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Working Paper
The Credit Card Act and Consumer Finance Company Lending
Hannon, Simona; Elliehausen, Gregory E. (2017-06-29)
The Credit Card Accountability and Disclosure Act (CARD Act) of 2009 restricted several risk management practices of credit card issuers. Using a quasi-experimental design with credit bureau data on consumer lending, we find evidence consistent with the hypothesis that the act??s restrictions on risk management practices contributed to a large decline in bank card holding by higher risk, nonprime consumers but had little effect on prime consumers. Looking at consumer finance loans, historically a source of credit for higher risk consumers, we find greater reliance on such loans by nonprime ...
Finance and Economics Discussion Series , Paper 2017-072

Working Paper
Credit where none is due? Authorized user account status and \"piggybacking credit\"
Brevoort, Kenneth P.; Canner, Glenn B.; Avery, Robert B. (2010)
An "authorized user" is a person who is permitted by a revolving account holder to use an account without being legally liable for any charges incurred. The Federal Reserve's Regulation B, which implements the 1974 Equal Credit Opportunity Act, requires that information on spousal authorized user accounts be reported to the credit bureaus and considered when lenders evaluate credit history. Since creditors generally furnish to the credit bureaus information on all authorized user accounts, without indicating which are spouses and which are not, credit scoring modelers cannot distinguish ...
Finance and Economics Discussion Series , Paper 2010-23

Working Paper
For Better and for Worse? Effects of Access to High-Cost Consumer Credit
Dobridge, Christine L. (2016-07)
I provide empirical evidence that the effect of high-cost credit access on household material well-being depends on if a household is experiencing temporary financial distress. Using detailed data on household consumption and location, as well as geographic variation in access to high cost payday loans over time, I find that payday credit access improves wellbeing for households in distress by helping them smooth consumption. In periods of temporary financial distress?after extreme weather events like hurricanes and blizzards?I find that payday loan access mitigates declines in spending on ...
Finance and Economics Discussion Series , Paper 2016-056

Working Paper
Implications of behavioral research for the use and regulation of consumer credit products
Elliehausen, Gregory E. (2010)
This paper reviews the behavioral literature on inter-temporal choice and decision making under uncertainty and assesses the evidence on behavioral influences affecting consumers' credit decisions. The evidence reviewed suggests that consumers often do not consider all information available in the market nor deliberately evaluate each alternative. Consumers simplify, take shortcuts, and use heuristics, which may not always be optimal but nevertheless may be an economical means for achieving desired goals. While most economists and psychologists agree that cognitive errors and time ...
Finance and Economics Discussion Series , Paper 2010-25

Speech
Implications of a credit crunch.
Rosengren, Eric S. (2008)
Presented by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at The Business and Industry Association of New Hampshire and the Greater Manchester Chamber of Commerce, Manchester, New Hampshire, September 3, 2008
Speech , Paper 16

Working Paper
Impatience and credit behavior: evidence from a field experiment
Sprenger, Charles; Meier, Stephan (2007)
This paper tests whether heterogeneity of time preferences can explain individual credit behavior. In a field experiment targeting individuals from low-to-moderate income households, we measure individual time preferences through choice experiments, and then match these time preference measures to individual credit reports and annual tax returns. ; We find that, controlling for disposable income and other individual characteristics, individuals who are less patient have lower credit scores and higher default rates. Moreover, people with dynamically inconsistent (quasi-hyperbolic) preferences ...
Working Papers , Paper 07-3

Working Paper
Credit card debt and payment use
Stavins, Joanna; Sprenger, Charles (2008)
Approximately half of credit card holders in the United States regularly carry unpaid credit card debt. These so-called "revolvers" exhibit payment behavior that differs from that of those who repay their entire credit card balance every month. Previous literature has focused on the adoption of debit cards by people who carry credit card balances, but so far there has been no empirical analysis exploring the relationship between revolving behavior and patterns of payment use, such as substitution away from credit cards to other payment methods. ; Using data collected in the 2005 Survey of ...
Working Papers , Paper 08-2

Journal Article
Fighting home equity fraud and predatory lending: one community's solution
Potter, Joan (2000-07)
This special issue, CR Report, focuses on one community's efforts to fight home equity fraud and predatory lending.
Community Reinvestment Report , Issue Sum

Working Paper
The IT revolution and the unsecured credit market
Sanchez, Juan M. (2010)
Consumer bankruptcies rose sharply over the last 20 years in the U.S. economy. During the same period, there was impressive technological progress in the information sector (the IT revolution). At the same time, pricing of unsecured debt changed dramatically. The dispersion of interest rates rose substantially. More importantly, interest rates varied systematically with the borrowers' characteristics in 2004 but not in 1983. This suggests that changes in the information that lenders use to price debt may be behind changes in the unsecured credit market. A model of unsecured borrowing with ...
Working Papers , Paper 2010-022

Journal Article
'Don't Borrow Trouble' program targets predatory lenders
anonymous (2003)
e-Perspectives , Issue 2

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