Assessing the impact of electronic benefits transfer on America's communities and the U.S. payment system
The Center co-sponsored this conference with the Community Affairs Department and the Electronic Funds Transfer Association?s EBT Industry Council. The purpose of the conference was to provide a forum for community, banking, and payment industry leaders on the future of EBT. The sessions provided an understanding of what EBT is, an assessment of its impact on communities, an examination of its legacy as a payment system, and a look ahead to its continuing role in American communities
How effective were the financial safety nets in the aftermath of Katrina?
This paper describes the U.S. financial system?s response to the destruction caused by Hurricane Katrina and examines how financial safety nets helped meet consumers? needs in the aftermath of the storm. Overall, we find that consumers who hold deposit accounts at financial institutions are less vulnerable to financial disruptions than individuals who do not have either a checking or a savings account (the unbanked). The federal banking regulators? and financial institutions? responses to Hurricane Katrina, the financial vulnerability of unbanked families to this unexpected catastrophic ...
Prepaid card models: a study in diversity
Summary: On January 13, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop led by Gary Palmer, chief operating officer and co-founder of WildCard Systems, to examine the developing market for prepaid card products. Palmer described several distinct types of prepaid card value propositions, each with its own set of operational needs and customer servicing requirements. In addition, Palmer described new roles that exist in prepaid card programs that are not present in traditional credit and debit card programs. He emphasized that the variety of these ...
Proposed changes to Regulation Z: highlighting behaviors that affect credit costs
On June 29, 2007, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop led by Jeanne Hogarth, program manager, Consumer Education and Research Section, Division of Consumer and Community Affairs, Federal Reserve Board of Governors, to discuss the Board?s proposed changes to disclosure requirements for open-end credit, in particular, credit card billing statements and solicitation materials. Hogarth tied the proposed changes to her own research that identified certain behaviors most likely to affect the interest rates consumers pay for credit card ...
Financial privacy: perspectives from the payment cards industry
On Friday, March 21, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a one-day symposium on financial privacy entitled "Financial Privacy: Perspectives from the Payment Cards Industry." The Center invited legal scholars, federal banking regulators, and privacy officers from the largest credit card issuers and information providers in the U.S. to discuss the key privacy issues facing the industry
The electronification of transit fare payments: Examining the case for partnership the case for partnerships between payments firms and transit agencies
Several of the nation?s largest payment-card-issuing banks are working with public transit agencies to enable consumers to pay fares by using payment cards, and more such partnerships may be on the horizon. On April 23, 2009, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss the potential adoption of electronic payments by transit agencies from the perspectives of several subject matter experts from J.P. Morgan Chase & Co. James Lock, vice president and senior advisor, Treasury Services Global Advisory Solutions group; Jameson Troutman, strategy ...
The Lingering Fiscal Effects of the COVID-19 Pandemic on Higher Education
The unprecedented challenges from COVID-19 present many institutions of higher education with liquidity, and even solvency, concerns. In this report, we provide guidance to institutions and policymakers about the short- and medium-term revenue losses that are likely to materialize as a result of the ongoing pandemic and associated disruptions to revenue and expenses. Using historical data on states’ responses to previous economic downturns and contemporaneous measures of the severity of the current economic predicament, we project state and local appropriation reductions that public ...
Payment system regulation and how it causes consumer confusion
On October 14, 2004, the Payment Cards Center hosted a workshop led by Professor Mark Budnitz of Georgia State University School of Law. Budnitz, the author of four books and many Law Review articles on consumer payments, described how the current regime of consumer payment regulation and various new payment products have led to much confusion among consumers. He also discussed a remedy for this situation: the adoption of uniform federal consumer protection standards. This paper summarizes the workshop and is organized around two of Budnitz?s key assertions: (1) the current regulatory ...
Payments, credit, and savings: the experience for LMI households
The Payment Cards Center and the Community Affairs Department invited Michael Barr, University of Michigan Law School and faculty investigator for the 2005-2006 Detroit Area Study (DAS), to collaborate in organizing a conference, ?Payments, Credit, and Savings: The Experience for LMI Households,? held May 21-22, 2007, at the Federal Reserve Bank of Philadelphia. This year?s DAS survey was designed to gain a better understanding of 1) how and why LMI households use a wide array of financial services as well as the costs and benefits of such services and 2) how LMI households would respond to ...
Supply- and demand-side developments influencing growth in the debit market
On August 3, 2006, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop led by Ronald Congemi, senior vice president of strategic industry relations for First Data Corporation, to examine developments on both the supply side and demand side that are influencing growth in the debit card market. On the supply side, Congemi addressed banks? increasing recognition of the importance of payments-related revenues in their institutional profit and loss statements, the effect of differences in interchange fees between PIN and signature debit, and the greater focus on ...