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Discussion Paper
The Effects of the COVID-19 Shutdown on the Consumer Credit Card Market: Revolvers versus Transactors
The consumer credit card market has experienced dramatic, unprecedented changes in the wake of the COVID-19 shutdown of the U.S. economy. Revolving credit in the G.19 Consumer Credit statistical release fell by an annualized rate of 32 percent in the second quarter of 2020.
Working Paper
Is Lending Distance Really Changing? Distance Dynamics and Loan Composition in Small Business Lending
Has information technology improved small businesses' access to credit by hardening the information used in loan underwriting and reducing the importance of proximity to lenders? Previous research, pointing to increasing average lending distances, suggests that it has. But this conclusion can obscure differences across loans and lenders. Using over 20 years of Community Reinvestment Act data on small business lending, we find that while average distances have increased substantially, distances at individual banks remain unchanged. Instead, average distance has increased because a small group ...
Working Paper
Scope and scale economies in Federal Reserve payment processing
In the past decade, the U.S. economy has witnessed a tremendous surge in the usage of electronic payment processing services and an increased importance of the firms that provide these services. The payments industry has also undergone changes in cost structure with the introduction of new technology. Unfortunately, data on the private provision of payment processing services are not available. However, the Federal Reserve provides similar services and collects data on its own provision of payments processing, offering an opportunity to gain insights into the cost structure of payments ...
Working Paper
The effects of local banking market structure on the banking-lending channel of monetary policy
We study the relationship between banking competition and the transmission of monetary policy through the bank lending channel. Using business small loan origination data provided from the Community Reinvestment Act from 1996-2002 in our analysis, we are able to reaffirm the existence of the bank lending channel of monetary transmission. Moreover, we find that the impact of monetary policy on loan originations is weaker in more concentrated markets.
Discussion Paper
A Note on Recent Dynamics of Consumer Delinquency Rates
After plummeting to all-time lows during the pandemic, delinquencies on credit cards and auto loan debt increased to levels not observed since the Great Financial Crisis (GFC), raising concerns about the health of household balance sheets. In this note, we use credit records from the Federal Reserve Bank of New York Consumer Credit Panel/Equifax (CCP) — a nationally representative random sample of anonymized Equifax credit bureau data — to discuss developments in the credit card and auto loan delinquency rates since the onset of the Covid 19 pandemic through the third quarter of 2025.
Discussion Paper
How the Largest Bank Holding Companies Grew: Organic Growth or Acquisitions?
In this note, we decompose growth into that related to mergers and acquisitions (M&A) and to all other sources; discuss factors that have affected growth and consolidation; describe our data sources and methodology; and present results.