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Keywords:Fintech 

Speech
The theory and practice of supervision--Remarks at the SIFMA Internal Auditors Society Education Luncheon, Harvard Club, New York City

Remarks at the SIFMA Internal Auditors Society Education Luncheon, Harvard Club, New York City.
Speech , Paper 203

Working Paper
Borrowers in Search of Feedback : Evidence from Consumer Credit Markets

We study recent technological innovation in credit markets and document their role in providing information to households. We show that households value the ability to learn detailed information about their cost of credit. This function is most valued by less creditworthy households with less experience in credit markets. To measure the demand for information provision we exploit a quasi-natural experiment in an online consumer credit market. A large lending platform unexpectedly switched from pricing loans through an auction mechanism to centralized pricing determined by broad credit grade. ...
Finance and Economics Discussion Series , Paper 2017-049

Working Paper
Distant Lending, Specialization, and Access to Credit

Small business lending has historically been very local, but distances between small businesses and their lenders have steadily increased over the last forty years. This paper investigates a new lending strategy made possible by distant small business lending: industry specialization. Using data on all Small Business Administration 7(a) loans from 2001-2017, we document a substantial increase in remote, specialized small business lenders, i.e., lenders that originate many distant loans and concentrate these loans within a small number of industries. These lenders target low-risk industries ...
Working Papers , Paper 2003

Working Paper
The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform

Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating ...
Working Papers , Paper 18-15

Blog
What Types of Customer Data Do Fintech Firms Use?

Beyond cash flow and credit scores, technology-driven lenders have also looked at social media activity and phone ownership.
On the Economy

Blog
Will Digital Wallets Replace Cash?

Dialogue with the Fed attendees hear about the opportunities and challenges involved with digital wallets like Venmo.
On the Economy

Blog
Faster Payments, More Disruptions

New payment technologies have transformed the banking system by increasing the efficiency and mechanisms to transfer funds. How will these innovations disrupt the banking system?
On the Economy

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