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Author:Burns, Peter 

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 can be placed in the context of the broader public policy debate on information privacy. This paper summarizes these two executives' presentations and is supplemented by additional research.
AUTHORS: Burns, Peter; Stanley, Anne
DATE: 2002

Discussion Paper
Retail credit risk modeling and the Basel Capital Accord
On December 14, 2001, the Payment Cards Center of the Federal Reserve Bank of Philadelphia held a workshop exploring retail credit risk modeling practices and evolving techniques. The workshop was led by Paul Calem, a senior economist at the Board of Governors, Division of Research and Statistics. Calem is currently involved in the Board's efforts supporting reforms to the international Basel Capital Accord intended to refine risk-based bank capital standards. Existing credit risk modeling practices in the banking industry are being evaluated by the international regulatory community in the context of developing an internal ratings-based (IRB) approach to capital requirements. While the broader effort encompasses both wholesale and retail lending, Calem's comments and the workshop discussion focused specifically on the retail sector. As credit card outstandings have become the fastest growing proportion of consumer debt, the application of risk assessment models to regulatory capital requirements is a particularly relevant issue for the Payment Cards Center. This paper provides highlights from Calem's presentation and the ensuing discussion and is complemented by additional background information on the Basel Accord and industry capital> allocation practices.
AUTHORS: Burns, Peter
DATE: 2002

Discussion Paper
Forum on validation of consumer credit risk models
On November 19, 2004, the Payment Cards Center and Wharton?s Financial Institutions Center co-sponsored a conference, "Forum on Validation of Consumer Credit Risk Models." The conference brought together leading academics, policymakers, and industry experts to discuss the general principles management can use as keys for effective model validation and risk assessment in a dynamic environment. The conference agenda links to presentations where available.
AUTHORS: Ody, Christopher; Burns, Peter
DATE: 2004

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 summarizes key elements of Bower's presentation.
AUTHORS: Burns, Peter; Stanley, Anne
DATE: 2001

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 Maryland and Delaware, Inc. and Patricia Hasson, president of Consumer Credit Counseling Service (CCCS) of Delaware Valley, Inc. rounded out the panel. The discussions were enriched by the breadth of experiences represented by the panelists who come from a variety of industry and nonprofit backgrounds. The panel discussed the role of credit counseling firms mediating between financially troubled consumers and their unsecured credit card lenders. This paper is a summary of those discussions.
AUTHORS: Stanley, Anne; Burns, Peter
DATE: 2001

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 emerging applications. This paper is a summary of Corl's presentation.
AUTHORS: Stanley, Anne; Burns, Peter
DATE: 2001

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