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Economic Inclusion: Education, Access & Consumer Protection

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

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Economic Inclusion: Education, Access & Consumer Protection

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

  2. Three legged stool • Education • Access • Consumer Protection

  3. 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)

  4. Education core competencies Treasury Federal Register release 2010

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

  6. Technology and Consumer Choice

  7. Technology and Consumer Choice

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

  9. Behaviorally Informed RegulationSee Barr, Mullainathan & Shafir (2009)

  10. Behaviorally Informed Regulation

  11. Behaviorally Informed Regulation

  12. 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

  13. Conclusion • Three Legged Stool • Education • Access • Consumer Protection • Behavioral insights • Technology • Innovation • Government policy

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