Economic Inclusion: Education, Access & Consumer Protection Michael S. Barr University of Michigan Law School.

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Presentation transcript:

Economic Inclusion: Education, Access & Consumer Protection Michael S. Barr University of Michigan Law School

Three legged stool Education Access Consumer Protection

Behavioral Economics Information vs understanding Intention vs. behavior Predictable biases – Misperception – Misforecasting – Myopia – Decisional conflict – Mental accounting – Attention constraints Context & Institutions – Defaults – Behavior – Planning See Barr, Mullainathan & Shafir (2009)

Education core competencies Treasury Federal Register release 2010

Technology and Consumer Choice From Barr, Dokko & Feit (2011)

Technology and Consumer Choice

Recent government initiatives Direct Express Treasury pilot for tax-time accounts FDIC pilot for safe & affordable accounts Bank on USA

Behaviorally Informed Regulation See Barr, Mullainathan & Shafir (2009)

Behaviorally Informed Regulation

Dodd-Frank Act – Mortgage broker regulation: YSPs, ability to pay, ban on steering, required registration – Enhanced disclosures, escrow requirements CARD Act – Debiasing re: fees, minimum payments – Enhanced disclosures – Opt-in for over-limit transactions – Bans on double-cycle billing, late fee traps Role of CFPB

Conclusion Three Legged Stool – Education – Access – Consumer Protection Behavioral insights Technology Innovation Government policy

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