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

Discussion Paper
The role of electronic payments in disaster recovery: providing more than convenience

On May 3-4, 2006, the Payment Cards Center hosted a two-day conference titled ?The Role of Electronic Payments in Disaster Recovery: Providing More Than Convenience.? The event brought together participants from a range of groups, including financial institutions and other financial service providers; federal and state government and national relief agencies; and the bank regulatory community. Participants examined the lessons learned from Hurricane Katrina and considered how these experiences may be useful in identifying opportunities to further strengthen the financial system?s response to ...
Consumer Finance Institute discussion papers , Paper 06-09

Discussion Paper
Insolvency risk in the network-branded prepaid-card value chain

The value chain for network-branded prepaid cards involves more parties than those commonly present in credit- or debit-card issuing arrangements: the merchant acquirer, processors, a payment network, and a card-issuing bank. These additional participants may include a program manager, a distributor, and a seller. Since a number of independent businesses make up the chain, each one, as well as cardholding consumers, could be exposed to losses resulting from the insolvency of another party in the value chain. This risk is both real and manageable, as illustrated by two recent incidents ...
Consumer Finance Institute discussion papers , Paper 11-05

Discussion Paper
Trends and preferences in consumer payments: updates from the visa payment panel study

Michael Marx, senior director, Visa Research Insights, conducted a workshop in 2009 at the Payment Cards Center (PCC) as the economy was emerging from a recession. At that time, it appeared that the recession had affected consumer payment preferences, especially those related to cash and credit cards. To get an update on consumers? use of the various payment methods, the PCC invited Marx to facilitate another workshop in 2014. More recent findings from the Visa Payment Panel Study reveal declines in cash use ? a return to the long-term trend ? and increases in credit card use, perhaps ...
Consumer Finance Institute discussion papers , Paper 15-2

Discussion Paper
Risky business: managing electronic payments in the 21st Century

On June 20 and 21, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia, in conjunction with the Electronic Funds Transfer Association (EFTA), hosted a day-and-a-half forum, ?Risky Business: Managing Electronic Payments in the 21st Century.? The Center and EFTA invited participants from the financial services and processing sectors, law enforcement, academia, and policymakers to explore key topics associated with the challenge of effectively managing risk in a payments environment that is increasingly electronic. The meeting?s goal was to identify areas of potential risk ...
Consumer Finance Institute discussion papers , Paper 05-20

Discussion Paper
Millennials with money: a new look at who uses GPR prepaid cards

Phoenix Marketing International is a top 40 Honomichl market research company that annually fields an omnibus financial services survey that collects information from a representative sample of American households. Beginning in 2012, the survey added a series of questions designed to gather data on ownership and use of general-purpose reloadable (GPR) prepaid cards. This paper reports on those findings, including the discovery of a "power user" segment of the market composed of young and mid- to upper-income consumers who own and use GPR cards at rates well above the market average. Younger ...
Consumer Finance Institute discussion papers , Paper 14-3

Discussion Paper
Can credit cards with access to complimentary credit score information benefit consumers and lenders?

Barclaycard U.S. is one of a growing number of banks offering cardholders free access to their FICO Credit Scores with credit card products. On November 19, 2014, Paul Wilmore of Barclaycard U.S. presented Barclays? rationale for offering this feature and provided his perspective on its development. He also discussed how consumers responded to this feature in terms of their spending, repayment behavior, and lifespan and intensity of their relationship with the bank. According to Wilmore, program participation is correlated with increased card spending, decreased credit utilization and ...
Consumer Finance Institute discussion papers , Paper 15-3

Discussion Paper
Consumer testing informs policy: overdraft regulation as a case study

In November 2009, the Board of Governors of the Federal Reserve System issued regulations that protect consumers from being charged certain fees when, under a discretionary overdraft service, financial institutions pay transactions from a deposit account that contains insufficient funds. Under the regulations, consumers must receive notices that explain any discretionary overdraft services offered to them by their bank. In addition, consumers may not be charged overdraft fees for ATM or one-time debit transactions unless they have opted in to this service. During the rulemaking process, the ...
Consumer Finance Institute discussion papers , Paper 10-03

Discussion Paper
Where is the missing credit card debt? Clues and implications

Jonathan Zinman, an assistant professor of economics at Dartmouth College and a visiting scholar with the Payment Cards Center, makes a casual comparison of industry and household data sets which suggests that households underreport credit card borrowing by a factor of three. This paper offers some reassurance and several new stylized facts. Accounting for differences in definitions between household and industry measures reduces debt underreporting to a factor of two. Underreporting is less severe for general-purpose than for other cards. The true underreporting factor has remained stable ...
Consumer Finance Institute discussion papers , Paper 07-11

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
Quantifying Cyber Risk in the Financial Services Industry

The Consumer Finance Institute hosted a workshop in February 2017 featuring James Fox, partner and principal at PricewaterhouseCoopers (PwC) and a leading authority on cybersecurity in the financial services industry. He discussed the importance of measuring cyber risk, highlighted some challenges that financial institutions face in measuring cyber risk, and assessed several leading cyber-risk management methodologies. Fox also provided some recommendations for bank exams and insights into how federal agencies might begin to quantify systemic cyber risk. This paper summarizes Fox?s ...
Consumer Finance Institute discussion papers , Paper 18-3




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