Search Results
Journal Article
Use of financial services by the unbanked and underbanked and the potential for mobile financial services adoption
The increased use of mobile devices coupled with the evolution of technologies that enable consumers to conduct financial transactions using mobile phones has the potential to change how consumers manage their finances. Innovations in financial service technologies may also help foster access and inclusion in the mainstream financial system for unbanked or underbanked consumers. Using data collected through the Board?s Survey of Consumers and Mobile Financial Services, this article examines the characteristics of unbanked and underbanked consumers, their current use of mobile financial ...
Discussion Paper
Saving for College and Section 529 Plans
The past decade has simultaneously witnessed a substantial increase in enrollment at post-secondary institutions and a marked increase in college tuition. Not surprisingly, this trend overlapped with an increased demand for student loans and tax-advantaged educational savings.
Report
Consumers and Mobile Financial Services 2012
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. This report presents findings from an online survey, conducted in December 2011 and January 2012, examining the use of mobile technology to access financial services and make financial decisions.
Discussion Paper
Should You Trust Things You Hear Online? Comparing SHED and Census Bureau Survey Results
In the fall of 2013, the Federal Reserve Board began conducting the Survey of Household Economics and Decisionmaking (SHED), which is an annual survey of individual consumers designed to monitor their well-being and identify risks to their financial stability.
Report
Consumers and Mobile Finance Services 2012
Mobile devices have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. This report presents findings from an online survey, conducted in December 2011 and January 2012, examining the use of mobile technology to access financial services and make financial decisions.
Report
Consumers and Mobile Finance Services 2014
Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. The survey examines trends in adoption and use of mobile banking and payments, and how the emergence of mobile financial services affects how consumers interact with financial institutions. This report presents findings from the 2013 survey, which examined consumers’ use of mobile technology to ...
Working Paper
How House Price Dynamics and Credit Constraints affect the Equity Extraction of Senior Homeowners
Households can borrow against equity through different channels, including home equity lines of credit (HELOCs), second liens, cash-out refinancing, and--for senior homeowners--reverse mortgages. We use data from the New York Federal Reserve/Equifax Consumer Credit Panel, the U.S. Department of Housing and Urban Development, and other sources to jointly estimate the decision to extract equity through these different channels. Specifically, we identify the influence of credit constraints, house price dynamics and their interactions on the proportion of seniors in a ZIP code extracting through ...
Working Paper
The Determinants of Subprime Mortgage Performance Following a Loan Modification
We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent housing crisis, and the effect of the various types of modifications on the subsequent loan performance. Using the CoreLogic LoanPerformance dataset that contains detailed loan level information on mortgages, modification terms, second liens, and home values, we estimate a discrete time proportional hazard model with competing risks to examine the determinants of post-modification mortgage outcomes. We find that principal reductions are particularly effective at improving loan ...