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Souphala Chomsisengphet

Director for Retail Credit Risk Analysis

Souphala.Chomsisengphet@occ.treas.gov

Souphala Chomsisengphet is an economists and Director of the Retail Credit Risk Analysis Division within Supervision Risk & Analysis at the Office of the Comptroller of the Currency (OCC). In this role, she leads a staff of financial economists and quantitative analysts who support direct bank supervision in evaluating quantitative models used to identify credit risks for retail portfolios, as well as provide quantitative research and analysis to support policy work or other indirect supervisory activities. She also serves as advisor on a broad range of issues related to model risk management and banking policy.

Dr. Chomsisengphet's research interests are primarily in household finance, real estate finance, banking and financial institutions, and applied microeconomics. Many of her research focused on consumer mistakes on contract choice, frictions in mortgage modification, adverse selection in credit card markets, consumer bankruptcy/default behaviors, financial counseling, and the impact of policy (e.g., HAMP, HARP, CARD ACT, financial counseling mandates, state anti-predatory lending laws) on financial intermediations and household financial decision making.

Prior to this role, Dr. Chomsisengphet served in other positions within the Economics Department, including Acting Director and Lead Expert Economist in the Enterprise Risk Analysis Division, as well as Deputy Director and Lead Expert Economist in the Credit Risk Analysis Division. She was also an economist at the Federal Housing Finance Agency (formerly Office of Federal Housing Enterprise Oversight) prior to joining the OCC. She holds a Ph.D. in Economics from the University of Wisconsin-Milwaukee.

Souphala’s research papers can be found here or here.

  1. Agarwal, Sumit, Souphala Chomsisengphet, Hua Kiefer, Leonard Kiefer, and Paolina Media (2023). “Refinancing Inequity During the Covid-19 Pandemic,” Journal of Financial and Quantitative Analysis (forthcoming)
  2. Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru, and Vincent Yao (2023). “Mortgage Refinancing, Consumer Spending, and Competition: Evidence from Home Affordable Refinancing Program,” The Review of Economic Studies, 90(2), 499-537.
  3. Agarwal, Sumit, Souphala Chomsisengphet, Yildray Yildrim, and Jian Zhang (2021). “Interest Rate Pass-Through and Consumption Response: The Deposit Channel,” The Review of Economics and Statistics , 103(5), 922-938.
  4. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2020). "Financial Education versus Incentives: How to Dissuade Borrowers from Choosing Risky Mortgages," American Economic Journal: Economic Policy , 12(1), 1-32.
  5. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Yan Zhang (2019). “Holdup by Junior Claimholders: Evidence from the Mortgage Market,” Journal of Quantitative and Financial Analysis , 54(1), 247-274.
  6. Chomsisengphet, Souphala, Hua Kiefer and Xiaodong Liu (2018). “Spillover effects in home mortgage defaults: Identifying the power neighbor,” Regional Science and Urban Economics , 73, 68-82.
  7. Agarwal, Sumit, Souphala Chomsisengphet, Chunlin Liu, Changcheng Song, and Nicholas Souleles (2018). "Benefits of relationship lending: empirical evidence from consumer credit market ," Journal of Monetary Economics , 96, 16-32.
  8. Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney, and Johannes Stroebel (2018). “Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow? Evidence from Credit Cards,” The Quarterly Journal of Economics , 133(1), 129-190.
  9. Agarwal, Sumit, Souphala Chomsisengphet, and Cheryl Lim (2017). “What Shapes Consumer Choice and Financial Products?: A review,” Annual Review of Financial Economics , 9, 127-146.
  10. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru (2017). "Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program ," Journal of Political Economy , 125 (3), 654-712.
  11. Agarwal, Sumit, Souphala Chomsisengphet, and Yunqi Zhang (2017). “How does working in a finance profession affect mortgage delinquency,” Journal of Banking and Finance , 78, 1-13.
  12. Agarwal, Sumit, Brent Ambrose, Souphala Chomsisengphet, and Chunlin Liu (2016). "Joint liability lending and credit risk: Evidence from the home equity market," Journal of Housing Economics , 32, 47-66.
  13. Agarwal, Sumit, Souphala Chomsisengphet, and Chunlin Liu (2016). "An Empirical Analysis of Asymmetric Information in Home Equity Lending," Journal of Financial Services Research , 46(1), p. 101-119.
  14. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas Evanoff (2015). “Financial literacy and financial planning: Evidence from India,” Journal of Housing Economics , 27, p. 4-21.
  15. Agarwal, Sumit, Souphala Chomsisengphet, Chunlin Liu, and Nicholas Souleles (2015). "Do Consumers Choose the Right Credit Contract?," The Review of Corporate Finance Studies , 4(2), p.239-257.
  16. Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney, and Johannes Stroebel (2015). “Regulating Consumer Financial Products: Evidence from Credit Cards,” Quarterly Journal of Economics , 130(1), p. 111-164.
  17. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas Evanoff (2014). “Predatory Lending and the Subprime Crisis,” Journal of Financial Economics 113, 29-52.
  18. Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney, and Johannes Stroebel (2014). “A simple framework for estimating the consumer benefits from regulating hidden fees,” Journal of Legal Studies , 43(S2), p. S239-S252.
  19. Andersson, Fredrik, Souphala Chomsisengphet, Dennis Glennon and Feng Li (2013). “The Changing Pecking Order of Consumer Defaults,” Journal of Money, Credit and Banking, vol. 45, pp. 251-275.
  20. Agarwal, Sumit, Brent Ambrose, Souphala Chomsisengphet and Anthony Sanders (2012). “Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Affect One's Probability of Default?,” Real Estate Economics , vol. 40, pp. 1-22.
  21. Bostic, Raphael, Souphala Chomsisengphet, Kathleen E. Engel, Patricia A. McCoy, Anthony Pennington-Cross and Susan Wachter (2012). “Mortgage Product Substitution and State Anti-Predatory Lending Laws: Better Loans and Better Borrowers,” Atlantic Economic Journal, vol 40, pp. 273-294.
  22. Agarwal, Sumit, Brent Ambrose, Souphala Chomsisengphet and Chunlin Liu (2011). “The Role of Soft Information in Dynamic Contract Settings: Evidence from the Home Equity Market,” Journal of Money, Credit and Banking, vol. 43, pp. 633-655.
  23. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas Evanoff (2011), “The Role of Securitization in Mortgage Renegotiation,” Journal of Financial Economics, vol. 102, pp. 559-578.
  24. Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2011). “Consumer Bankruptcy and Default: The Role of Individual Social Capital,” Journal of Economic Psychology, vol.32, pp. 632-650.
  25. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2010). "Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis," American Economic Review – Papers Proceedings, vol.100, pp. 495-500.
  26. Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2010). "The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations," Journal of Money, Credit and Banking, vol. 42, pp. 743-754.
  27. Elul, Ronel, Nicholas Souleles, Souphala Chomsisengphet, Dennis Glennon, Robert Hunt (2010). "What 'Triggers' Mortgage Default?," American Economic Review – Papers and Proceedings, vol. 100, pp. 490-494.
  28. Agarwal, Sumit and Souphala Chomsisengphet (2009). "Role of Personal Bankruptcy Exemption Laws on Mortgage Availability,” Cityscape, vol. 11, pp. 101-112.
  29. Agarwal, Sumit, Souphala Chomsisengphet and Lawrence Mielnicki (2008). "Do Forbearance Plans Help Mitigate Credit Card Losses,?" Journal of Family and Economic Issues , vol. 29, pp. 191-209 (Lead article).
  30. Pennington-Cross, Anthony and Souphala Chomsisengphet (2007). "Subprime Refinancing: Equity Extraction and Mortgage Termination," Real Estate Economics , vol. 35, pp. 233-263.
  31. Agarwal, Sumit, Brent Ambrose, Souphala Chomsisengphet and Chunlin Liu (2006). "An Empirical Analysis of Home Equity Loans and Lines Performance," Journal of Financial Intermediation , vol. 15, pp. 444-469.
  32. Burton, Steven, Souphala Chomsisengphet and Erik Heitfield (2006). "Credit risk concentrations in wholesale loan portfolios," Journal of Credit Risk , vol. 2, pp. 3-31.
  33. Chomsisengphet, Souphala and Ronel Elul (2006). "Bankruptcy Exemptions, Credit History, and the Mortgage Market," Journal of Urban Economics , vol. 59, pp. 171-188.
  34. Agarwal, Sumit, Souphala Chomsisengphet and Olivier Hassler (2005). "The Impact of the 2002 Currency Crisis and Subsequent Economic Policies on the Argentine Mortgage Market," Journal of Housing Economic , vol. 14, pp. 242-270.
  35. Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2005). "Exemption Laws and Small Business Bankruptcy Decision," Southern Economic Journal , vol. 71, pp. 620-635.

  1. Chomsisengphet, Souphala and Hsin-Tien Tsai (2018). “Regulating Penalty Repricing in the Credit Card Market”
  2. Agarwal, Sumit, Souphala Chomsisengphet, Barry Scholnick, and Man Zhang (2018). “Salient Peer and Consumption: Evidence from the Warranty Claims of Neighbors”
  3. Agarwal, Sumit, Souphala Chomsisengphet, Pulak Ghosh, and Man Zhang (2017). "Consumption and Saving Response to Income Tax Exemption Policy: Evidence from India"
  4. Agarwal, Sumit, Souphala Chomsisengphet, Wenlan Qian, and Weibiao Xu (2017). “Cross-Border Shopping: Do Consumers Respond to Taxes or Prices?”
  5. Agarwal, Sumit, Souphala Chomsisengphet, Robert McMenamin, and Paige M. Skiba (2010). "Race, Gender and Political Ideology in Personal Bankruptcy Outcomes," Vanderbilt Law and Economics Research Paper No. 10-08.

  1. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2011). “Financial Counseling, Financial Literacy, and Household Decision Making,” in Mitchell, O., and A. Lusardi (eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace, Oxford, UK: Oxford University Press, pp. 181-205.
  2. Agarwal, Sumit, Souphala Chomsisengphet, and John Driscoll (2011). “Loan Commitments and Private Firms,” Federal Reserve Board of Governor’s Finance and Economics Discussion Series , 2004 May.
  3. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2010). “Determinants of Loan Modifications and Their Success,” in the 46th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago.
  4. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2009). “Do Financial Counseling Mandates Improve Mortgage Choice and Performance?,” in the 45th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago.
  5. Agarwal, Sumit, Souphala Chomsisengphet and Brent Ambrose (2008). "Determinants of automobile loan default and prepayment," Federal Reserve Bank of Chicago Economic Perspective , 2008:Q3, pp. 17-28.
  6. Agarwal, Sumit, Souphala Chomsisengphet, and Brent Ambrose (2007). “Information Asymmetry and the Automobile Loan Market,” in Household Credit Usage: Personal Debt and Mortgages, Agarwal, Sumit and Brent Ambrose (eds.), Palgrave-Macmillan Publishing, pp. 92-116.
  7. Chomsisengphet, Souphala and Anthony Pennington-Cross (2007). “Interest Rates in the Subprime Mortgage Market,” in Household Credit Usage: Personal Debt and Mortgages, Agarwal, Sumit and Brent Ambrose (eds.), Palgrave-Macmillan Publishing, pp. 237-352.
  8. Agarwal, Sumit, Souphala Chomsisengphet, and Chunlin Liu (2006). “Determinants of Small Business Default,” in The Analytics of Risk Model Validation, Christodoulakis, George A. and Stephen E. Satchell (eds.), Elsevier, pp. 1-12.
  9. Chomsisengphet, Souphala and Anthony Pennington-Cross (2006). "The Evolution of the Subprime Mortgage Market," St. Louis Fed Review, vol. 88, pp. 31-56.
  10. Burton, Steven, Souphala Chomsisengphet, and Erik Heitfield (2005). “Risk-sensitive regulatory capital rules for hedged credit exposures” in Counterparty Credit Risk Modeling: Pricing, Risk Management and Regulation, Michael Pykhtin, (ed.), Risk Books.