Consumer Finance

Our Consumer Finance Institute researches how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Our goal is to foster a healthy consumer sector, a stable financial system, and a resilient regional and national economy.

Mortgage Markets

Discussion Paper

Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation During COVID-19

DP 21-02 - The COVID-19 pandemic exacerbated racial disparities in U.S. mortgage markets.

Vaccine Reluctance Is Diminishing but Still High in a Few Industries

This research brief examines data regarding workers’ attitudes about vaccination by industry using responses to the April 2021 COVID-19 Survey of Consumers conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute.

Consumer Credit


When Regulatory Oversight Tightens, Do Mortgages Become Scarcer for Riskier Borrowers?

Research in Focus — Andreas Fuster, Matthew Plosser, and the Philadelphia Fed's James Vickery ask if regulatory oversight by the Consumer Financial Protection Bureau affects mortgage credit supply.

Education Finance

Discussion Paper

The Lingering Fiscal Effects of the COVID-19 Pandemic on Higher Education

DP 21-01 – The unprecedented challenges from COVID-19 present many institutions of higher education with liquidity, and even solvency, concerns.

Consumer Finance

Working Paper

Household Mortgage Refinancing Decisions Are Neighbor Influenced

WP 21-16 – Can social influence effects help explain regional heterogeneity in refinancing activity?

Summary of the Workshop on Credit Card Lending and Payments

The Federal Reserve Bank of Philadelphia’s Supervisory Research Forum (SURF) and Consumer Finance Institute (CFI) held the virtual Workshop on Credit Card Lending and Payments on September 16‒17, 2020.