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Discussion Paper
Voting with your feet: consumers’ problems with credit cards and exit behaviors
Stanley, Anne (2003)
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 ...
Consumer Finance Institute discussion papers , Paper 03-06

Discussion Paper
A panel discussion on dynamics in the consumer credit counseling service industry
Stanley, Anne; Burns, Peter (2001)
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 ...
Consumer Finance Institute discussion papers , Paper 01-04

Discussion Paper
Future Potential versus Past Performance: MPOWER Financing’s Innovation in Student Loan Underwriting
Herbst-Murphy, Susan (2016-09-20)
The Payment Cards Center hosted a February 2016 workshop featuring MPOWER Financing, a start-up public benefit corporation created to be a source of student loans for high-potential scholars who either do not qualify for federal aid or who face a gap between federal aid maximums and the full cost of their educations. MPOWER has taken a unique approach to loan underwriting that is based on future potential rather than past credit experience and has developed a scoring model that helps predict loan repayment for young adults who have yet to establish a credit history. This paper summarizes ...
Consumer Finance Institute discussion papers , Paper 16-2

Discussion Paper
The merchant-acquiring side of the payment card industry; structure, operations, and challenges
Kjos, Ann (2007)
On January 19, 2007, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop led by Marc Abbey, managing partner at First Annapolis Consulting, to discuss the merchant-acquiring side of the payment cards industry. Abbey described the often overlooked acquiring industry as a dynamic growth business that is an integral part of the payment cards industry. He outlined several factors that have affected the evolution of the industry and described the current state of industry dynamics in terms of growth, competition, and business economics. In addition, Abbey ...
Consumer Finance Institute discussion papers , Paper 07-12

Discussion Paper
Do we still need the Equal Credit Opportunity Act?
Ritter, Dubravka (2012)
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction based on sex, marital status, race, ethnicity, age, or other specified factors. Regulation B implementing the ECOA, a applied by the courts, requires that financial institutions challenged on the basis that a policy or practice has a disparate impact on a protected class must demonstrate that such a policy or practices is related to creditworthiness and is justified by a legitimate and necessary business objective. Certain factors that lenders may use in their decisions regarding ...
Consumer Finance Institute discussion papers , Paper 12-03

Discussion Paper
Deconstructing Mechanic’s Liens
Lambie-Hanson, Lauren; Santucci, Larry; Rentezelas, Jeanne (2020-08-01)
In this paper, we examine a new data set composed of mechanic’s lien complaints filed in the First Judicial District of Pennsylvania (Philadelphia County). Over a 10-year period, 426 mechanic’s liens were filed against 398 single-family properties, which is less than 0.1 percent of single-family properties in Philadelphia. The lien properties in our data set tend to be more expensive, newer, and larger than non-lien properties. About 80 percent of mechanic’s liens are filed by general contractors, with the remainder pursued by a subcontractor. Notably, a 2014 change in Pennsylvania law ...
Consumer Finance Institute discussion papers , Paper DP 20-04

Discussion Paper
Can Data Sharing Help Financial Institutions Improve the Financial Health of Older Americans?
Santucci, Larry (2017-11-09)
This paper explores how increased data sharing among financial institutions could improve the financial outcomes of older adults suffering from cognitive impairment. Among the first signs of cognitive impairment in older adults is a decline in financial capacity, which is also a risk factor for abuse or exploitation. Banks and other financial institutions are at the front lines to monitor and detect changes in financial capacity and susceptibility to fraud and abuse. However, industry experts have found that, in many cases, no mechanism exists for financial service providers to communicate ...
Consumer Finance Institute discussion papers , Paper 17-1

Discussion Paper
Residential Migration, Entry, and Exit as Seen Through the Lens of Credit Bureau Data
Wardrip, Keith; Hunt, Robert M. (2013-12-01)
We analyze a large, nationally representative anonymized data set of consumers with a credit report from 2002 to 2010. This is a period that encompasses a boom and bust in consumer credit. Using census data, we classify consumers into four categories of relative neighborhood income and find that, over time, the number and proportion of consumers with a credit report fell in low- and moderate-income neighborhoods and rose in higher-income neighborhoods. Population trends evident from census data explain only a portion of these changes in the location of the credit bureau population. In most ...
Consumer Finance Institute discussion papers , Paper 13-4

Discussion Paper
Federal consumer protection regulation: disclosures and beyond
Furletti, Mark (2005)
On June 10, 2005, the Payment Cards Center hosted a symposium entitled ?Federal Consumer Protection Regulation: Disclosures and Beyond.? The symposium brought together credit card industry leaders, legal scholars, consumer advocates, economists, and federal regulators to discuss standardized credit card disclosures and other means of protecting credit card consumers. This paper summarizes the day?s discussion and details the recommendations of symposium participants. In general, these recommendations involve (1) making specific changes to current credit card disclosures, (2) improving the ...
Consumer Finance Institute discussion papers , Paper 05-11

Discussion Paper
The Secured Credit Card Market
Santucci, Lawrence (2016-11-01)
In this paper, we present a brief exposition of the history of the secured credit card, beginning with its origins in California in the 1970s. We present a series of stylized facts based on a December 2015 cross section of the secured card market. We find that most secured cards require an annual fee, tend not to have promotional offers or rewards, and often have higher purchase annual percentage rates than their unsecured counterparts. We also find that the percentage of secured card accounts in a delinquency status is more than double that of unsecured cards and that far fewer secured cards ...
Consumer Finance Institute discussion papers , Paper 16-3

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