Plenary 900 munz
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1) The document discusses the redesign of financial disclosure forms by the Consumer Financial Protection Bureau to better inform consumers and protect them from risky and complex financial products. 2) It notes that previous mortgage and loan disclosure forms did not adequately disclose the risks of products like subprime mortgages. 3) The CFPB used an open design process, soliciting input from stakeholders at every stage, to create new simpler Loan Estimate and Closing Disclosure forms that build consumer understanding and a more transparent mortgage market.
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Plenary 900 munz
- 1. OCTOBER 2013 The next face of finance DAN MUNZ CONSUMER FINANCIAL PROTECTION BUREAU 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.
- 3. A bit of background
- 4. “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
- 5. DISCLAIMER This is much more complicated than I’m making it out to be.
- 11. JULY 2010
- 12. JULY 2011
- 13. JULY 2012
- 17. GOOD FAITH ESTIMATE TRUTH IN LENDING DISCLOSURE
- 19. GOOD FAITH ESTIMATE TRUTH IN LENDING DISCLOSURE
- 22. Work for the government Work for the government Too late!
- 26. MMOMDD (Massively Multiplayer Online Mortgage Disclosure Design)
- 30. Lessons learned
- 45. Lesson 1: Building a shared story invites new input from different perspectives.
- 49. WWIC “Why wasn’t I consulted?”
- 51. ’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
- 54. just getting over recent changes + money on the line + the Internet = WWIC
- 65. 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
- 66. Lesson 2: A truly open process creates the space to design successfully.
- 76. SELF-SUSTAINING COLLABORATION ASK FOR INPUT (AND MEAN IT) BUILD PROCESS REFINE BASED ON INPUT “THEY’RE LISTENING TO US!” “LET’S DO IT AGAIN!”
- 77. Lesson 3: Designing in the open can be habit-forming.