Banking and Payments Research

Research staff analyze domestic and international payments systems as well as the banking industry.

Recent Articles

Payments System Research Briefing

How Much Do Nonbank Transaction Accounts Improve Access to Digital Payments for Unbanked Households?

About 40 percent of unbanked households had a nonbank transaction account in 2021, allowing them access to digital payments.

Economic Bulletin

Rapid Declines in the Fed’s Overnight Reverse Repurchase (ON RRP) Facility May Start to Slow

The value of assets held at the Federal Reserve’s overnight reverse repurchase (ON RRP) facility has dropped by close to 60...

Research Working Paper

Financing Modes and Lender Monitoring

Can banks and shadow banks coexist in the absence of financial regulation and regulatory arbitrage?

Research Working Paper

Evaluating Local Language Models: An Application to Bank Earnings Calls

We find local large language models useful in analyzing bank earnings calls after the banking stress of early 2023.

Payments System Research Briefing

Social Media for Personal Finances: A New Trend for Millennials and Gen Z

Social media platforms are increasingly where younger generations make payments, shop, raise money, and learn about finance.

Economic Bulletin

Failure of SVB Reduced Local Consumer Spending but Had Limited Effect on Aggregate Spending

While the failure of Silicon Valley Bank dampened consumer spending in some counties, aggregate spending remained resilient.