Conference Paper
Do corporate loans sold to CLOs underperform unsecurities loans
Santos, Joao A. C.; Bord, Vitaly M. (2011)
Proceedings , Paper 1125

Journal Article
The rise of the originate-to-distribute model and the role of banks in financial intermediation
Bord, Vitaly M.; Santos, João A. C. (2012-07)
This is the second article in a series which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In this article, the authors show that, beginning in the early 1990s, lead banks increasingly used the originate-to-distribute model in their corporate lending business and that the ...
Economic Policy Review , Issue Jul , Pages 21-34

Discussion Paper
Credit Card Profitability
Adams, Robert M.; Bord, Vitaly M.; Katcher, Bradley (2022-09-09)
Credit cards are one of the most ubiquitous consumer financial products in the United States, with more than 75 percent of households owning at least one general purpose credit card in 2019. According to the G.19 Consumer Credit Statistical release, revolving consumer credit, which mainly consists of credit cards and related plans, stood at over one trillion dollars at the end of 2021.
FEDS Notes , Paper 2022-09-09

Discussion Paper
Delinquency Rates and the "Missing Originations" in the Auto Loan Market
Bord, Vitaly M.; Nathe, Lucas (2022-02-11)
One of the surprising characteristics of the economic downturn induced by the COVID-19 pandemic is that delinquency rates in most consumer credit markets have remained low both during the downturn and the subsequent recovery. The existing literature has emphasized the roles that forbearance policies and various government stimulus programs played in helping households meet their debt obligations (Dettling and Lambie-Hanson, 2021; Bakshi and Rose, 2021).
FEDS Notes , Paper 2022-02-11

Discussion Paper
The Effects of the COVID-19 Shutdown on the Consumer Credit Card Market: Revolvers versus Transactors
Adams, Robert M.; Bord, Vitaly M. (2020-10-21)
The consumer credit card market has experienced dramatic, unprecedented changes in the wake of the COVID-19 shutdown of the U.S. economy. Revolving credit in the G.19 Consumer Credit statistical release fell by an annualized rate of 32 percent in the second quarter of 2020.
FEDS Notes , Paper 2020-10-21-1

Discussion Paper
Why Did Credit Card Balances Decline so Much during the COVID-19 Pandemic?
Adams, Robert M.; Bord, Vitaly M.; Katcher, Bradley (2021-12-03)
Consumer credit card balances in the United States experienced unprecedented declines during the COVID-19 pandemic. According to the G.19 Consumer Credit statistical release, revolving consumer credit fell more than $120 billion (11 percent) in 2020, the largest decline in both nominal and percentage terms in the history of the series.
FEDS Notes , Paper 2021-12-03-3