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OCTOBER 2013

The next face of finance
DAN MUNZ
CONSUMER FINANCIAL PROTECTION BUREAU

Note: This document was used in supp...
@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...
DISCLAIMER

This is much more
complicated than I’m
making it out to be.
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
GOOD FAITH ESTIMATE

TRUTH IN LENDING DISCLOSURE
GOOD FAITH ESTIMATE

TRUTH IN LENDING DISCLOSURE
Work for the
government

Work for the
government

Too
late!
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, ...
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
w...
Lesson 2:

A truly open process
creates the space
to design successfully.
SELF-SUSTAINING COLLABORATION

ASK FOR INPUT
(AND MEAN IT)

BUILD
PROCESS

REFINE
BASED ON
INPUT

“THEY’RE
LISTENING
TO US...
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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Transcript of "Plenary 900 munz"

  1. 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.
  2. 2. @dan_munz @CFPB
  3. 3. A bit of background
  4. 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. 5. DISCLAIMER This is much more complicated than I’m making it out to be.
  6. 6. http://upload.wikimedia.org/wikipedia/commons/d/d5/Subprime_Mortgage_Offer.jpeg
  7. 7. http://news.consumerreports.org/a/6a00d83451e0d569e20120a66bf125970c-800wi
  8. 8. JULY 2010
  9. 9. JULY 2011
  10. 10. JULY 2012
  11. 11. (Re-)designing disclosure
  12. 12. GOOD FAITH ESTIMATE TRUTH IN LENDING DISCLOSURE
  13. 13. GOOD FAITH ESTIMATE TRUTH IN LENDING DISCLOSURE
  14. 14. Work for the government Work for the government Too late!
  15. 15. MMOMDD (Massively Multiplayer Online Mortgage Disclosure Design)
  16. 16. CFPB LOAN ESTIMATE
  17. 17. Lessons learned
  18. 18. CFPB TILA-RESPA Mortgage Disclosure Integration Project
  19. 19. Lesson 1: Building a shared story invites new input from different perspectives.
  20. 20. WWIC “Why wasn’t I consulted?”
  21. 21. ’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
  22. 22. just getting over recent changes + money on the line + the Internet = WWIC
  23. 23. Ken Perry BROKERKNOWLEDGE.COM
  24. 24. 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
  25. 25. Lesson 2: A truly open process creates the space to design successfully.
  26. 26. 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!”
  27. 27. Lesson 3: Designing in the open can be habit-forming.
  28. 28. Re-designing student debt
  29. 29. consumerfinance.gov/jobs
  30. 30. Thanks! daniel.munz@cfpb.gov @dan_munz
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