Using Federal Reserve (Fed) confidential stress test data, we exploit the gap between the Fed and bank capital projections as an exogenous shock to banks and analyze how this shock is transmitted to consumer credit markets. First, we document that banks in the 90th percentile of the capital gap...

This paper investigates the spillover effects of the opioid epidemic on consumer finance: consumer delinquency; bank consumer portfolio risk; and consumer credit supply, using credit-bureau, credit-card-mail-solicitation, and regulatory bank data. For identification, we employ instruments...

We discover that social capital is associated with higher mortgage approval rates, shorter screening times, longer maturities, lower interest rates, and reduced loan delinquency rates. The results hold when conditioning on extensive consumer and market characteristics, a battery of fixed...

We investigate bank relationships in a rarely considered context – consumer and small business credit cards. Using over one million accounts, we find during normal times, consumer relationship customers enjoy relatively favorable credit terms, consistent with the bright side of relationships,...

Many aspects of the Paycheck Protection Program (PPP) are well-studied, but we focus on an important exception: bank efficiency. Bank efficiency is also well-studied for other topics in banking, but not PPP. Using instrumental variables for identification, we find more intense PPP lending...

Many aspects of the Paycheck Protection Program (PPP) are well-studied, but we focus on an important exception: bank efficiency. Bank efficiency is also well-studied for other topics in banking, but not PPP. Using instrumental variables for identification, we find more intense PPP lending...