Publications
Debt Resolution Options: Market & Policy Context Executive Summary
Overview Paper
Report Summary
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Acknowledgments
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With Support From
Bank of America
is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and awardwinning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (ATMs) is listed on the New York Stock Exchange.
Accion
Accion in the U.S. (Accion) is a non-profit small business lender that provides installment loans of $300 or more to underserved entrepreneurs. Repayment periods are typically 24 months. Accion provides small businesses loans nationwide through four independent, regional CDFIs and a national office that coordinates technology and knowledge sharing to benefit the network. Data from one location was evaluated in this research. Accion accepts applications online.
Related Publications
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Debt Management Insights for Distressed Borrowers: Bridging from Emergency Programs to Longer Term Payment Plans
This additional study of COVID-19 loan forbearances probes the benefits of combining short-term payment relief with longer term assistance plans for the most vulnerable consumers struggling with credit card debt.
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Debt Management Insights for Distressed Borrowers: Credit Counseling and Loan Forbearances Post-COVID
This working paper focuses on consumers who struggled to manage credit card and other unsecured debt during the pandemic, analyzing the extent to which consumers obtained card and other forbearances from lenders and shifts in patterns of consumers who sought credit counseling and enrolled in debt management plans through September 2021.
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The Countdown Clock for Student Loan Forbearances
This research brief highlights the need for consumer engagement and administrative flexibility to help distressed borrowers transition smoothly into longer-term repayment plans as pandemic deferral programs end and new programs are implemented.
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Debt Management Insights for Distressed Borrowers
FinRegLab is working with teams at The Ohio State University and Charles River Associates to evaluate new workout structures and data and technology applications for consumers who are struggling with unsecured credit. The project will use data from pilots organized by the National Foundation for Credit Counseling and other sources. Learn More
About FinregLab
FinRegLab is an independent, nonprofit organization that conducts research and experiments with new technologies and data to drive the financial sector toward a responsible and inclusive marketplace. The organization also facilitates discourse across the financial ecosystem to inform public policy and market practices. To receive periodic updates on the latest research, subscribe to FRL’s newsletter and visit www.finreglab.org. Follow FinRegLab on LinkedIn.
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