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Discussion Paper
An Overview of Credit-Building Products
Credit-building products are secured small-dollar products that allow consumers to either establish or improve their credit scores by having lenders report their payment activity to credit bureaus. Examples include secured credit cards or loan products such as credit-builder and passbook loans.
Discussion Paper
A Note on the Removal of the Nonfinancial Business Sector in the G.19 "Consumer Credit" Statistical Release
The G.19 "Consumer Credit" Statistical Release reports outstanding credit extended to individuals, excluding loans secured by real estate, across multiple types of lenders that include depository institutions, finance companies, credit unions, federal government, nonprofit and educational institutions, and nonfinancial business. Starting with the May 2025 G.19, released on July 8, 2025, the estimates for the nonfinancial business sector are decommissioned and removed from the G.19.
Discussion Paper
Estimating Securities-Based Loans Outstanding
Securities-based loans are loans for personal use that are backed by the borrowers' investment portfolios. The key benefit provided by such loans is the ability for borrowers to obtain access to funding without having to liquidate their portfolios.
Discussion Paper
A Note on the New Credit Union Estimates in the G.19 "Consumer Credit" Statistical Release
Credit unions provide a significant share—approximately 14 percent—of consumer debt. As of 2025:Q1, consumer credit provided by credit unions was measured at over $716 billion in the G.19 Statistical Release, "Consumer Credit," a Principal Federal Economic Indicator produced by the Federal Reserve Board.
Discussion Paper
“Buy Now, Pay Later” Beyond “Pay in 4”, A Comprehensive Product Overview
The emergence and rapid growth of "Buy Now, Pay Later" (BNPL) services represent a novel financial development in the consumer credit landscape, reflecting evolving payment preferences and changes in point-of-sale financing arrangements. While BNPL providers offer a menu of credit products typically at the point of sale (such as a range of short- and longer-term installment loans in addition to the signature "pay in 4" plans), the nascent literature on BNPL has centered on "pay in 4" products, focusing on user characteristics and usage consequences.