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Discussion Paper
Prepaid card models: a study in diversity
Cheney, Julia S. (2005)
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 ...
Consumer Finance Institute discussion papers , Paper 05-03

Discussion Paper
The Secured Credit Card Market
Santucci, Lawrence (2016-11-01)
In this paper, we present a brief exposition of the history of the secured credit card, beginning with its origins in California in the 1970s. We present a series of stylized facts based on a December 2015 cross section of the secured card market. We find that most secured cards require an annual fee, tend not to have promotional offers or rewards, and often have higher purchase annual percentage rates than their unsecured counterparts. We also find that the percentage of secured card accounts in a delinquency status is more than double that of unsecured cards and that far fewer secured cards ...
Consumer Finance Institute discussion papers , Paper 16-3

Discussion Paper
What Happened to the Revolving Credit Card Balances of 2009?
Santucci, Lawrence (2016-05-18)
We track the disposition of revolving credit card balances that existed as of March 2009 ? the peak of outstanding balances in our data set ? over a four-year period. We find that 75 percent of those balances had been paid off or charged off by February 2013. Charge-offs played a much smaller role in balance reduction than did paydown: 27.8 percent of balances were charged off, while 72.2 percent were paid down. Charge-offs accounted for a much larger share of balance reduction in the riskiest quintile and almost none of the reduction in the least risky quintile. After stratifying by risk ...
Consumer Finance Institute discussion papers , Paper 16-1

Discussion Paper
Banks and the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act
Benton, Kenneth J. (2005)
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
Financial management tools and consumer confidence: chase blueprint
Santucci, Lawrence (2015-10-13)
On March 10, 2015, the Payment Cards Center hosted a workshop on the development and performance of Blueprint, a set of money management features developed by JPMorgan Chase & Co. (Chase) and available with several of Chase?s credit cards. The workshop featured presentations by Thomas O?Donnell, managing director of Chase Consumer and Community Banking Quality, and Florian Egg-Krings, general manager of the Slate and Blueprint portfolios. O?Donnell discussed the development of Blueprint, a process that began during the financial crisis and the Great Recession of 2007?2009. Egg-Krings then ...
Consumer Finance Institute discussion papers , Paper 15-4

Discussion Paper
Risky business: managing electronic payments in the 21st Century
Bochicchio, Marilyn; Sienkiewicz, Stanley J. (2005)
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
Consumer use of fraud alerts and credit freezes: an empirical analysis
Vogan, Michael; Mikhed, Vyacheslav; Cheney, Julia S.; Ritter, Dubravka; Hunt, Robert M. (2014-09-23)
Fraud alerts ? initial fraud alerts, extended fraud alerts, and credit freezes ? help protect consumers from the consequences of identity theft. At the same time, they may impose costs on lenders, credit bureaus, and, in some instances, consumers. We analyze a unique data set of anonymized credit bureau files to understand how consumers use these alerts. We document the frequency and persistence of fraud alerts and credit freezes. Using the experience of the data breach at the South Carolina Department of Revenue, we show that consumers who file initial fraud alerts or credit freezes likely ...
Consumer Finance Institute discussion papers , Paper 14-4

Discussion Paper
Funding credit card loans: current and future considerations
van Opstal, James (2013)
Many factors influence credit-card-issuing banks? decisions about how to fund credit card loans. These factors include the size and structure of the institution, economic conditions, and the regulatory environment. Against the backdrop of a much smaller market for credit card asset-backed securitization, the Payment Cards Center (PCC) wanted to better understand how changes in any of the above factors and in the funding sources accessible to credit-card-issuing banks are affecting funding strategies now and in the future. To gain this perspective, the PCC interviewed a diverse set of ...
Consumer Finance Institute discussion papers , Paper 13-03

Discussion Paper
Identity theft: a pernicious and costly fraud
Cheney, Julia S. (2003)
On October 3, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on identity theft to examine its growing impact on participants in our payments system. Avivah Litan, vice president and research director of financial services for Gartner Inc., led the workshop. The discussion began and this paper follows with a broad study of identity theft, at times compared with traditional payment fraud, and continues with an evaluation of its overall risk to consumers, merchants, and credit providers. The paper compares the incentives each such party has to ...
Consumer Finance Institute discussion papers , Paper 03-18

Discussion Paper
Government use of the payment card system: issuance, acceptance, and regulation
Herbst-Murphy, Susan (2012)
The U.S. General Services Administration?s SmartPay program is the world?s largest commercial card portfolio. Nearly every state uses payment cards to electronically distribute unemployment insurance, child support, Temporary Assistance to Needy Families, or other funds. Federal, state, and local governments, as well as universities and other public-sector organizations, accept payments made with debit, credit, and prepaid cards. Recognizing the significant use of the payment card system by state and federal agencies, the Payment Cards Center hosted a conference on July 11 and 12, 2011 to ...
Consumer Finance Institute discussion papers , Paper 12-06

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