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Souphala Chomsisengphet

Enterprise Risk Analysis Division
(202) 649-5550
Souphala.Chomsisengphet@occ.treas.gov


Dr. Souphala Chomsisengphet  

Souphala Chomsisengphet is a Lead Expert Economist in the Enterprise Risk Analysis Division of the Office of the Comptroller of the Currency (OCC).

Dr. Chomsisengphet's primary experience in bank supervision involves leading and managing the evaluation of statistical methods used by banks to develop and validate credit risk models for underwriting, risk management, loan loss reserves, as well as capital allocation under the Basel A-IRB Framework and DFAST/CCAR stress testing models. She also provides quantitative assessment and guidance to support banking policy developments on a broad range of issues related to credit risks and model risk management.

Dr. Chomsisengphet has also been an active researcher, with interests in the area of household finance, real estate finance, banking and financial institutions, and applied microeconomics. Specifically, she has focused on consumer mistakes on contract choice, frictions in mortgage modification, adverse selection in credit card markets, consumer bankruptcy/default behaviors, and the impact of public policy (e.g., HAMP, HARP, CARD ACT, financial counseling mandates, state anti-predatory lending laws) on the role of financial intermediaries and household financial decision making. Dr. Chomsisengphet has published her research in peer-reviewed journals such as The Quarterly Journal of Economics, Journal of Political Economy, American Economic Review – Papers and Proceedings, Journal of Financial Economics, Journal of Financial Intermediation, The Review of Corporate Finance Studies, and Journal of Money, Credit and Banking.

Since joining the OCC in 2004, Dr. Chomsisengphet served as a Financial Economist 2004-2005, Senior Financial Economist 2005-2009, Lead Expert Economist 2009-2011, and Deputy Director of Credit Risk Analysis Division 2011-2016.  Prior to joining the OCC, Souphala was an Economist at the Federal Housing Finance Agency (formerly OFHEO).  She holds a Ph.D. in Economics from the University of Wisconsin-Milwaukee.

  1. Agarwal, Sumit, Brent Ambrose, Souphala Chomsisengphet, and Chunlin Liu (forthcoming). "Joint Liability Lending and Credit Risk: Evidence from the Home Equity market," Journal of Housing Economics.
  2. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru (forthcoming). "Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program," Journal of Political Economy.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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).
  19. Pennington-Cross, Anthony and Souphala Chomsisengphet (2007). "Subprime Refinancing: Equity Extraction and Mortgage Termination," Real Estate Economics, vol. 35, pp. 233-263.
  20. 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.
  21. Burton, Steven, Souphala Chomsisengphet and Erik Heitfield (2006). "Credit risk concentrations in wholesale loan portfolios," Journal of Credit Risk, vol. 2, pp. 3-31.
  22. Chomsisengphet, Souphala and Ronel Elul (2006). "Bankruptcy Exemptions, Credit History, and the Mortgage Market," Journal of Urban Economics, vol. 59, pp. 171-188.
  23. 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.
  24. Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2005). "Exemption Laws and Small Business Bankruptcy Decision," Southern Economic Journal, vol. 71, pp. 620-635.
  1. Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru, and Vincent Yao (2015). “Mortgage Refinancing, Consumer Spending, and Competition: Evidence from Home Affordable Refinancing Program,” NBER Working Paper w21512.
  2. Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney, and Johannes Stroebel (2015). “Do Banks Pass Through Credit Expansions? The Marginal Profitability of Consumer Lending During the Great Recession,” NBER Working Paper w21567.
  3. Agarwal, Sumit Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Yan Zhang (2014) "Second Liens and the Holdup Problem in First Mortgage Renegotiation," NBER Working Paper w20015.
  4. Agarwal, Sumit Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru (2012). "Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program," NBER Working Paper w18311.
  5. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2010). “Financial Counseling, Financial Literacy, and Household Decision Making,” Pension Research Council WP 2010-34.
  6. Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2010). “Market-Based Loss Mitigation Practices of Troubled Mortgages Following the Financial Crisis,” Fisher College of Business Working Paper No. 2010-019, Ohio State.
  7. Agarwal, Sumit, Souphala Chomsisengphet, Chunlin Liu, and Nicholas Souleles (2010). "The Benefits of Relationship Lending: Empirical Evidence from Consumer Credit Market," Federal Reserve Bank of Chicago Working Paper 2010-5.
  8. 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.
  9. Agarwal, with Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff (2009). "Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment," Federal Reserve Bank of Chicago Working Paper 2009-07.
  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 Bank of Chicago Economic Prospective, 2011:Q2, pp. 71-79.
  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 and Souphala Chomsisengphet (2009). "Role of Personal Bankruptcy Exemption Laws on Mortgage Availability,” Cityscape, vol. 11, pp. 101-112.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. Burton, Steven, Souphala Chomsisengphet, and Erik Heitfield (2006). “Risk-sensitive regulatory capital rules for hedged credit exposures” in Counterparty Credit Risk Modeling: Pricing, Risk Management and Regulation, Michael Pykhtin, (ed.), London: Risk Waters Group.
  11. Chomsisengphet, Souphala and Anthony Pennington-Cross (2006). "The Evolution of the Subprime Mortgage Market," St. Louis Fed Review, vol. 88, pp. 31-56.