Economic Inclusion The Way Forward

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 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

Behaviorally Informed Regulation 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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