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.

Philadelphia skyline with the Ben Franklin Bridge and Delaware River.

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.

Mortgage Markets

Working Paper

“Sort Selling”: Political Polarization and Residential Choice

WP 21-14 – Partisanship and political polarization are salient features of today’s society. We merge deeds records with voter rolls and show that political polarization is more than just “political cheerleading.”

Recent Data on Mortgage Forbearance: Borrower Uptake and Understanding of Lender Accommodations

This research brief examines data relating to mortgage forbearance using responses to the January 2021 COVID-19 Survey of Consumers conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute.





Fourth Biennial Conference on Auto Lending


Mortgage Markets

Working Paper

Inequality in the Time of COVID-19: Evidence from Mortgage Delinquency and Forbearance

WP 21-09 – Using a novel database that combines mortgage servicing records, credit-bureau data, and loan application information, we show that lower-income and minority borrowers have significantly higher nonpayment rates during the COVID-19 pandemic, even after controlling for conventional risk factors.

Consumer Credit

Working Paper

Does CFPB Oversight Crimp Credit?

WP 21-08 - We study how regulatory oversight by the Consumer Financial Protection Bureau (CFPB) affects mortgage credit supply and other aspects of bank behavior.

CFI COVID-19 Survey of Consumers – Wave 7

This report shares results from Wave 7 of a national survey of consumers investigating the effects of COVID-19 on renters and mortgage holders, with updates to previous data on job and income loss and financial security.