A common banking industry argument against the Consumer Financial Protection Agency (CFPA) is that the agency would restrict consumer choice. According to a new poll from the Consumer Federation of America (CFA), Americans have already made a choice: they want more financial protections—and a new federal agency to enforce them.

Even in a country where skepticism about government intervention crosses socioeconomic barriers, 57% of Americans support the creation of a “new federal agency to protect consumers who purchase banking and other financial products and services.” This approval was highest among groups who are often the victims of deceptive-by-design financial products: African Americans (79%), Latinos (70%), young adults under 35 (70%), and low-wealth persons (69%).  These groups know firsthand why the need for a single financial services watchdog is so pressing.

Other findings from the poll support measures that the CFPA would have the power to implement:

·    67 percent support (58 percent strongly support) prohibiting banks from charging substantial penalties to borrowers who pay off mortgages early.

·    85 percent support (73 percent strongly support) requiring banks to disclose, on the ATM screen, that a withdrawal will overdraw an account.

·    71 percent support (44 percent strongly support) requiring banks to gain the permission of customers before routinely providing loans to cover these overdrafts.

Read more Woodstock work on the CFPA:

·    How the CFPA would support small business

·    Debunking attacks on consumer protection

·    Regulators argue for status quo and oppose the Consumer Financial Protection Agency

·    From the President: Financial watchdog would promote lower-cost products, consumer choice, and innovation