WASHINGTON—With Congress preparing to vote today on HR 10, the “Financial CHOICE Act of 2017,” which seeks to repeal a number of consumer protections implemented under the Dodd Frank Act, a new poll commissioned by the National Council of La Raza shows Latino voters continue to be concerned about financial industry practices and strongly support the role of the CFPB.
“Among the poll’s key findings are that an overwhelming 81% of Latino voters believe that financial companies would be more likely to take advantage of consumers if the government has fewer rules on banks, credit card companies, payday lenders and mortgage companies,” the NCLR said in a statement. “The consensus that fewer rules would exploit consumers was shared across party lines: 85% of Latino Democrat, 78% of Latino Independent, and 70% of Latino Republican voters believe that fewer federal regulations would negatively impact consumers.”
“Latinos were among the hardest hit during the financial crisis,” said Lindsay Daniels, associate director of the economic policy project at NCLR, in a statement. “In the lead-up to the recession, the lack of consumer protections allowed unscrupulous lenders to target communities of color with abusive financial products and as a result, Hispanic household wealth fell 66% from 2005 to 2009. Government oversight of the financial industries that contributed to economic hardship for so many families is of great concern to Latino voters; unfortunately, they still see many of these financial practices continuing today,”
The NCLR said that poll results show 75% of Latino voters agreed that the financial industry is still engaged in the kind of reckless practices that led to the housing crisis and recession. Among Latino Millennials (18–35 years old), who account for 44% of eligible Latino voters, that number is even higher at 84%. The poll demonstrated strong support for the role of the CFPB, with 71% of Latinos saying they trusted an independent consumer protection agency to oversee banks and make sure that the financial industry is honest with the public. While there was a strong showing of support for the independent government agency in the poll, there was much less trust placed in Congress (43%), bank executives (42%) and President Trump (24%) to oversee banks and ensure transparency from the financial industry. An overwhelming 81% of Hispanic voters agreed that financial companies should be held accountable with tougher rules and enforcement.
“This poll confirms how misguided the Financial CHOICE Act is in the eyes of Latino voters,” Daniels said.
“With the 2018 elections coming up, Latino attitudes about the need for greater consumer protections are clear—there is bipartisan consensus from Latino voters that more rules, not fewer, are necessary to keep the financial industry in check. The CHOICE Act, which seeks to fundamentally weaken consumer protections and the CFPB, would allow banks to reengage in the practices that led to the financial crisis and would most certainly be soundly rebuked by this critical electorate.”