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Finally, financial companies can find new ways to underwrite and score with less bias. Today, many companies are now exploring new underwriting models that return to core principles – assessing ability to repay without attempting to use outside information to model a consumer’s presumed ability to repay. Importantly, a more open market will also make sure consumers won’t have to start from scratch. For example, Americans often use their deposit account history as a life ledger – it is a written record that keeps track of payments and deposits, which can be helpful for taxes, for disputes with merchants, or insurers, and for other purposes. By allowing consumers to transfer their ledger to a new institution, the rule could make switching institutions easier – you won’t need to maintain a relationship with your bank to maintain your written record. For example, consumers who want to link their accounts with an app that helps them budget, make payments, or find a route to affordable credit would be able to do so without having to provide login credentials to third parties that are used in screen scraping.
However, such methods are not secure, and they are likely not sustainable, especially as data security standards potentially evolve to a point that such activities may become blocked. This map highlights the five geographic regions for which we present results; these regions account for approximately 90 percent of the state population. Fewer than half of likely voters say the outcome of each of these state propositions is very important to them.
A New Competitive Market
Specifically, we expect that the public will gain more bargaining leverage once data holding companies must share authorized consumer data with authorized third parties. And, this will lead to more shopping by consumers both because they have the leverage to walk away and because they will have access to more tailored products and services. The provisions provide for personal financial data rights for Americans, but would only have teeth after the CFPB defined the specifics through rules. With all 80 state assembly positions and half of state senate seats up for election, fewer than half of adults (49%) and likely voters (43%) approve of the way that the California Legislature is handling its job. Views are deeply divided along partisan lines; approval is highest in the San Francisco Bay Area and lowest in Orange/San Diego. About half across racial/ethnic groups approve, and approval is much higher among younger Californians.
One in three or fewer adults (33%) and likely voters (25%) think the country is going in the right direction. Majorities across all demographic groups and partisan groups, as well as across regions, are pessimistic about the direction of the United States. One reason that the current ecosystem is unstable is that many companies currently access consumer data through activities like screen scraping.
11 | Democrats set aside donations of over $1 mn from ex-FTX CEO Bankman-Fried
At least half across demographic groups are highly enthusiastic, with the exceptions of likely voters earning $40,000 to $79,999 annually (48%), women (47%), Latinos (43%), those with a high school diploma or less (42%), renters (42%), and 18- to 44-year-olds (37%). Californians are much more pessimistic about the direction of the country than they are about the direction of the state. Solid majorities of adults (62%) and likely voters (71%) say the United States is going in the wrong direction, and majorities have held this view since September 2021.
The shares saying they are following the news very closely is highest among residents in Republican districts (39%), Republicans (30%), whites (29%), and adults with incomes of $40,000 to $79,999 (29%). Older likely voters (27%) are slightly more likely than younger likely voters (21%) to say they are following the news closely. California voters have now received their mail ballots, and the November 8 general election has entered its final stage. The 2022 midterm election also features a closely divided Congress, with the likelihood that a few races in California may determine which party controls the US House.
16 | With an eye on its Muslim vote bank, SP set to strongly oppose UCC
Residents of other geographic areas are included in the results reported for all adults, registered voters, and likely voters, but sample sizes for these less-populous areas are not large enough to report separately. We also present results for congressional districts currently held by Democrats or Republicans, based on residential zip code and party of the local US House member. We analyze the results of those who live in competitive house districts as determined by the Cook Political Report’s 2022 House Race Ratings updated September 1, 2022.
In October 2018 before the last midterm election, a similar 53 percent of likely voters were extremely or very enthusiastic about voting for Congress (25% extremely, 28% very, 28% somewhat, 10% not too, 8% not at all). Today, Democrats and Republicans have about equal levels of enthusiasm, while independents are much less likely to be extremely or very enthusiastic. Half or more across regions are at least very enthusiastic, with the exceptions of likely voters in Los Angeles (44%) and the San Francisco Bay Area (43%).
Democracy and the Political Divide
As Californians prepare to vote in the upcoming midterm election, fewer than half of adults and likely voters are satisfied with the way democracy is working in the United States—and few are very satisfied. Satisfaction was higher in our February survey when 53 percent of adults and 48 percent of likely voters were satisfied with democracy in America. Today, half of Democrats and about four in ten independents are satisfied, compared to about one in five Republicans. Across regions, half of residents in the San Francisco Bay Area (52%) and the Inland Empire (50%) are satisfied, compared to fewer elsewhere. Across demographic groups, fewer than half are satisfied, with the exception of Latinos (56%), those with a high school degree or less (55%), and those making less than $40,000 (53%).
If a firm is required to make a person’s financial information available to them, or to a third party acting on the consumer’s behalf, via a secure method, we will be able to mitigate some of the problems that exist today. For instance, individuals who want to switch providers will be able to transfer their account history to a new company, so they don’t have to start over if they are unsatisfied with the service provided by an incumbent firm. The Federal Communications Commission’s number portability rules reduced switching costs by allowing customers to move their phone number to a new carrier. Decades before, the so-called Carterfone rules ensured that new devices could be interoperable with AT&T’s network, through standardized jacks and plugs, even if produced by third parties. "The suggestion that the incumbent market leader, with clear and enduring market power, could be foreclosed by the third largest provider as a result of losing access to one title is not credible," Microsoft told GamesIndustry.biz.
About half or more across demographic groups approve of President Biden, with the exception of those with some college education (44%). When asked how they would vote if the 2022 election for the US House of Representatives were held today, 56 percent of likely voters say they would vote for or lean toward the Democratic candidate, while 39 percent would vote for or lean toward the Republican candidate. In September, a similar share of likely voters preferred the Democratic candidate (60% Democrat/lean Democrat, 34% Republican/lean Republican). Today, overwhelming majorities of partisans support their party’s candidate, while independents are divided (50% Democrat/lean Democrat, 44% Republican/lean Republican). Democratic candidates are preferred by a 26-point margin in Democratic-held districts, while Republican candidates are preferred by a 23-point margin in Republican-held districts.
The UK regulator signaled an in-depth review of Microsoft’s $68.7 billion deal to acquire Activision Blizzard last month, and the CMA has now published its full 76-page report on its findings. The CMA says it has concerns that Microsoft’s Activision Blizzard deal could lessen competition in game consoles, subscriptions, and cloud gaming, but Microsoft thinks the regulator has simply been listening to Sony’s lawyers too much. I’ve asked that our staff look at alternatives to the so-called notice-and-opt out regime that has been the standard for financial data privacy. For example, the longstanding Gramm-Leach-Bliley Act privacy rules don’t give consumers meaningful control over how their data is being used. Second, we will be looking at a number of ways to stop incumbent institutions from improperly restricting access when consumers seek to control and share their data. Financial regulators have largely complied with what dominant incumbents desire by writing complicated rules to fit existing business models.
While Americans are becoming numb to routine data breaches, including massive ones like the Equifax failure, we know that more needs to be done to stop this underworld from intercepting even more highly sensitive personal data. Transaction data will be especially useful for these purposes, and help bring an end to the current reliance on the three-digit social credit scores derived from credit reports that are cloaked in secrecy and rife with inaccuracies. If successful, it will also reduce the ability for incumbents to build moats and for middlemen to serve as gatekeepers. It will provide big advantages to those who provide the best products, service quality, and rates.
Research publications reflect the views of the authors and do not necessarily reflect the views of our funders or of the staff, officers, advisory councils, or board of directors of the Public Policy Institute of California. This survey was supported with funding from the Arjay and Frances F. Miller Foundation and the James Irvine Foundation. Margin of error ±3.9% at 95% confidence level for the total sample, ±5.1% for likely voters. Numerous questions were adapted from national surveys by ABC News/Washington Post, CBS News, NPR/PBS NewsHour/Marist, and the Pew Research Center.
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