The Consumer Financial Protection Bureau emerged from the fiscal fires of the Great Recession with the mission of defending American wallets. Now the future of the agency is questionable, at best.
Many on the political right want to cut the CFPB’s budget ($646 million for 2017) or get rid of the bureau altogether. Supporters of such plans hope to “free consumers and small businesses from the CFPB’s regulatory blockades,” as Sen. Ted Cruz (R-Tex.) noted when introducing the “Repeal CFPB Act” in February.
Those on the left point to the CFPB’s early work in the credit card industry in its defense. For example, they quote stats such as the $16 billion in undisclosed fees that it has saved credit card users over the years.
Given the CFPB’s initial credit-card focus and the disagreement that exists about its future, WalletHub decided to see what the people think. So we conducted a nationally representative poll to find out. You can find the complete results below.