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Newsletter
How Similar Are Credit Scores Across Generations?
Rajan, Aastha; Mazumder, Bhashkar; Hartley, Daniel (2019)
With the rise in economic inequality in the United States in recent decades, there has been growing concern about whether there is a sufficient degree of equality of opportunity in our society. Policymakers and researchers alike often focus on studies of intergenerational mobility as a way of assessing opportunity. These studies typically analyze distinct aspects of socioeconomic status, such as income, education, occupational status, and health, and measure the association in these outcomes between parents and their adult children.1 If the association (level of similarity) is very high, then ...
Chicago Fed Letter

Working Paper
Switching costs and adverse selection in the market for credit cards: new evidence
Gordy, Michael B.; Calem, Paul S.; Mester, Loretta J. (2005)
To explain persistence of credit card interest rates at relatively high levels, Calem and Mester (AER, 1995) argued that informational barriers create switching costs for high-balance customers. As evidence, using data from the 1989 Survey of Consumer Finances, they showed that these households were more likely to be rejected when applying for new credit. In this paper, they revisit the question using the 1998 and 2001 SCF. Further, they use new information on card interest rates to test for pricing effects consistent with information-based switching costs. The authors find that informational ...
Working Papers , Paper 05-16

Discussion Paper
What Happens during Mortgage Forbearance?
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2021-05-19)
As we discussed in our previous post, millions of mortgage borrowers have entered forbearance since the beginning of the pandemic, and more than 2 million remain in a program as of March 2021. In this post, we use our Consumer Credit Panel (CCP) data to examine borrower behavior while in forbearance. The credit bureau data are ideal for this purpose because they allow us to follow borrowers over time, and to connect developments on the mortgage with those on other credit products. We find that forbearance results in reduced mortgage delinquencies and is associated with increased paydown of ...
Liberty Street Economics , Paper 20210519b

Conference Paper
Interchange fees in various countries : developments and determinants : commentary on Weiner and Wright
Frankel, Alan S. (2005-05)
Proceedings – Payments System Research Conferences , Issue May , Pages 51-64

Working Paper
The Credit Card Act and Consumer Debt Structure
Ronen, Joshua; Jagtiani, Julapa; Dou, Yiwei; Maingi, Ramain Quinn (2020-08-05)
We investigate whether the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 influenced the debt structure of consumers. By debt structure, we mean the proportion of total available credit from credit cards for each consumer.The act enhances disclosures of contractual and related information and restricts card issuers’ ability to raise interest rates or charge late or over-limit fees, primarily affecting non-prime borrowers. Using the credit history via the Federal Reserve Bank of New York/Equifax Consumer Credit Panel during 2006–2016, we find that the average ...
Working Papers , Paper 20-32

Report
2023 Survey and Diary of Consumer Payment Choice
Foster, Kevin; Greene, Claire; Stavins, Joanna (2024-06-03)
For 2023, the Survey and Diary of Consumer Payment choice found the following: • US consumers made more payments in 2023. o Compared to October 2022, there were statistically significant increases in the number of all payments (to 45.6 on average per month), in the number of all types of card payments (29.5), and in payments via mobile app (13). o The share of purchases made remotely increased to 22 percent, up 4 percentage points from 2022 and more than double the share of remote purchases before the COVID-19 pandemic. • Mobile has won over three-quarters of US consumers. o 72 percent of ...
Consumer Payments Research Data Reports , Paper 2024-01

Conference Paper
Workshop overview
Barron, Patrick; Perrit, Henry H.; Vartanian, Thomas P.; Allen, Catherine (1999)
Proceedings , Paper 655

Conference Paper
The payment provider perspective
Weisman, David; Ollenburg, Steven; Fox, Gerald R. (1999)
Proceedings , Paper 657

Report
2019 Diary of Consumer Payment Choice
Greene, Claire; Stavins, Joanna (2020-06-15)
In October 2019, almost half of all payments (43 percent) U.S. consumers made were for groceries, gas, and shopping, both in person and online. The distribution was different by value, as 40 percent of payments were for financial services, including mortgages, credit card bills, other loan payments, insurance, investments, and so on. The most commonly used payment instruments were debit cards, cash, and credit cards, which jointly accounted for 80 percent of all payments by number and 37 percent by value. By value, about 40 percent of consumer payments were made via ACH payments, executed ...
Consumer Payments Research Data Reports , Paper 2020-04

Working Paper
Interchange fees and payment card networks: economics, industry developments, and policy issues
Prager, Robin A.; Borzekowski, Ron; Kiser, Elizabeth K.; Manuszak, Mark D. (2009)
In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment methods has generated a number of public policy debates. One prominent debate concerns interchange fees. This paper is intended to provide background for understanding the interchange fee debate. The paper describes the operation of a typical payment card system, presents a summary of the economic ...
Finance and Economics Discussion Series , Paper 2009-23

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