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Working Paper
Cost of Banking for LMI and Minority Communities
Migueis, Marco; Suher, Michael; Xu, Jessie (2022-06-28)
Bank accounts are critical for participation in the modern economy. However, these accounts frequently require maintenance fees and incur overdraft charges. We assess whether minimum account balances to avoid fees, account maintenance fee amounts, and non-sufficient funds charges are systematically different in LMI and majority-minority communities, and find that they are generally higher. For example, the minimum account balance to avoid fees in a non-interest checking account is about $50 higher in LMI Census tracts than in higher income tracts, and $75 higher in majority-minority tracts. ...
Finance and Economics Discussion Series , Paper 2022-040

Working Paper
Suitability of a County-Level Income Definition for Analysis of Lower-Income Communities
Troland, Erin; Agnes, Isabella; Dries, Ellie; Liu, Jessica; Merchant, Zofsha; Shaalan, Fatimah; Tran, Michelle; Tranfaglia, Anna; Webber, Douglas A. (2025-06-02)
This paper examines the costs and benefits of using a straightforward county-level income definition in the classification and study of lower-income communities. A definition based on population-weighted distribution of county-level median household incomes does a good job of identifying the most economically disadvantaged communities across a wide range of indicators. We show robustness to the use of different thresholds, levels of geography, and cost-of-living adjustments.
Finance and Economics Discussion Series , Paper 2025-039

Discussion Paper
Climate Change and Consumer Finance: A Very Brief Literature Review
Canals-Cerda, Jose J.; Roman, Raluca (2021-10-06)
Extant research shows that climate change can impose significant costs on consumers’ wealth and finances. Both sea-level rise and flooding from hurricane events led to high price declines and thus wealth loss for homes in coastal areas or in disaster-struck areas, with effects lingering for a number of years in some cases. In terms of consumer finance, while the average consumer is not always significantly negatively affected by a disaster, the vulnerable groups (those with low credit scores and who are low income) can be severely affected, experiencing higher rates of delinquencies and ...
Consumer Finance Institute discussion papers , Paper 21-04

Working Paper
Does Access to Free Pre-Kindergarten Increase Maternal Labor Supply?
Terry, Ellyn; Shampine, Sam; Ilin, Elias (2021-11-09)
We evaluate the effects of free pre-kindergarten (Pre-K) programs on the labor force participation of mothers. We use variation in Pre-K rules across all U.S. states, including income eligibility requirements in some states. To estimate the causal effects of access to Pre-K on labor supply, we exploit the panel aspect of the monthly Current Population Survey between 2002 and 2019. Specifically, we look at the change in labor market behavior of women when their child becomes age-eligible for Pre-K, controlling for individual factors. We find that access to free Pre-K programs increases overall ...
Research Working Paper , Paper RWP 21-11

Working Paper
The Assessment Gap: Racial Inequalities in Property Taxation
Howard, Troup; Avenancio-León, Carlos (2020-07-06)
We use panel data covering 118 million homes in the United States, merged with geolocation detail for 75,000 taxing entities, to document a nationwide "assessment gap" which leads local governments to place a disproportionate fiscal burden on racial and ethnic minorities. We show that holding jurisdictions and property tax rates fixed, black and Hispanic residents nonetheless face a 10-13% higher tax burden for the same bundle of public services. This assessment gap arises through two channels. First, property assessments are less sensitive to neighborhood attributes than market prices are. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 34

Working Paper
Personal Tax Changes and Financial Well-being: Evidence from the Tax Cuts and Jobs Act
Dobridge, Christine L.; Hsu, Joanne W.; Zabek, Mike (2024-05-14)
We estimate the effects of personal income tax decreases on financial well-being, including qualitative subjective assessments and quantitative measures. A plausibly causal design shows that tax decreases in the Tax Cuts and Jobs Act made survey respondents more likely to say they were "living comfortably" financially, with null effects at lower levels of subjective financial well-being. Estimates from a similar design using credit bureau data show that people who had larger tax decreases were modestly more likely to open new accounts, and more likely to have higher consumer credit balances. ...
Finance and Economics Discussion Series , Paper 2024-029

Report
Consumer Credit Reporting Data
Gibbs, Christa N.; Guttman-Kenney, Benedict; Lee, Donghoon; Nelson, Scott; Van der Klaauw, Wilbert; Wang, Jialan (2024-08-01)
Since the 2000s, economists across fields have increasingly used consumer credit reporting data for research. We introduce readers to the economics of and the institutional details of these data. Using examples from the literature, we provide practical guidance on how to use these data to construct economic measures of borrowing, consumption, credit access, financial distress, and geographic mobility. We explain what credit scores measure, and why. We highlight how researchers can access credit reporting data via existing datasets or by creating new datasets, including by linking credit ...
Staff Reports , Paper 1114

Working Paper
Model Risk Under CECL: A Consumer Finance Perspective
Canals-Cerda, Jose J. (2026-02-12)
We examine the challenges of economic forecasting and model misspecification errors confronted by financial institutions implementing the novel current expected credit loss (CECL) allowance methodology and its impact on model risk and bias in CECL projections. We document the increased sensitivity to model and macroeconomic forecasting error of the CECL framework with respect to the incurred loss framework that it replaces. An empirical application illustrates how to leverage simple machine learning (ML) strategies and statistical principles in the design of a nimble and flexible CECL ...
Working Papers , Paper 26-09

Working Paper
CECL Implementation and Model Risk in Uncertain Times: An Application to Consumer Finance
Canals-Cerda, Jose J. (2024-02-13)
I examine the challenges of economic forecasting and model misspecification errors confronted by financial institutions implementing the novel current expected credit loss (CECL) allowance methodology and its impact on model risk and bias in CECL projections. We document the increased sensitivity to model and macroeconomic forecasting error of the CECL framework with respect to the incurred loss framework that it replaces. An empirical application illustrates how to leverage simple machine learning (ML) strategies and statistical principles in the design of a nimble and flexible CECL modeling ...
Working Papers , Paper 24-03

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