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The two-day conference consists of seven panels of researchers presenting their work in various areas of consumer finance with members of the CFPB’s Office of Research serving as discussants.

Thursday, May 6, 2021

Welcome by Jason Brown, Assistant Director, CFPB Office of Research

Paper 1

Mortgage Credit Supply During the COVID-19 Pandemic

  • Presenter/author: Lauren Lambie-Hanson (Federal Reserve Bank of Philadelphia)
  • Co-authors: Andreas Fuster (Swiss National Bank), Aurel Hizmo (Federal Reserve Board), James Vickery (Federal Reserve Bank of Philadelphia), Paul Willen (Federal Reserve Bank of Boston)

Paper 2

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments

  • Presenter/author: Michaela Pagel (Columbia Business School, NBER, and CEPR)
  • Co-authors: Scott Baker (Northwestern University). R.A. Farrokhnia (Columbia Business School and Columbia Engineering School), Steffen Meyer (University of Southern Denmark and Danish Finance Institute), Constantine Yannelis (University of Chicago—Booth School of Business and NBER)
Paper 3

Did Mortgage Forbearance Reach the Right Homeowners? Income and Liquid Assets Trends for Homeowners during the COVID-19 Pandemic

  • Presenter/author: Chen Zhao (JPMorgan Chase Institute)
  • Co-authors: Diana Farrell (JPMorgan Chase Institute), Fiona Greig (JPMorgan Chase Institute)

Discussant: Scott Fulford, Economist, CFPB

Break (30 minutes)

Keynote by Raphael Bostic, President and CEO, Federal Reserve Bank of Atlanta

Introduction by David Uejio, Acting Director, CFPB

Conversation with President Bostic and Acting Director Uejio

Break (30 minutes)

Paper 1

Explaining Racial Disparities in Personal Bankruptcy Outcomes

  • Presenter/author: Sasha Indarte (University of Pennsylvania)
  • Co-authors: Bronson Argyle (Brigham Young University), Benjamin Iverson (Brigham Young University), Christopher Palmer (Massachusetts Institute of Technology and NBER)

Paper 2

The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown

  • Presenter/author: Carlos Parra (Pontificia Universidad Catolica de Chile)
  • Co-authors: Jacelly Cespedes (University of Minnesota), Clemens Sialm (University of Texas at Austin and NBER)

Paper 3

Personal Bankruptcy, Moral Hazard, and Shadow Debt

  • Presenter/author: Bronson Argyle (Brigham Young University)
  • Co-authors: Benjamin Iverson (Brigham Young University), Taylor Nadauld (Brigham Young University), Christopher Palmer (Massachusetts Institute of Technology and NBER)

Discussant: Feng Liu, Economist, CFPB

Break (30 minutes)

Paper 1

Financial Media as a Money Doctor: Evidence from Refinancing Decisions

  • Presenter/author: Denis Sosyura (Arizona State University)
  • Co-authors: Lin Hu (Australian National University), Kun Li (Australian National University), Phong T. H. Ngo (Australian National University)

Paper 2

Mortgage Prepayment, Race, and Monetary Policy

  • Authors: Kristopher Gerardi (Federal Reserve Bank of Atlanta), Paul Willen (Federal Reserve Bank of Boston), David Hao Zhang (Harvard Business School)

Discussant: Nick Li, Economist, CFPB

Friday, May 7, 2021

Welcome by Susan Singer, Deputy Assistant Director, CFPB Office of Research

Paper 1

Time to Repay or Time to Delay? The Effect of Having More Time Before a Payday Loan is Due

  • Presenter/author: Kuan Liu (University of Arkansas)
  • Co-authors: Susan Payne Carter (United States Military Academy), Paige Marta Skiba (Vanderbilt University), Justin Sydnor (University of Wisconsin-Madison)

Paper 2

Who Pays the Price? Overdraft Fee Ceilings and the Unbanked

  • Presenter/author: Donald Morgan (Federal Reserve Bank of New York)
  • Co-authors: Jennifer Dlugosz (Federal Reserve Board), Brian Melzer (Dartmouth College)

Paper 3

Tax Refund Uncertainty: Evidence and Welfare Implications

  • Presenter/author: Scott Nelson (University of Chicago—Booth School of Business),
  • Co-authors: Sydnee Caldwell (University of California, Berkeley), Daniel Waldinger (New York University)

Discussant: David Low, Economist, CFPB

Break (30 minutes)

Paper 1

Labeling Debt as Ordinary versus Exceptional to Motivate Consumers to Increase Credit Card Repayments

  • Presenter/author: Simon Blanchard (Georgetown University—McDonough School of Business)
  • Co-authors: Keri Kettle (University of Manitoba—Asper School of Business), Remi Trudel (Boston University—Questrom School of Business)

Paper 2

Does Saving Cause Borrowing?

  • Presenter/author: Paolina Medina (Texas A&M University—Mays Business School)
  • Co-author: Michaela Pagel (Columbia Business School, NBER, and CEPR)

Discussant: Brianna Middlewood, Research Psychologist, CFPB

Break (30 minutes)

Paper 1

Illiquid Homeownership and the Bank of Mom and Dad

  • Presenter/author: Eirik Eylands Brandsaas (University of Wisconsin-Madison)

Paper 2

Mortgage Amortization and Wealth Accumulation

  • Presenter/author: Asaf Bernstein (University of Colorado at Boulder and NBER)
  • Co-authors: Peter Koudijs (Stanford Graduate School of Business and NBER)

Paper 3

Landlords as Lenders of Last Resort? Housing Payments During Job Loss

  • Presenter/author: Nathaniel Pattison (Southern Methodist University)

Discussant: Éva Nagypál, Economist, CFPB

Break (30 minutes)

Paper 1

Racial Discrimination in the Auto Loan Market

  • Presenter/author: Erik Mayer (Southern Methodist University—Cox School of Business)
  • Co-authors: Alexander Butler (Rice University—Jones School of Business), James Weston (Rice University—Jones School of Business)

Paper 2

Does CFPB Oversight Crimp Credit?

  • Presenter/author: Matthew Plosser (Federal Reserve Bank of New York),
  • Co-authors: Andreas Fuster (Swiss National Bank and CEPR), James Vickery (Federal Reserve Bank of Philadelphia)

Discussant: Young Jo, Economist, CFPB

Closing Remarks by Judie Ricks, Economist, CFPB