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Discussion Paper
Voting with your feet: consumers’ problems with credit cards and exit behaviors
On December 17, 2002 the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop led by Jeanne Hogarth and Marianne Hilgert of the Consumer and Community Affairs Department of the Board of Governors of the Federal Reserve System. The presentation and subsequent discussion focused on their paper ?Voting With Your Feet: Consumers? Problems with Credit Cards and Exit Behaviors,? that was co-authored with Jane Kolodinsky of the University of Vermont and Jinkook Lee of Ohio State University. The paper is the result of a study conducted through the Surveys of Consumers ...
Discussion Paper
A panel discussion on dynamics in the consumer credit counseling service industry
On July 20, 2001 the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on the consumer credit counseling service industry. Leading the moderated discussion were four senior executives from regional credit counseling firms associated with the National Foundation for Credit Counseling (NFCC). Jerome Johnson, president and CEO and Ghyll Theurer, program manager represented the Consumer Credit Counseling Service (CCCS) of South Jersey, a program of Family Service Association. James Godfrey, executive vice president, Consumer Credit Counseling Service (CCCS) of ...
Discussion Paper
Managing consumer credit risk
On July 31, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop that examined current credit risk management practices in the consumer credit industry. The session was led by Jeffrey Bower, senior manager in KPMG Consulting?s financial services practice. Bower discussed "best practices" in the credit risk management field, including credit scoring, loss forecasting, and portfolio management. ; In addition, he provided an overview of developing new methodologies used by today's risk management professionals in underwriting consumer risk. This paper ...
Discussion Paper
Fraud management in the credit card industry
On November 16, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on fraud management in the credit card industry. Daniel Buttafogo and Larry Drexler of Juniper Bank led the discussion. Daniel Buttafogo, Director-Risk Management, is Juniper's fraud expert. He provided an overview of fraud in the card industry and discussed some of the challenges he faces as a risk manager. ; Larry Drexler is General Counsel and the Chief Privacy Officer at Juniper. Following Buttafogo's remarks, he led a more general discussion on how fraud protection and security ...
Discussion Paper
Innovations in small dollar payments
On September 25, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on innovations in small dollar payments. The moderated discussion was led by Richard Corl, an entrepreneur with 25 years of experience in the electronic payments industry.2 From his perspective as a director of Ecount, a small dollar payments innovator, Corl described a range of challenges and opportunities for innovators in their quest to convert small dollar cash and check payments into electronic transactions. In addition to broad market issues, he described a number of specific ...
Discussion Paper
Managing global privacy
On May 7, 2002, Dr. Benjamin Robinson, chief privacy officer for MasterCard International, led a workshop on managing global privacy for the Payment Cards Center of the Federal Reserve Bank of Philadelphia. Robinson described how changing business practices, industry consolidation, electronic commerce, and economic trends have positioned consumer privacy as a key issue in the financial services sector that must be managed. He discussed various privacy initiatives in other countries and compared them to the environment in the U.S. This paper summarizes the workshop discussion and is ...