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“In this Data Point we present the results of several analyses of consumers’ use of payday loans. The focus of the analyses is loan sequences, the series of loans borrowers often take out following a new loan. Key findings of this report include: Over 80% of payday loans are rolled over or followed by another …
Audit Report, AUD-2014-012, March 25, 2014: “The pre-foreclosure property inspection process needs improvement to ensure that pre-foreclosure inspection objectives are achieved in the most effective manner. There is limited assurance that the Enterprises have effective controls in place to ensure the quality of inspections conducted and that inspectors issue reports consistent with contractual requirements. Overall, several servicers reviewed …
News release: “The use of mobile phones to access a bank account, credit card, or other financial account continued to increase in prevalence among adults in the United States last year, according to the Federal Reserve Board’s latest report on the use of mobile financial services. As of December 2013, 33 percent of all mobile …
“The Natixis CoreData Global Retirement Index is an international comparison tool with an objective of providing a global benchmark for retirees and future retirees to evaluate and compare the suitability of nations globally in meeting retirement expectations, needs and ambitions. Welfare in retirement is an increasingly relevant issue in modern societies as demographic compositions continue …
Foreign exchange intervention and the banking system balance sheet in emerging market economies (Working Paper) by Blaise Gadanecz, Aaron Mehrotra and Madhusudan Mohanty, March 24, 2014. “Large-scale forex intervention in emerging market economies (EMEs) aimed at resisting currency appreciation has major implications for the composition of banking system balance sheets. The domestic monetary consequences depend on the nature of central bank …
No. 13-5270 NACS, FORMERLY KNOWN AS NATIONAL ASSOCIATION OF CONVENIENCE STORES, ET AL., APPELLEES v. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, APPELLANT. Appeal from the United States District Court for the District of Columbia (No. 1:11-cv-02075). Decided March 21, 2014. “TATEL, Circuit Judge: Combining features of credit cards and checks, debit cards have become not …
Follow up to Federal Reserve releases summary results of bank stress tests – see Dodd-Frank Act Stress Test 2014: Revised Projected Minimum Tier 1 Common Ratios. March 21, 2014. “The biggest change to the minimum Tier 1 common ratios was a 0.5 percentage point decline for American Express Co., followed by a 0.3 percentage point increase for both M&T Bank Corp., based …
LinkedIn: “For career-minded people everywhere, these are interesting times. Economies continue to falter in several regions of the world, which can make job transition frustrating for the one in four professionals actively seeking their next role. That said, for anyone open to a career move, we live in an era of unprecedented transparency. More job opportunities are viewable …
“Even in good times, the long-term unemployed are on the margins of the labor market, with diminished job prospects and high labor force withdrawal rates. Even after finding another job, reemployment does not fully reset the clock for the long-term unemployed, who are frequently jobless again soon after they gain reemployment. Only 11 percent of …
“This report presents highlights and statistical tables of minimum wage workers in 2013. The data are obtained from the Current Population Survey (CPS), a national monthly survey of approximately 60,000 households conducted by the U.S. Census Bureau for the U.S. Bureau of Labor Statistics (BLS). Information on earnings is collected from one-fourth of the CPS sample each month.The CPS does not include questions on whether workers are covered by the minimum …
Are the Long-Term Unemployed on the Margins of the Labor Market? Alan B. Krueger, Princeton University & NBER; Judd Cramer, Princeton University; David Cho, Princeton University. March 2014. “This paper explores the plausibility of a unified explanation for the recent shifts in the price and real wage Phillips Curves and Beveridge Curve in the U.S.: namely, that the long-term unemployed, …
“This paper by Leonard E. Burman reviews historical trends in economic inequality and tax policy’s role in reducing it. It documents the various reasons why income inequality continues to rise, paying particular attention to the interplay between regressive and progressive federal and state taxes. The report also considers the trade-off between the social welfare gains that …
