John Y. Campbell

Howell E. Jackson

Brigitte C. Madrian

Peter Tufano

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Reprint: R1107B
In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act created a new federal agency, the Consumer Financial Protection Bureau, to improve the functioning of consumer financial services markets. The Bureau is scheduled to open its doors in July 2011. Its first director will be responsible not only for setting the policy direction of the agency but also for establishing its organizational structure and management climate. In this open letter to the director, four professors&#8212;Campbell, of Harvard University; Jackson, of Harvard Law School; Madrian, of Harvard&#8217;s Kennedy School of Government; and Tufano, formerly of Harvard Business School&#8212;offer advice on how to set priorities and craft policy responses.
They suggest eight simple ways in which the new director can identify problems that deserve early attention:
Look for high stakes. Prioritize problems that put large numbers of households at material financial risk.
Look for confusion. Be concerned when consumers routinely misunderstand the terms of a financial product.
Look for regret. Big financial decisions are often made so infrequently that consumers do not become adept at them.
Look for folly. Some groups of people, for instance, routinely miss the opportunity to refinance their mortgages when interest rates drop significantly.
Look for suckers. Some financial products generate a large chunk of their profits from a small fraction of customers.
Look for rip-offs. If an expensive product survives in a very competitive market, it could mean that some consumers don&#8217;t understand what they&#8217;re buying.
Look for opportunities. Don&#8217;t limit the focus to only problems&#8212;actively seek innovative products that will benefit consumers.

Making Financial Markets Work For Consumers

Reimpressão: R1107B Em 2010, a Lei de Reforma e Proteção ao Consumidor de Dodd-Frank Wall Street criou uma nova agência federal, o Departamento de Proteção Financeira do Consumidor, para melhorar o funcionamento dos mercados de serviços financeiros ao consumidor. O Bureau está programado para abrir suas portas em julho de 2011. Seu primeiro diretor será responsável não apenas por definir a direção política da agência, mas também por estabelecer sua estrutura organizacional e clima de gestão. Nesta carta aberta ao diretor, quatro professores — Campbell, da Universidade de Harvard; Jackson, da Harvard Law School; Madrian, da Kennedy School of Government de Harvard; e Tufano, ex-Harvard Business School — oferecem conselhos sobre como definir prioridades e elaborar respostas políticas. Eles sugerem oito maneiras simples pelas quais o novo diretor pode identificar problemas que merecem atenção precoce: Procure apostas altas. Priorize os problemas que colocam um grande número de famílias em risco financeiro material. Procure confusão. Preocupe-se quando os consumidores normalmente não entendem os termos de um produto financeiro. Procure arrependimento. As grandes decisões financeiras geralmente são tomadas com tanta pouca frequência que os consumidores não se tornam adeptos delas. Procure a loucura. Alguns grupos de pessoas, por exemplo, perdem rotineiramente a oportunidade de refinanciar suas hipotecas quando as taxas de juros caem significativamente. Procure idiotas. Alguns produtos financeiros geram uma grande parte de seus lucros com uma pequena fração dos clientes. Procure fraudes. Se um produto caro sobreviver em um mercado muito competitivo, isso pode significar que alguns consumidores não entendem o que estão comprando. Procure oportunidades. Não limite o foco apenas aos problemas — busque ativamente produtos inovadores que beneficiem os consumidores.

Fazendo os mercados financeiros funcionarem para os consumidores

Reprint: R1107B In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act created a new federal agency, the Consumer Financial Protection Bureau, to improve the functioning of consumer financial services markets. The Bureau is scheduled to open its doors in July 2011. Its first director will be responsible not only for setting the policy direction of the agency but also for establishing its organizational structure and management climate. In this open letter to the director, four professors—Campbell, of Harvard University; Jackson, of Harvard Law School; Madrian, of Harvard’s Kennedy School of Government; and Tufano, formerly of Harvard Business School—offer advice on how to set priorities and craft policy responses. They suggest eight simple ways in which the new director can identify problems that deserve early attention: Look for high stakes. Prioritize problems that put large numbers of households at material financial risk. Look for confusion. Be concerned when consumers routinely misunderstand the terms of a financial product. Look for regret. Big financial decisions are often made so infrequently that consumers do not become adept at them. Look for folly. Some groups of people, for instance, routinely miss the opportunity to refinance their mortgages when interest rates drop significantly. Look for suckers. Some financial products generate a large chunk of their profits from a small fraction of customers. Look for rip-offs. If an expensive product survives in a very competitive market, it could mean that some consumers don’t understand what they’re buying. Look for opportunities. Don’t limit the focus to only problems—actively seek innovative products that will benefit consumers.

Fazendo os mercados financeiros funcionarem para os consumidores

Resumo.

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