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Discussion Paper
How effective were the financial safety nets in the aftermath of Katrina?
Rhine, Sherrie L. W.; Cheney, Julia S. (2006)
This paper describes the U.S. financial system?s response to the destruction caused by Hurricane Katrina and examines how financial safety nets helped meet consumers? needs in the aftermath of the storm. Overall, we find that consumers who hold deposit accounts at financial institutions are less vulnerable to financial disruptions than individuals who do not have either a checking or a savings account (the unbanked). The federal banking regulators? and financial institutions? responses to Hurricane Katrina, the financial vulnerability of unbanked families to this unexpected catastrophic ...
Consumer Finance Institute discussion papers , Paper 06-01

Discussion Paper
Meeting the demand for debt relief
Wilshusen, Stephanie M. (2011)
Each year, millions of financially distressed consumers in the U.S. face a difficult choice among the debt relief options available to them. This paper describes the options available to borrowers who seek assistance in managing their debts and discusses the information and incentive problems associated with these options. It also reviews the trends that contributed to the breakdown of the repayment framework and the responses to these trends. Among the responses is a reconsideration of the regulatory structure of the debt relief industry. The paper concludes with a discussion of the ...
Consumer Finance Institute discussion papers , Paper 11-04

Discussion Paper
Getting down to business: Commercial cards in business-to-business payments
Herbst-Murphy, Susan (2011)
Providing efficiency and cost-savings over paper payments (cash and checks), commercial payment cards are among the fastest growing card segments in recent years. Today, they account for nearly one in every five dollars spent using general-purpose payment cards. And since business and government payments are three times larger than consumer transactions, there is ample room for future growth. Adoption by government and small business has been especially noteworthy. Adoption among large companies, which account for half of commercial expenditures, has been more modest. This paper provides an ...
Consumer Finance Institute discussion papers , Paper 11-01

Discussion Paper
Driving positive behavior change through education and motivation: summary of a PayPerks workshop
Herbst-Murphy, Susan (2013)
Start-up firm PayPerks has developed a financial capability and rewards platform that combines online education with sweepstakes-based incentives. PayPerks? initial emphasis has been on improving the understanding and use of prepaid cards among individuals with little prior experience using payment cards. Participants can earn points in a variety of ways, including taking short, self-directed tutorials on prepaid card use. Every month, those points become chances to win cash prizes in sweepstakes drawings. PayPerks co-founders facilitated a Payment Cards Center workshop where they ...
Consumer Finance Institute discussion papers , Paper 13-01

Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
Doubinko, Valeria Zeballos; Akana, Tom (2023-09-29)
This paper explores the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. We conduct this analysis to evaluate concerns that BNPL use could negatively affect consumers’ financial health.
Consumer Finance Institute discussion papers , Paper DP23-01

Discussion Paper
Assessing the impact of electronic benefits transfer on America's communities and the U.S. payment system
anonymous (2005)
The Center co-sponsored this conference with the Community Affairs Department and the Electronic Funds Transfer Association?s EBT Industry Council. The purpose of the conference was to provide a forum for community, banking, and payment industry leaders on the future of EBT. The sessions provided an understanding of what EBT is, an assessment of its impact on communities, an examination of its legacy as a payment system, and a look ahead to its continuing role in American communities
Consumer Finance Institute discussion papers , Paper 05-02

Discussion Paper
An examination of mobile banking and mobile payments: building adoption as experience goods?
Cheney, Julia S. (2008)
This paper examines consumer adoption of mobile banking and mobile payments using the experience goods and learning by doing constructs as a framework to better understand adoption patterns in the United States and how these may differ in other world markets. Consumer experience and familiarity with mobile devices is considered along with three relatively new communication technologies ? SMS text messaging, wireless Internet access, and near field communication (NFC) ? that are making important contributions to mobile financial services. Online banking and contactless payments ? and ...
Consumer Finance Institute discussion papers , Paper 08-06

Discussion Paper
Consumer use of fraud alerts and credit freezes: an empirical analysis
Ritter, Dubravka; Vogan, Michael; Mikhed, Vyacheslav; Cheney, Julia S.; 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
Innovation at the point of sale
anonymous (2003)
On February 27, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a conference to examine a variety of new payments options available to consumers paying for goods and services at the point of sale. The conference included diverse representation from the payments industry and Federal Reserve staff. ; Conference presentations and discussions focused on current and prospective payments innovations and their implications for payments providers, merchants, and consumers. The need for alignment among these three parties as an essential condition for the success ...
Consumer Finance Institute discussion papers , Paper 03-10

Discussion Paper
Trends and preferences in consumer payments
Herbst-Murphy, Susan (2010)
For two decades, Visa Inc. has contracted with a market research firm to gather detailed information from U.S. consumers about the forms of payment they use when carrying out transactions at many types of merchants. This omnibus project, the Visa Payment Panel Study, has recorded the migration away from paper forms of payment to electronic and plastic payment methods, identified variation in preferred payment methods based on consumer demographics, and calculated a share of use for each payment type at the merchant category level. The Payment Cards Center invited Michael Marx, senior business ...
Consumer Finance Institute discussion papers , Paper 10-02

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