Discussion Paper

Consumer financial protection regulations: how do they measure up?

Abstract: The Payment Cards Center's September 2012 policy conference advanced the discussion of targeted design and outcome measurement as central features of public policy in the area of consumer financial protections. Speakers considered regulations addressing the disclosure of credit terms; standards for assessing the unfairness, deceptiveness, and abusiveness of lending acts or practices; the management of revolving credit accounts; and the challenges of analyzing consumer complaints in the context of consumer financial protections. The concluding panel discussed unanswered questions and research priorities going forward. Discussion focused on the data and methodology required and available for assessing the contribution of consumer financial protections to the advancement of, and the challenges inherent in, measuring social welfare. Panelists also considered the intended and unintended effects of these regulations on prices, quantities, competition, innovation, and the overall business risk market participants face.

Keywords: Measurement; Consumer financial protection; Disclosure; UDAP; Unfair Deceptive Acts and Practices; UDAAP; Unfair; Deceptive; or Abusive Acts or Practices; Account management; Mortgages; Credit Cards; Consumer complaints;

JEL Classification: G28; K23;

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute discussion papers

Publication Date: 2014-09-13

Number: 14-5

Pages: 31 pages