December 10, 2018

Poll: Big banks should have more oversight

capitolRoughly half of registered voters believe there is "not enough regulation" of large banks in the U.S., according to a new Morning Consult poll. Alternatively, more than two-fifths said regional and community banks have "about the right amount of regulation."

In addition, when asked about House Democrats' plans to pursue more regulation and oversight of large banks in the new Congress, 58 percent of registered voters said they were supportive of such efforts.

NAFCU has called on Congress and regulators to reconsider efforts to roll back regulations on big banks as they continue to face billion-dollar fines and breaches of consumer trust in the wake of the 2008 financial crisis while still bringing in record profits.

NAFCU has urged banking regulators to withdraw a proposed rulemaking that would loosen Volcker rule requirements on big banks, arguing that doing so could undermine financial stability. The association has also argued that credit unions should not be subject to the Community Reinvestment Act and lawmakers should instead expand the industry's ability to serve underserved areas and make more member business loans.

In September, NAFCU released a white paper calling for members of Congress to discuss creating a modernized Glass-Steagall Act in order to protect consumers from banks that are too big to fail. The association is supportive of reform efforts that allow credit unions and other financial institutions to compete without putting consumers at risk.

NAFCU will continue to work to set the record straight on the differences between credit unions and banks. As not-for-profit, community-based financial institutions, credit unions are uniquely situated to meet the needs of their individual and prospective members and focus on member service rather than stockholder enrichment.

Additional insights from the Morning Consult survey of 1,957 registered voters are available here.