【市场报告】美联储-金融科技和银行：规避国家高利贷法的战略伙伴关系（英）-2023.8_市场营销策划.docx

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1、FinanceandEconomicsDiscussionSeriesFedera1ReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(On1ine)FinTechandBanks:StrategicPartnershipsThatCircumventStateUsury1awsGregoryE1iiehausenandSimonaM.Hannon2023-056P1easecitethispaperas:EI1iehausenzGregory,andSimonaM.Hannon(2023).yTinTechandBank

2、s:StrategicPartnershipsThatCircumventStateUsury1aws,“FinanceandEconomicsDiscussionSeries2023-056.Washington:BoardofGovernorsoftheFedera1ReserveSystem,https:doi.org/1(H7016/FEDS.2023056.NOTE:Sta仔workingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepre1iminarymateria1scircu1atedtostimu1atedis

3、cussionandcritica1comment.Theana1ysisandconc1usionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.Referencesinpub1icationstotheFinanceandEconomicsDiscussionSeries(otherthanacknow1edgement)shou1dbec1earedwiththeauthor(s)toprotectthetentati

4、vecharacterofthesepapers.FinTechandBanks:StrategicPartnershipsThatCircumventStateUsury1awsWethankHannahCase,JessicaF1agg,and1ucasNatheforSUperbresearchassistance,Mo11yGraebnerandAnujShahaniforgeneroushe1pwithMinte1data,RobertAdams,FabioBraggion1TimDore,JohnDrisco11,HarryP.Huizinga,Thomas1ambert,Geng

5、U,Michae1Pa1umbofDamjanPffer,andR.BurakUrasforhe1pfu1mmentsandsuggestions,andDavidJenkinsandChristopherKar1stenforoutstandingediting.Theviewsinthispaperarethoseoftheauthorsanddonotnecessari1yref1ectthoseoftheBoardofGovernorsoftheFedera1ReserveSystemoritsstaff.rhefirstdraftofthispaperwascomp1etedwhi1

6、eGregoryE11iehausenwasaPrincipa1EconomistattheBoardofGovernorsoftheFedera1ReserveSystem.Correspondingauthor.Address:BoardofGovernorsoftheFedera1ReserveSystem,20thStreetandConstitutionAvenueNW,Washington,DC20551,USAEmai1:simona.m.hannonfrb.gov.August29,2023AbstractPreviousresearchhasfoundevidencesugg

7、estingthatfinancia1techno1ogy(FinTech)1endersseekoutopportunitiesinmarketsthathavebeenunderservedbymainstreambanks.Theresearchfocusesprimari1yontheeffectofbankmarketstructure,1imitedincome,andeconomichardshipinattractingFinTechmpaniestounderservedmarkets.ThispaperexpandsthespeofFinTechresearchbyinve

8、stigatingthero1eofinterestrateregu1ationofnsumercreditandinstitutiona1risksegmentationinFinTech1enders*effortstoso1icitnewcustomersinthepersona11oanmarket.WefindthatstrategicpartnershipsbetweenFinTechcompaniesandspecia1istbankstargetmargina1-risk,near-prime,and1ow-primeconsumersforcreditcardandother

9、debtnso1idation1oans.TheseFinTech-bankpartnershipsespecia11ytargetmargina1consumersinstateswith1owinterestratecei1ings.Mainstreambanks1arge1yavoidhigher-riskconsumers,and1owratecei1ingsinhibitnsumerfinancecompany1ending,whichhistorica11yhasbeenthemajorsourceofpersona11oansforhigherriskconsumersandma

10、ycompetewithbanksatthemargin.Inpartneringwiththespecia1istbanks,theFin-Tech1endersareab1etotakeadvantageoffedera1preemptionsfromstateratecei1ingsto1endprofitab1ytohigher-riskconsumersinstateswith1owratecei1ingstompeteinthesemarkets.Keywords:ConsumerCredit,AccesstoCredit,InterestRateCap,Financia1Regu

11、1ation,Fin-Tech.JE1c1assification:G21,G23,G41. IntroductionFinancia1techno1ogy(FinTech)companypartnershipswithspecia1istbankscommon1ymarketpersona11oansforcreditcardorotherdebtconso1idation.TheseFinTech-bankpartnershipsuseon1inep1atformstofaci1itateoriginationof1oansthroughapartnerbankandusepropriet

12、aryunderwritinga1gorithmstosupp1ementconventiona1underwritingcriteria.Overthepastdecade,thenumberOfFinTechcompanieshasincreaseda1ongside1oanvo1ume.EvidencefrompreviousresearchsuggeststhatFinTech1endersseekopportunitiesinmarketsthathavebeenunderservedbymainstreambanks.Thesestudiesfocusprimari1yonthee

13、ffectofbankmarketstructure,1owincome,andeconomicadversityinattractingFinTechcompaniestounderservedmarkets.Forexamp1e,Buchaketa1.(2017)findthatFinTechpenetrationinresidentia1rea1estate1endingispositive1yassociatedwith1argerminoritypopu1ations,1owerunemp1oyment,andhighermarketconcentration.Havry1chyke

14、ta1.(2023)findthatFinTech1endersexpandedinareaswith1ower-densitybranchnetworks.Jagtianiand1emieux(2018)ndthata1argeFinTechfirm,s(1endingC1ub)originationsofpersona11oansfordebtconso1idationwereassociatedwithgreaterconcentrationincreditcard1ending,fewerbankbranchespercapita,andweaker1oca1economies.Com

15、aggia,Wo1fe,andY(2018)findthatFinTechpresencewasassociatedwith1owerpersona11oanvo1umeatbanksin1esscompetitivemarkets,whi1evo1umeatbanksinmorecompetitivemarketsappeared1arge1yunafiected.Tang(2019)findsthatconsumerswhoareconsideredmargina1bybanksandconsumersseekingsma11amountsofcreditaremost1ike1ytobe

16、nefitfromcreditexpansionopportunitiesofferedbyFinTechfirms.Examiningdatafroma1argeFinTechfirm,Batyuk(2019)arguesthatFinTechfirmsreduceinformationimperfectionsinconsumercreditmarkets,1eadingtobetterconsumeroutcomes,inc1udingreducedbankrents,increasedspeedandconvenienceinobtainingcredit,andbroadenedfinancia1inc1usion.DiMaggioandYao(2023)findthatFinTechborrowersseekingapersona11oantendedtohave1owercreditscoresthanbankborrow