members of the GOP-controlled House once again debated the impact — and potential pitfalls — of a section of the Dodd-Frank Act, with the subject du jour concerning so-called QM regulation.
July 11 -
The Consumer Financial Protection Bureau has received mostly positive reviews. But complaints of inexperienced examiners and confrontational exams stem from the fledgling agency's effort to set itself apart from traditional banking regulators.
July 9
The majority of likely voters, regardless of party affiliation, support the Dodd-Frank financial reform law and the Consumer Financial Protection Bureau, according to a poll organized by consumer advocates.
The survey found that 73% of voters, including both Republicans and Democrats, favor the Dodd-Frank Act and 66% of voters favored the creation of the CFPB. Two-thirds of voters, including 78% of Republicans, support states' ability to pass and enforce stronger consumer protection laws and prevent federal law from overriding them.
"After hearing arguments in support and in opposition, voters across party lines solidly favor the reform law," said pollster David Mermin a partner at Lake Research Partners, in a press release Wednesday. He added that voters also strongly favor specific components of the CFPB.
The survey was conducted by Lake Research Partners, a public opinion and political strategy firm in Washington, D.C., headed by Democratic strategist Celinda Lake. It was commissioned by the Center for Responsible Lending, Americans for Financial Reform, the AARP and the National Council of La Raza.
The majority of voters, 92%, reported that they also favor simpler disclosures by banks and other lenders for mortgages, credit cards, cars and other products, and 88% said they support a searchable complaints database for consumers to report unfair financial practices.
"The message for Congress is unmistakable: Voters across the board are intensely supportive of stronger consumer protections," Lisa Donner, executive director of Americans for Financial Reform, said in the release.
The survey was conducted to coincide with this week's two-year anniversary of the Dodd-Frank Act.
