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Report
Recent Data on Mortgage Forbearance: Borrower Uptake and Understanding of Lender Accommodations
This research brief examines data relating to mortgage forbearance using responses to the January 2021 COVID-19 Survey of Consumers conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute. We study a national sample of 1,172 homeowners with mortgages, who reported the current and past forbearance status of their mortgage and other household credit accounts, discussed their familiarity with and understanding of lender accommodations that might be available to them, and provided their demographic characteristics. Respondents characterize their current employment ...
Discussion Paper
Consumer Payment Preferences and the Impact of Technology and Regulation: Insights from the Visa Payment Panel Study
The Consumer Finance Institute hosted a workshop in August 2018 featuring Michael Marx, senior director at Visa, Inc., to discuss recent data from the Visa Payment Panel, highlighting the evolution of consumer payment preferences since the Great Recession and the passage of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. A number of intriguing trends were discussed. Debit card adoption and growth have shown signs of slowing, even as regulatory changes have increased its prevalence recently among younger consumers. Credit card usage continues to grow and has ...
Report
CFI COVID-19 Pandemic's Impact on Third District Consumers
This research brief highlights a survey that measures the pandemic’s effect on employment and financial status of consumers who live the Third District
Report
1CFI COVID-19 Survey of Consumers — Employment, Income, and Financial Security as of October 2021
This report shares results from Wave 10 of a national survey of consumers investigating the effects of COVID-19 on employment and income data, including employment through the crisis, income changes and expectations for income in 2021, and financial security over the next three to 12 months.
Report
CFI COVID-19 Survey of Consumers — Wave 6 Highlights Increasing Financial Concerns and the Impact of the Pandemic on Education Loan Holders
In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security. Data presented here represent results from the sixth wave of the survey conducted between November 4 and 20, 2020
Report
Overdraft Use During the Pandemic: Insights from the CFI COVID-19 Survey of Consumers
This research brief examines consumers’ use of checking account overdrafts since the beginning of the COVID-19 crisis, using responses gathered from a special module in the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute COVID-19 Survey of Consumers conducted between July 5 and 16, 2021. The overdraft module includes responses from a national sample of 3,615 consumers, 1,054 of whom reported experiencing at least one overdraft charge during the crisis. Respondents provided their demographic and employment characteristics as part of the broader survey. Survey participants ...
Discussion Paper
Developing a Customer-Driven Credit Card: Testing Consumer-Issuer Collaboration in the Barclays Ring Community
The Consumer Finance Institute hosted a workshop in November 2018, featuring Paul Wilmore, then chief marketing officer of Barclays US, to discuss the Barclays Ring credit card program. Through the Ring online community, Barclays engages cardholders directly in the program management, sharing detailed profit and loss data, seeking input on program features, and soliciting ideas on how to better create a relationship between the issuer and the customer. Wilmore reviewed the history of the Ring program and provided an overview of the key successes and challenges Barclays has encountered. This ...
Report
Wave 11 Research Brief: Parents Voice Concerns About Pandemic’s Impact on School-Age Children
The COVID-19 pandemic has affected all segments of the U.S. population, but the negative impact on school-age children may last for years to come. To gauge parents’ concerns about that impact, as well as how the rules and regulations of the pandemic are affecting their children, the Consumer Finance Institute (CFI) included a series of student-related questions in recent editions of its COVID-19 Survey of Consumers. CFI presented five statements to parents of school-age students (those attending kindergarten through grade 12) and asked them whether they agreed, disagreed, or were neutral ...
Report
Cryptocurrency Ownership: Insights from the CFI COVID-19 Survey of Consumers
Since the early 2010s, the rise of so-called cryptocurrencies has received significant attention from financial market participants, policymakers, and academics. Cryptocurrencies are digital or virtual currencies (such as bitcoin, Ethererum, Litecoin, and many others) in which transactions are verified and records are maintained by a decentralized, distributed ledger system using cryptography, rather than by a centralized authority.