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Discussion Paper
The Community Reinvestment Act (CRA) and Bank Branching Patterns
Reid, Carolina; Ding, Lei (2019-09-10)
This paper examines the relationship between the Community Reinvestment Act (CRA) and bank branching patterns, measured by the risk of branch closure and the net loss of branches at the neighborhood level, in the aftermath of Great Recession. Between 2009 and 2017, there was a larger decline in the number of bank branches in lower-income neighborhoods than in more affluent ones, raising concerns about access to mainstream financial services. However, once we control for supply and demand factors that influence bank branching decisions, we find generally consistent evidence that the CRA is ...
Community Affairs Discussion Paper , Paper 19-1

Working Paper
Credit Ratings, Private Information, and Bank Monitoring Ability
Nakamura, Leonard I.; Roszbach, Kasper (2016-06-16)
In this paper, we use credit rating data from two large Swedish banks to elicit evidence on banks' loan monitoring ability. For these banks, our tests reveal that banks' internal credit ratings indeed include valuable private information from monitoring, as theory suggests. Banks' private information increases with the size of loans.
Working Papers , Paper 16-14

Journal Article
Implementing the Monetary Control Act in a troubled environment for thrifts
Moulton, Janice M. (1982-07)
Business Review , Issue Jul/Aug , Pages 13-21

Speech
Some observations about policy lessons from the crisis
Plosser, Charles I. (2009-12-04)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, The Philadelphia Fed Policy Forum: Policy Lessons from the Economic and Financial Crisis, December 4, 2009
Speech , Paper 32

Working Paper
Modeling Your Stress Away
Stebunovs, Viktors; Niepmann, Friederike (2018-07-19)
We investigate systematic changes in banks' projected credit losses between the 2014 and 2016 EBA stress tests, employing methodology from Philippon et al. (2017). We find that projected credit losses were smoothed across the tests through systematic model adjustments. Those banks whose losses would have increased the most from 2014 to 2016 due to changes in the supervisory scenarios-keeping the models constant and controlling for changes in the riskiness of underlying portfolios-saw the largest decrease in losses due to model changes. Model changes were more pronounced for banks that rely ...
International Finance Discussion Papers , Paper 1232

Working Paper
The impact of the home valuation code of conduct on appraisal and mortgage outcomes
Nakamura, Leonard I.; Ding, Lei (2015-07-24)
Supersedes Working Paper 14-23. The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict-of-interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General?s office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on ...
Working Papers , Paper 15-28

Speech
Responding to economic crises: good intentions, bad incentives, and ugly results: a speech at The Union League of Philadelphia, October 20, 2010
Plosser, Charles I. (2010-10-20)
Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia> The Union League of Philadelphia, October 20, 2010
Speech , Paper 44

Working Paper
Policy in adaptive financial markets—the use of systemic risk early warning tools
Oet, Mikhail V.; Gramlich, Dieter; Ong, Stephen J. (2013)
How can a systemic risk early warning system (EWS) facilitate the financial stability work of policymakers? In the context of evolving financial market dynamics and limitations of microprudential policy, this study examines new directions for financial macroprudential policy. A flexible macroprudential approach is anchored in strategic capacities of systemic risk EWSs. Tactically, macroprudential applications are founded on information about the level, structure, and institutional drivers of systemic financial stress and aim to manage the financial system risk and imbalances in two ...
Working Papers (Old Series) , Paper 1309

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