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Bank:Federal Reserve Bank of Philadelphia  Series:Consumer Finance Institute discussion papers 

Discussion Paper
Theory of credit card networks: a survey of the literature

Credit cards provide benefits to consumers and merchants not provided by other payment instruments as evidenced by their explosive growth in the number and value of transactions over the last 20 years. Recently, credit card networks have come under scrutiny from regulators and antitrust authorities around the world. The costs and benefits of credit cards to network participants are discussed. Focusing on interrelated bilateral transactions, several theoretical models have been constructed to study the implications of several business practices of credit card networks. The results and ...
Consumer Finance Institute discussion papers , Paper 03-09

Discussion Paper
Banks and the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act

Banks and credit card companies lobbied Congress for several years to amend the Bankruptcy Code because of an increasing number of bankruptcy filings1 and evidence that debtors were abusing the existing code. On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act into law. The act makes the most sweeping changes to the Bankruptcy Code since its enactment in 1978, amends the Truth in Lending Act (TILA), and directs the Board of Governors of the Federal Reserve System (the Board) to amend Regulation Z, the Board?s implementing regulation for TILA. ...
Consumer Finance Institute discussion papers , Paper 05-19

Discussion Paper
Credit score accuracy and implications for consumers

Consumer Finance Institute discussion papers , Paper 02-12

Discussion Paper
Meet People Where They Are: Building Formal Credit Using Informal Financial Traditions

The Consumer Finance Institute hosted a workshop in February 2019 featuring Jos Quionez, chief executive officer, and Elena Fairley, programs director, of Mission Asset Fund (MAF) to discuss MAF?s approach to helping its clients improve access to mainstream financial markets. MAF?s signature program, Lending Circles, adapts a traditional community-based financial tool known as a rotating savings and credit association (ROSCA) to help establish or expand credit reports for participants who may not be able to do so through traditional means. Lending Circles have served more than 10,000 clients ...
Consumer Finance Institute discussion papers , Paper 19-3

Discussion Paper
The Credit CARD act of 2009 and prepaid cards

Recently enacted federal legislation contains a number of provisions that will affect the prepaid card industry. This note highlights some of these provisions, discusses how they might shape the prepaid card industry, and outlines the debate over whether prepaid cards should be defined as "monetary instruments" under federal law.
Consumer Finance Institute discussion papers , Paper 09-03

Discussion Paper
Reverse Mortgage Retrospective: How Recent Policy Changes Affected Government-Insured Reverse Mortgage Originations and Performance

This discussion paper analyzes the outcomes of recent policy reforms to the federally insured reverse mortgage program. Prior to these reforms, more than one out of 10 older adults with a Home Equity Conversion Mortgage (HECM) was reported to be in default on the loan for failure to pay property taxes or homeowner’s insurance payments. We study the effect of two major types of policy reforms: one that restricted the amount of funds available to a borrower, and the other that introduced underwriting requirements through a financial assessment for the first time in the program’s history. ...
Consumer Finance Institute discussion papers , Paper DP 20-06

Discussion Paper
Contactless Payment Cards: Trends and Barriers to Consumer Adoption in the U.S.

Since 2017, the payment cards industry has undertaken a concerted effort to bring contactless “tap-and-pay” credit and debit card products to consumers. Payment networks, card issuers, and banks have worked to ensure that contactless cards, which communicate payment information wirelessly to point-of-sale terminals through Near Field Communication technology, are at the forefront of consumers’ minds when they make a purchase. Missing from the discussion of contactless payments, however, is an understanding of consumer interest in the technology; indeed, the current activities are a ...
Consumer Finance Institute discussion papers , Paper DP 20-03

Discussion Paper
Deconstructing Mechanic’s Liens

In this paper, we examine a new data set composed of mechanic’s lien complaints filed in the First Judicial District of Pennsylvania (Philadelphia County). Over a 10-year period, 426 mechanic’s liens were filed against 398 single-family properties, which is less than 0.1 percent of single-family properties in Philadelphia. The lien properties in our data set tend to be more expensive, newer, and larger than non-lien properties. About 80 percent of mechanic’s liens are filed by general contractors, with the remainder pursued by a subcontractor. Notably, a 2014 change in Pennsylvania law ...
Consumer Finance Institute discussion papers , Paper DP 20-04

Discussion Paper
Credit risk modeling and decisioning : highlights from the conference

Consumer Finance Institute discussion papers , Paper 02-08

Discussion Paper
Moving into the Mainstream: Who Graduates from Secured Credit Card Programs?

Secured credit cards--credit cards whose limit is fully or partially collateralized by a bank deposit--are considered a gateway product to mainstream credit access. As consumers demonstrate good usage and repayment behavior, they may be offered the opportunity to graduate to an unsecured credit card. This paper uses anonymized account-level data to examine the prevalence of account graduation in the secured credit card market since 2012. Using a fixed effects regression model, we identify a set of usage and repayment behaviors that are correlated with account graduation.
Consumer Finance Institute discussion papers , Paper 19-2

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