About Us
The Payment Cards Center was established to serve as a source of knowledge and expertise on consumer credit and payments; this includes the study of credit cards, debit cards, prepaid cards, smart cards, and similar payment vehicles. Consumers' and businesses' evolving use of electronic payments to effect transactions in the economy has potential implications for the structure of the financial system, for the way that monetary policy affects the economy, and for the efficiency of the payments system.
The mission of the Payment Cards Center is to provide meaningful insights into developments in consumer credit and payments that are of interest not only to the Federal Reserve but also to the industry, other businesses, academia, policymakers, and the public at large. The Center carries out its mission through an agenda of research and analysis as well as forums and conferences that encourage dialogue incorporating industry, academic, and public-sector perspectives.
The Third Federal Reserve District's concentration of credit-card-issuing institutions and other payment related businesses make it a natural place to house the Payment Cards Center and moreover, in structuring the Payment Cards Center as a distinct entity — one apart from its supervisory function — the Bank leverages existing internal resources to study a broad set of issues in the payment cards industry. The Center's director and core staff coordinate the activities of internal partners in Research, Operations, Legal, Community and Consumer Affairs, and other relevant areas to create a cross-functional approach in addressing payment cards issues.
In addition, the Center builds partnerships with payment card providers and processors, other industry participants, and the academic research community. Input from an industry advisory council and other external resources help ensure that the Center's agenda is grounded by the realities of the competitive marketplace and informed by a range of perspectives.
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