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Keywords:Law and legislation 

Speech
Plosser defines key issues in financial reform : remarks to the Joint Economic Committee Staff Meeting, U.S. Congress, May 5, 2010.

In remarks at a meeting of the Joint Economic Committee, President Charles I. Plosser discussed the importance of implementing regulatory changes that would help to avert financial crises in the future.
Speech , Paper 38

Working Paper
Did bankruptcy reform cause mortgage default rates to rise?

This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other types of debt are discharged - thus loosening debtors' budget constraints. Homeowners in financial distress can therefore use bankruptcy to avoid losing their homes, since filing allows them to shift funds from paying other debts to paying their mortgages. But a major reform of U.S. bankruptcy law in 2005 raised the cost of filing and reduced the amount of debt that is discharged. The authors argue ...
Working Papers , Paper 10-16

Report
The tri-party repo market before the 2010 reforms

This paper provides a descriptive and quantitative account of the tri-party repo market before the reforms proposed in 2010 by the Task Force on Tri-Party Repo Infrastructure (Task Force 2010). We provide an extensive description of the mechanics of this market. We also use data from July 2008 to early 2010 to document quantitative features of the market. We find that both the level of haircuts and the amount of funding were surprisingly stable in this market. The stability of the margins is in contrast to evidence from other repo markets. Perhaps surprisingly, the data reveal relatively few ...
Staff Reports , Paper 477

Journal Article
Old favorites and new initiatives

Implications of the 2008 farm bill for the Ninth District
Fedgazette , Volume 20 , Issue Sep , Pages 13-15

Discussion Paper
Legislative responses to data breaches and information security failures

On July 23, 2008, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss federal and state legislative responses to data breaches. The workshop addressed several laws and legislative initiatives designed to create greater safeguards for personal consumer information frequently targeted by data thieves and often subject to the failures of information security protocols. Diane Slifer, J.D., M.B.A., who has frequently presented at forums on data security and has represented clients in matters related to data breaches, led the workshop. Slifer examined ...
Consumer Finance Institute discussion papers , Paper 08-09

Journal Article
Brochure helps consumers understand credit laws

Financial Update , Volume 13 , Issue Jul , Pages 5

Speech
Lessons of the crisis: the implications for regulatory reform

Remarks at the Partnership for New York City Discussion, New York City.
Speech , Paper 10

Journal Article
Policy update : Tribes seek Uncle Sam's seal of approval

Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q4/policy_update_weblinks.cfm
Econ Focus , Volume 15 , Issue 4Q , Pages 7

Journal Article
Policy update: New laws protect social media privacy

Related links:https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2012/q4/policy_update_weblinks.cfm
Econ Focus , Volume 16 , Issue 4Q , Pages 9

Working Paper
Demand externalitites and price cap regulation: Learning from a two-sided market

This paper studies unintended consequences of price cap regulation in the presence of demand externalities in the context of payment cards. The recent U.S. debit card regulation was intended to lower merchant card acceptance costs by capping the maximum interchange fee. However, small-ticket merchants found their fees instead higher after the regulation. To address this puzzle, I construct a two-sided market model and show that card demand externalities across merchant sectors rationalize card networks? pricing response. Based on the model, I study socially optimal card fees and an ...
Working Paper , Paper 13-06

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