ARLINGTON, Va.–Ahead of oral arguments before the Supreme Court in the case CFSA v. CFPB, NAFCU has released a survey of credit unions that found little faith the Bureau acts in the best interests of consumers.
“The timing of the survey will bolster our advocacy efforts when speaking to lawmakers on Capitol Hill and as the Supreme Court prepares to hear oral arguments…” NAFCU said in releasing the findings.
Among the survey results: 94% of respondents “overwhelmingly agree – Congress needs to reform the CFPB.”
Additional Findings
According to NAFCU, other findings include:
Does the CFPB act with consumers’ best interests in mind?
- Yes: 40%
- No: 60%
Recent efforts by the CFPB to fight so-called junk fees and curb late payments have been well explained and understood by our consumers.
- Agree 10%
- Disagree 90%
NAFCU said the respondents were made up of CUs under $500 million in assets (52.5%), between $500-million and $1 billion in assets (10.5%), and more than $1 billion in assets (37%).
Additional survey results can be found here.
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