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Discussion Paper
Meet People Where They Are: Building Formal Credit Using Informal Financial Traditions
The Consumer Finance Institute hosted a workshop in February 2019 featuring José Quiñonez, chief executive officer, and Elena Fairley, programs director, of Mission Asset Fund (MAF) to discuss MAF’s approach to helping its clients improve access to mainstream financial markets. MAF’s signature program, Lending Circles, adapts a traditional community-based financial tool known as a rotating savings and credit association (ROSCA) to help establish or expand credit reports for participants who may not be able to do so through traditional means. Lending Circles have served more than 10,000 ...
Report
President's Message: Importance of Studying Innovations in Payment Technologies
For several years, economists at the St. Louis Fed have been studying innovations in payment technologies such as cryptocurrencies and blockchain.
Journal Article
The Fintech Revolution in Banking
As financial technology—fintech—continues expanding, traditional banks continue to expand their online services to attract and retain customers.
Newsletter
Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy
The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their tenth annual risk conference on March 29?30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.
Journal Article
The Future of Money and Its Implications for Society, Central Banks, and the International Monetary System
This new wave of financial innovations has broad implications for society, banking, and central banking: Digital platforms can ease entry for financial services providers, increase transactional efficiency, and widen access to and participation in the financial system. They could also decrease the use of cash and alter the U.S. dollar's role as today's vehicle currency.
Discussion Paper
FinTech-Issued Personal Loans in the U.S.
The financial technology advances of the past decade brought to prominence a new group of lenders active within the personal loan space—financial technology (FinTech) lenders. Although traditional lenders such as banks, thrifts, credit unions, and finance companies continue to play an important role in providing personal loans to consumers, FinTech lenders gained a notable market share.