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The next face of finance DAN MUNZ CONSUMER FINANCIAL PROTECTION BUREAU
OCTOBER 2013
Note: This document was used in support of a live discussion. As such, it does not necessarily express the entirety of that
discussion nor the relative emphasis of topics therein.
@dan_munz
@CFPB
A bit of background
“It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street–and the mortgage won’t even carry a disclosure of that fact to the homeowner.” Unsafe at Any Rate Summer 2007
This is much more complicated than I’m making it out to be.
DISCLAIMER
http://upload.wikimedia.org/wikipedia/commons/d/d5/Subprime_Mortgage_Offer.jpeg
http://news.consumerreports.org/a/6a00d83451e0d569e20120a66bf125970c-800wi
JULY 2010
JULY 2011
JULY 2012
(Re-)designing
disclosure
TRUTH IN LENDING DISCLOSURE
GOOD FAITH ESTIMATE
TRUTH IN LENDING DISCLOSURE
GOOD FAITH ESTIMATE
Too late!
Work for the government
Work for the government
MMOMDD
(Massively Multiplayer Online Mortgage Disclosure Design)
CFPB LOAN ESTIMATE
Lessons learned
CFPB TILA-RESPA Mortgage Disclosure Integration Project
Lesson 1:
Building a shared story invites new input from
different perspectives.
WWIC
“Why wasn’t I consulted?”
’Why wasn't I consulted’ is the fundamental question of the web. Humans have a fundamental need to be consulted, engaged, to exercise their knowledge (and thus power), and no other medium that came before has been able to tap into that as effectively. PAUL FORD, JANUARY 2011
just getting over recent changes +
money on the line +
the Internet =
WWIC
Ken Perry BROKERKNOWLEDGE.COM
I need you to go on there and comment about what you like and dislike about this form. If you guys don’t comment, then when it does get released, you have no right to complain. KEN PERRY, JUNE 2011
Lesson 2:
A truly open process creates the space
to design successfully.
“THEY’RE LISTENING
TO US!”
“LET’S DO IT AGAIN!”
ASK FOR INPUT (AND MEAN IT)
BUILD PROCESS
REFINE BASED ON INPUT
SELF-SUSTAINING COLLABORATION
Lesson 3:
Designing in the open can be habit-forming.
Re-designing student debt
consumerfinance.gov/jobs
Thanks! daniel.munz@cfpb.gov @dan_munz
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