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Regulating Fintech: One Size Does Not Fit All
White, Carl (2021-02-24)
As fintech companies make inroads into banking, they have raised regulatory issues at the state and federal levels.
On the Economy

Speech
Emerging Issues for Risk Managers
Stiroh, Kevin J. (2019-11-07)
Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech , Paper 336

Discussion Paper
Banking the Unbanked: The Past and Future of the Free Checking Account
Berre, Stein; Blickle, Kristian S.; Chakrabarti, Rajashri (2021-06-30)
About one in twenty American households are unbanked (meaning they do not have a demand deposit or checking account) and many more are underbanked (meaning they do not have the range of bank-provided financial services they need). Unbanked and underbanked households are more likely to be lower-income households and households of color. Inadequate access to financial services pushes the unbanked to use high-cost alternatives for their transactional needs and can also hinder access to credit when households need it. That, in turn, can have adverse effects on the financial health, educational ...
Liberty Street Economics , Paper 20210630a

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Working Paper
Technological Change and Financial Innovation in Banking: Some Implications for Fintech
Frame, W. Scott; Wall, Larry D.; White, Lawrence J. (2018-10-01)
Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. ...
FRB Atlanta Working Paper , Paper 2018-11

Speech
Fintech in a Changing World
Harker, Patrick T. (2022-08-03)
Patrick T. Harker, president and chief executive officer of the Philadelphia Fed, told an audience at the Sixth Annual Fintech Conference in Philadelphia that “fintech can help foster financial inclusion.” Especially when used with alternative methods of evaluating creditworthiness, “the opportunities to use fintech to reach the economically constrained and financially marginalized are truly exciting,” he said.
Speech

Discussion Paper
FinTech-Issued Personal Loans in the U.S.
Flagg, Jessica N.; Hannon, Simona (2023-08-30)
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.
FEDS Notes , Paper 2023-08-30-1

Report
President's Message: Importance of Studying Innovations in Payment Technologies
Bullard, James B. (2021)
For several years, economists at the St. Louis Fed have been studying innovations in payment technologies such as cryptocurrencies and blockchain.
Annual Report

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-01)
US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering ...
Working Papers , Paper 24-10

Working Paper
How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic
Willen, Paul S.; Vickery, James; Fuster, Andreas; Hizmo, Aurel; Lambie-Hanson, Lauren (2021-05-27)
We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market experienced a historic boom in 2020, we show there was also a large and sustained increase in intermediation markups that limited the pass-through of low rates to borrowers. Markups typically rise during periods of peak demand, but this historical relationship explains only part of the large increase during the pandemic. We present evidence that pandemic-related labor market frictions and operational bottlenecks contributed to unusually inelastic credit supply, and that ...
Working Papers , Paper 21-20

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