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This seminar focuses on the conduct of benefit-cost analysis at the
Consumer Financial Protection Bureau (CFPB). In particular, it will
concentrate on a November 2013 regulation that combines mortgage
disclosures mandated by the Truth in Lending Act and the Real
Estate Settlement Procedure Act, and on a January 2013 regulation
that defines the rules creditors must follow to verify consumers'
ability to repay mortgage loans (the Ability to Repay Qualified
Mortgage rule). The seminar will address the treatment of the
market failures that the regulation is intended to alleviate,
especially those that are not internalized by various market
participants, and the challenges of estimating and projecting
impacts with limited data and time pressure. It has been organized
by Lisa A. Robinson, M-RCBG senior fellow.
Presenter: Alexei Alexandrov is an economist in the CFPB's Office of Research. He was deeply involved in several recent CFPB regulations and one of the few economists involved in assessing their costs and benefits, including rules that address the ability to repay qualified mortgages, TILA-RESPA disclosures, escrows for higher priced mortgages, and appraisals for higher risk mortgages. Prior to working at CFPB, Dr. Alexandrov was an Assistant Professor of Economics and Management at University of Rochester's business school. He received his Ph.D. in Managerial Economics and Strategy from Northwestern University's Kellogg School of Management in 2007. Dr. Alexandrov has published several research articles in industrial organization economics, marketing, operations management, and antitrust law academic journals, and was an award-winning MBA instructor while he was at the University of Rochester.