Arizona PPP October 12 Memo v1_0

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Arizona PPP October 12 Memo v1_0

From: Public Policy Polling®
To: Interested Parties
Subject: Arizona Voters Support Latest Rules Issued by CFPB
Date: October 12, 2017

A new Public Policy Polling survey finds broad and overwhelming support in Arizona for recent financial regulation rules released by the Consumer Financial Protection Bureau (CFPB) limiting banks and credit cards from using forced arbitration, and requiring payday lenders to assess the affordability of loans offered to consumers before giving them out.

Payday rule: The CFPB also issued a rule last week that requires payday lenders to determine whether borrowers can afford to repay their loans within 30 days, which could upend their business model that relies on high interest loans (typically exceeding 300 percent) with payment directly taken from the borrower’s checking account. Just 6 percent of Arizona voters have a favorable opinion of payday lenders, while an overwhelming 80 percent have an unfavorable opinion. Again, Senator Flake could potentially hurt his re-election chances should he vote in favor of overturning this rule regulating payday lenders, with 53 percent of voters indicating they would be less likely to support him for re-election if he did so, including 54 percent of independents and 42 percent of Republicans.

PPP surveyed 692 Arizona voters from October 6-8, 2017 on behalf of Americans for Financial Reform and Organizing for Action – Arizona. The margin of error is +/- 3.7%. This poll was conducted with automated telephone interviews (80 percent) and online interviews (20 percent).