Working Paper
Unintended Consequences of Regulating Central Clearing
WP 25-24 – Recent U.S. and European regulations promote centrally clearing derivatives to reduce complexity and systemic risk in the financial system. We argue that more central clearing does not guarantee reduced systemic risk.
Featured Work
Working Paper
Fintech Innovations in Banking: Fintech Partnership and Default Rate on Bank Loans
WP 25-21 – We explore whether banks could leverage data and technology to expand their customer base without taking on more credit risk. Previous studies have not explored the impact of fintech partnerships on the quality of banks’ loan portfolios.
Article
Credit Scores and Rising Credit Card Delinquencies
Economic Insights — COVID disrupted credit scores. What, if anything, did that have to do with the subsequent rise in credit card delinquencies?
Article
A Guide to Understanding Mortgage-Backed Securities
Research in Focus — James Vickery of the Philadelphia Fed and his coauthors discuss the mortgage-backed securities (MBS) market in detail, with a special focus on government-backed residential MBS.
Featured Data
Institutions in the Third District
This interactive tool summarizes information about banks and holding companies within the Third District (comprising eastern and central Pennsylvania, southern New Jersey, and Delaware) and provides each institution’s location and asset size as of the most recent quarter.
Updated: 19 Aug ’25
Third District Banking Conditions
Third District Banking Conditions is a semiannual report comparing the trends of Third District community banks with their national peers.
Updated: 10 Mar ’25
Large Bank Credit Card and Mortgage Data
The Large Bank Consumer Credit Data are based on Y-14M credit card and mortgage data provided by the largest financial institutions in the United States.
Updated: 08 Jul ’25