Our Researchers

CFI researchers are drawn from across the Federal Reserve Bank of Philadelphia. They have expertise in consumer credit markets — credit cards, mortgages, auto financing, and student loans — and in consumer payment markets — payment cards, checks, automated clearinghouses, and payment innovations.

An Xudong

Xudong An

Supervision, Regulation, and Credit

Principal Financial Economist

Xudong studies mortgages and mortgage-backed securities, focusing on modeling default risk, prepayment risk, and losses. His recent work has explored how borrowers’ propensity to exercise a default option changes over the business cycle.

Kenneth Benton

Ken Benton

Supervision, Regulation, and Credit

Senior Consumer Regulations Specialist

Ken is an attorney with expertise in federal consumer protection laws. He edits Consumer Compliance Outlook, which focuses on consumer protection topics. A recent article of his explains the regulation creating new consumer protections for foreign remittance transfers. 

Nathan Blascak

Nathan Blascak

Payment Cards Center

Associate Industry Specialist

Nathan centers his research on the intersection of health policy and financial well-being. His current research examines how the Affordable Care Act affected the financial outcomes and borrowing behavior of young adults. 

Paul Calem

Paul Calem

Supervision, Regulation, and Credit

Vice President

Paul has broad experience studying mortgage risk, bank capital and supervisory policy, and access to credit. He is now on a part-time assignment at the Consumer Financial Protection Bureau, researching topics using the new National Mortgage Database. 

Jose Canals-Cerda

José Canals-Cerdá

Supervision, Regulation, and Credit

Senior Special Advisor

José researches mortgage and credit card defaults and losses and has expertise in SCAP, CCAR, DFAST, and ALLL/CECL. Recently, José examined the over-the-cycle procyclicality of capital in the Basel IRB framework for retail portfolios.

Larry Cordell

Larry Cordell

Supervision, Regulation, and Credit

Vice President

Larry studies consumer credit risk, particularly mortgages, and risks in fixed income securities. He leads the Risk Assessment, Data Analysis, and Research (RADAR) group of the Federal Reserve Bank of Philadelphia.

Arden Hall

Arden Hall

Supervision, Regulation, and Credit

Special Advisor

Arden focuses on credit and financial modeling. During his career in banking, he helped to manage interest rate risk and credit risk. Arden is the coauthor of a recent study that examined how home equity lines of credit performed at the end of the draw period.

Lauren Lambie Hanson

Lauren Lambie-Hanson

Supervision, Regulation, and Credit

Principal Financial Economist

Lauren studies mortgage default risk, foreclosure, consumers’ access to mortgage credit, reverse mortgages, and the decisions homeowners make regarding maintenance and improvements. Recently, she and her coauthors examined bias in home purchase appraisals.

Igor Livshits

Igor Livshits

Research Department

Economic Advisor and Economist

Igor came to the Bank from the University of Western Ontario in 2017. His research has been published in top economics journals, and his interests range from consumer debt and bankruptcy to sovereign defaults, political economy, and human capital.