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Effects of Consumer Financial Protection Introduced after the Financial Crisis of 2007-2008

Javier Garcia Gonzalez

MPRA Paper from University Library of Munich, Germany

Abstract: This paper studies the effects of consumer financial protection regulation introduced in the US after the financial crisis of 2007-2008. It starts with a review of bounded rationality in the context of retail financial markets. I analyze the survey of consumer finances using diffs-in-diffs, paying special attention to the singularities of this dataset. The main goal is to assess the effectiveness of regulatory changes. Secondarily, the paper tries to find out if deception was occurring in the marketplace. There is support for the effectiveness of the 2011 FTC advertising rule. Results reject effectiveness of HOEPA rule of 2008 and HEOA provisions about private education loans.

Keywords: consumer financial protection; regulation; mortgages; deception; exploitation; credit costs; credit access (search for similar items in EconPapers)
JEL-codes: D49 G21 G28 G29 (search for similar items in EconPapers)
Date: 2018-09-27
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