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Working Paper
Is \"Fintech\" Good for Small Business Borrowers? Impacts on Firm Growth and Customer Satisfaction
Schweitzer, Mark E.; Barkely, Brett (2017-02-02)
?Fintech? is a rapidly expanding segment of the financial market that is receiving much attention from investors and increasing regulatory scrutiny. While the attention is rising, very little is known about the performance of these lending sources on the outcomes of small businesses that make use of them. The Federal Reserve?s 2015 Small Business Credit Survey has data on the experiences of business owners with this new funding source and can provide some useful insights into this expanding sector, if compositional differences among the businesses that get bank loans, those that get fintech ...
Working Papers (Old Series) , Paper 1701

Working Paper
Social Capital and Mortgages
An, Xudong; El Ghoul, Sadok; Guedhami, Omrane; Levine, Ross; Roman, Raluca (2023-10-12)
Using comprehensive mortgage-level data, we discover that the social capital of the community in which households live positively influences the likelihood of the approval of their mortgage applications, the terms of approved mortgages, and the subsequent performance of those mortgages. The results hold when conditioning on extensive household and community characteristics and a battery of fixed effects, including individual effects, data permitting, and when employing instrumental variables and propensity score matching to address identification and selection concerns. Concerning causal ...
Working Papers , Paper 23-23

Working Paper
Basic Facts on the Coverage of the Paycheck Protection Program
Schweitzer, Mark E.; Guo, Angela (2023-11-07)
This paper applies loan-level information from Paycheck Protection Program loans to analyze the coverage of this extraordinary lending program. We show that loans went to a large share of small businesses across most industries in the US, especially to industries that were most negatively impacted by COVID-19 stay-at-home orders. We geocode the loans and then identify that 2021 loans were more concentrated in low- and moderate-income communities, along with census tracts where minority residents are a majority of the population. The growth of nonemployer loans and fintech lending in the ...
Working Papers , Paper 23-24

Working Paper
The Rise of Fintech Lending to Small Businesses: Businesses’ Perspectives on Borrowing
Schweitzer, Mark E.; Barkley, Brett (2020-04-03)
Online lending through fintech firms is a rapidly expanding segment of the financial market that is receiving much attention from investors and increasing scrutiny from regulators. Research is only beginning to assess how fintech firms’ entry is altering the choices and outcomes of small businesses that borrow from them. The Federal Reserve Small Business Credit Survey is a unique data source on the experiences of business owners with new and more traditional sources of credit. We find that the businesses using online lenders are not representative of small and medium-size enterprise in the ...
Working Papers , Paper 20-11

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

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

Tokens vs. Accounts: Why the Distinction Still Matters
Kahn, Charles M. (2020-10-05)
Computer science experts may say the difference is irrelevant in the digital world. But when it comes to payments, distinguishing the two still has value in the real world.
On the Economy

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

Newsletter
Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy
Rhodes, Kristin; Dumitriu, Alexandra; Markovich, Courtney; Edwards, Andrew; Christopoulos, Louie; Brookshire, Makaylah; Wolfe, Brian; Black, Lamont K. (2017)
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.
Chicago Fed Letter

Banks See Challenges from Fintech Disruption
White, Carl (2021-04-29)
While banks have lost market share to fintech firms, they have also benefited from new financial technology—such as the use of RegTech and SupTech.
On the Economy

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