As part of The Saint Paul Foundation’s Credit Card Project, three credit card issuers conducted randomized tests of whether offering online credit card education to credit cardholders is effective in changing behavior. The targeted populations were either new cardholders or cardholders...

We explore the effects of mandatory third-party review of mortgage contracts on the terms, availability, and performance of mortgage credit. Our study is based on a legislative experiment in which the State of Illinois required “high-risk” mortgage applicants acquiring or refinancing...

A critical challenge faced by educators, community leaders and policy makers is to bring financial literacy and consumer education effectively to their constituencies. Based on the qualitative evidence gleaned from focus groups, we take a pragmatic approach in proposing ways to deliver financial...

Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Federal Reserve Bank of Chicago Chicago, IL

Using data collected from participants of the FDIC’s Money Smart program, this study investigates the impact that financial education has on an individual’s decision to move from unbanked to banked. To date, most programs and initiatives that target the unbanked define program impact by the...