The Consumer Financial Protection Bureau and the Quest for Consumer Comprehension

REFERENCES

1. ↵
   1. Abrams, Rachel and
   2. Jessica Silver-Greenberg

   . 2014. “Companies That Offer Help with Student Loans Are Often Predatory, Officials Say.” New York Times, July 13, 2014.
2. ↵
   Adjerid, Idris, Alessandro Acquisti, Laura Brandimarte, and George Loewenstein. 2013. “Sleights of Privacy: Framing, Disclosures, and the Limits of Transparency.” Symposium on Usable Privacy and Security (SOUPS). Newcastle, United Kingdom (July 24–26, 2013).
3. ↵
   1. Agnew, Julie R., and
   2. Lisa R. Szykman

   . 2005. “Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice, and Investor Experience.” Journal of Behavioral Finance 6(2): 57–70.

   OpenUrlCrossRef
4. ↵
   Akerlof, George A., and Robert J. Shiller. 2015. Phishing for Phools: The Economics of Manipulation and Deception. Princeton, N.J.: Princeton University Press.
5. ↵
   1. Bar-Gill, Oren, and
   2. Ryan Bubb

   . 2012. “Credit Card Pricing: The Card Act and Beyond.” Cornell Law Review 97(5): 967, 997–99.

   OpenUrl
6. ↵
   Barr, Michael S., Sendhil Mullainathan, and Eldar Shafir. 2008. “Behaviorally Informed Financial Services Regulation.” Available at: www.newamerica.net/files/naf_behavioral_v5.pdf; accessed January 10, 2016.
7. ↵
   1. Baumeister, Roy F.,
   2. Erin A. Sparks, ,
   3. Tyler F. Stillman, , and
   4. Kathleen D. Vohs

   . 2008. “Free Will in Consumer Behavior: Self-Control, Ego Depletion, and Choice.” Journal of Consumer Psychology 18(1): 4–13.

   OpenUrlCrossRef
8. ↵
   Bernanke, Ben S. 2009. “Innovation and Consumer Protection, at the Federal Reserve System’s Sixth Biennial Community Affairs Research Conference, Washington, D.C.” Last modified April 17, 2009. Available at: www.federalreserve.gov/newsevents/speech/bernanke20090417a.htm; accessed January 10, 2016.
9. ↵
   1. Bertrand, Marianne,
   2. Dean Karlan, ,
   3. Sendhil Mullainathan, ,
   4. Eldar Shafir, , and
   5. Jonathan Zinman

   . 2010. “What’s Advertising Content Worth? Evidence from a Consumer Credit Marketing Field Experiment.” Quarterly Journal of Economics 125(1): 263–306.

   OpenUrlCrossRefWeb of Science
10. ↵
    1. Bertrand, Marianne, and
    2. Adair Morse

    . 2011. “Information Disclosure, Cognitive Biases, and Payday Borrowing.” Journal of Finance 66(6): 1865–93.

    OpenUrlCrossRefWeb of Science
11. ↵
    Brunner, Dieter. 2006. “The Mistakes Borrowers Make, and How to Avoid Them.” Last modified June 6, 2006. Available at: http://consumeraffairs.com/news04/2006/06/mortgage_geek.html; accessed January 10, 2016.
12. ↵
    1. Calo, Ryan

    . 2014. “Digital Market Manipulation.” George Washington Law Review 82(4): 995–1051.

    OpenUrl
13. ↵
    Carney, Michael. 2013. “Mediabrix Enables Targeted Advertising During Moments of Positive and Negative Emotion in Social Games.” Available at: http://pando.com/2013/04/18/mediabrix-enables-targeted-advertising-during-moments-of-positive-and-negative-emotion-in-social-games/; accessed January 10, 2016.
14. ↵
    1. Catlin, Jesse R.,
    2. Cornelia Pechmann, , and
    3. Eric P. Brass

    . 2011. “The Influence of Need for Cognition and Principal Display Panel Factors on Over-the-Counter Drug Facts Label Comprehension.” Health Communication 27(3): 264–73.

    OpenUrl
15. Consumer Financial Protection Bureau. n.d. “Information Collection Request–Supporting Statement, Credit Card Agreement Testing Survey.” Available at: www.reginfo.gov/public/do/DownloadDocument?objectID=34998102; accessed January 10, 2016.
16. ↵
    Consumer Financial Protection Bureau. 2012. Supervision and Examination Manual—Version 2.0. Washington, D.C.: October. Available at: files.consumerfinance.gov/f/201210_cfpb_supervision-and-examination-manual-v2.pdf; accessed July 12, 2016.
17. ↵
    1. Consumer Financial Protection Bureau

    . 2013a. “Policy to Encourage Trial Disclosure Programs.” Federal Register 78(209): 64389–94.

    OpenUrl
18. ↵
    Consumer Financial Protection Bureau. 2013b. “Payday Loans and Deposit Advance Products: A White Paper of Initial Data Findings.” Washington, D.C.: April.
19. ↵
    1. Consumer Financial Protection Bureau

    . 2014. “Generic Information Collection Plan for Studies of Consumers Using Controlled Trials in Field and Economic Laboratory Settings.” Federal Register 79 (71): 20865–66.

    OpenUrl
20. ↵
    Consumer Financial Protection Bureau. 2015a. Fair Debt Collection Practices Act: CFPB Annual Report 2015. Washington, D.C.: March.
21. ↵
    Consumer Financial Protection Bureau. 2015b. Arbitration Study: Report to Congress Pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a). Washington, D.C.: March.
22. ↵
    Consumer Financial Protection Bureau. 2016. Payday, Vehicle Title, and Certain High-Cost Installment Loans. Docket No. CFPB-2016-0025, Proposed C.F.R. 91041.12, 1292.
23. ↵
    Diamond, Shari Seidman. 2011. “Reference Guide on Survey Research.” In Reference Manual on Scientific Evidence, edited by the Federal Judicial Center and the National Research Council. Washington, D.C.: National Academies Press.
24. ↵
    1. Drolet, Aimee,
    2. Mary Frances Luce, , and
    3. Itamar Simonson

    . 2009. “When Does Choice Reveal Preference? Moderators of Heuristic versus Goal-Based Choice.” Journal of Consumer Research 36(June): 137–47.

    OpenUrlCrossRef
25. ↵
    1. Duhigg, Charles

    . 2007. “Bilking the Elderly, with a Corporate Assist.” New York Times, May 20.
26. ↵
    1. Epley, Nicholas, and
    2. Thomas Gilovich

    . 2006. “The Anchoring-and-Adjustment Heuristic: Why the Adjustments Are Insufficient.” Psychological Science 17(4): 311–18.

    OpenUrlCrossRefPubMedWeb of Science
27. ↵
    Federal Trade Commission. 1980. “Policy Statement on Unfairness.” Appended to International Harvester Co., 104 FTC 949, 1070 (1984).
28. ↵
    Federal Trade Commission. 1983. “Policy Statement on Deception.” Appended to In re Cliffdale Associates Inc., 103 FTC 110, 174 (1984).
29. ↵
    1. Garrison, Loretta,
    2. Manoj Hastak, ,
    3. Jeanne M. Hogarth, ,
    4. Susan Kleimann, , and
    5. Alan S. Levy

    . 2012. “Designing Evidence-Based Disclosures: A Case Study of Financial Privacy Notices.” Journal of Consumer Affairs 46(2): 204–34.

    OpenUrlCrossRef
30. ↵
    1. Hogarth, Jeanne M., and
    2. Ellen A. Merry

    . 2011. “Designing Disclosures to Inform Consumer Financial Decisionmaking: Lessons Learned from Consumer Testing.” Federal Reserve Bulletin 97(3): 1–27.

    OpenUrl
31. ↵
    1. Kahn, Barbara E., and
    2. Jonathan Baron

    . 1995. “An Exploratory Study of Choice Rules Favored for High-Stakes Decisions.” Journal of Consumer Psychology 4(4): 305–28.

    OpenUrlCrossRef
32. ↵
    1. Keller, Punam Anand,
    2. Issac M. Lipkus, , and
    3. Barbara K. Rimer

    . 2002. “Depressive Realism and Health Risk Accuracy: The Negative Consequences of Positive Mood.” Journal of Consumer Research 29(1): 57–69.

    OpenUrlCrossRef
33. ↵
    Kleimann Communication Group. 2013. “Know Before You Owe: Quantitative Study of the Current and Integrated TILA-RESPA Disclosures.” Rockville, Md.: Kleimann Communication Group Inc.
34. ↵
    1. Kramer, Adam D. I.,
    2. Jamie E. Guillory, , and
    3. Jeffrey T. Hancock

    . 2014. “Experimental Evidence of Massive-Scale Emotional Contagion Through Social Networks.” Proceedings of the National Academy of Sciences 111(24): 8788–90.

    OpenUrlAbstract/FREE Full Text
35. ↵
    1. Kruger, Justin

    . 1999. “Lake Wobegon Be Gone! The ‘Below-Average Effect’ and the Egocentric Nature of Comparative Ability Judgments.” Journal of Personality and Social Psychology 77(2): 221–32.

    OpenUrlCrossRefPubMedWeb of Science
36. ↵
    1. Kunda, Ziva

    . 1990. “The Case for Motivated Reasoning.” Psychological Bulletin 108(3): 480–98.

    OpenUrlCrossRefPubMedWeb of Science
37. ↵
    1. Leonard-Segal, Andrea,
    2. Laura E. Shay, ,
    3. Daiva Shetty, , and
    4. Joel Schiffenbauer

    . 2009. “Unique Role of Consumer Studies in Nonprescription Drug Development.” Journal of the American Pharmacists Association 49(5): 670–73.

    OpenUrl
38. ↵
    1. Lewis, Randall A., and
    2. David H. Reiley

    . 2014. “Online Ads and Offline Sales: Measuring the Effects of Retail Advertising via a Controlled Experiment on Yahoo!” Quantitative Marketing Economics 12(3): 235–66.

    OpenUrl
39. ↵
    1. Loewenstein, George,
    2. Cass R. Sunstein, , and
    3. Russell Golman

    . 2014. “Disclosure: Psychology Changes Everything.” Annual Review of Economics 6(1): 391–19.

    OpenUrl
40. ↵
    1. Mann, Ronald J

    . 2013. “Assessing the Optimism of Payday Loan Borrowers.” Supreme Court Economic Review 21(1): 105–32.

    OpenUrl
41. ↵
    1. Mather, Mara, and
    2. Nichole R. Lighthall

    . 2012. “Risk and Reward Are Processed Differently in Decisions Made Under Stress.” Current Directions in Psychological Science 21(2): 36–41.

    OpenUrlCrossRefPubMed
42. ↵
    Mullainathan, Sendhil, and Eldar Shafir. 2013. Scarcity: Why Having Too Little Means So Much. New York: Times Books.
43. ↵
    Office of Oversight and Investigations Majority Staff, U.S. Senate Committee on Commerce, Science, and Transportation. 2013. “A Review of the Data Broker Industry: Collection, Use, and Sale of Consumer Data for Marketing Purposes.” Available at: www.commerce.senate.gov/public/?a=Files.Serve&File_id=0d2b3642-6221-4888-a631-08f2f255b577; accessed January 10, 2016.
44. ↵
    Pew Charitable Trusts. 2013. “Payday Lending in America: How Borrowers Choose and Repay Payday Loans.” Washington, D.C.: Pew Charitable Trusts.
45. ↵
    Pew Charitable Trusts. 2014. “Overdrawn: Persistent Confusion and Concern About Bank Overdraft Practices.” Washington, D.C.: Pew Charitable Trusts.
46. ↵
    1. Shapiro, Stewart, and
    2. Deborah J. MacInnis

    . 2002. “Understanding Program-Induced Mood Effects.” Journal of Advertising 31(4): 15–26.

    OpenUrl
47. ↵
    1. Sovern, Jeff

    . 2010. “Preventing Future Economic Crises through Consumer Protection Law or How the Truth in Lending Act Failed Subprime Borrowers.” Ohio State Law Journal 71(4): 761–844.

    OpenUrl
48. ↵
    1. Stark, Debra Pogrund,
    2. Jessica M. Choplin, , and
    3. Mark A. LeBoeuff

    . 2013. “Ineffective in Any Form: How Confirmation Bias and Distractions Undermine Improved Home-Loan Disclosures.” Yale Law Journal Online 122(1): 377–400.

    OpenUrl
49. ↵
    1. Tanner, Robin J., and
    2. Kurt A. Carlson

    . 2009. “Unrealistically Optimistic Consumers: A Selective Hypothesis Testing Account for Optimism in Predictions of Future Behavior.” Journal of Consumer Research 35(5): 810–22.

    OpenUrlCrossRef
50. ↵
    U.S. Government Accountability Office. 2008. Bank Fees: Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts. Washington: U.S. Government Printing Office.
51. ↵
    U.S. Government Accountability Office. 2011. Information on Tall Smokestacks and Their Contribution to Interstate Transportation of Air Pollution. Washington: U.S. Government Printing Office.
52. ↵
    1. Willis, Lauren E

    . 2006. “Decisionmaking and the Limits of Disclosure: The Problem of Predatory Lending: Price.” Maryland Law Review 65(3): 707–840.

    OpenUrl
53. ↵
    1. Willis, Lauren E

    . 2013. “When Nudges Fail: Slippery Defaults.” University of Chicago Law Review 80(3): 1155–1229.

    OpenUrl
54. ↵
    1. Willis, Lauren E

    . 2015. “Performance-Based Consumer Law.” University of Chicago Law Review 82(3): 1309–1409.

    OpenUrl
55. ↵
    1. Wood, Leslie A., and
    2. David F. Poltrack

    . 2015. “Measuring the Long-Term Effects of Television Advertising.” Journal of Advertising Research 55(2): 123–31.

    OpenUrlAbstract/FREE Full Text