Federal Reserve System Community Affairs Research Conference

Community
Development
Capital Hilton Washington, D.C.

Financing

Learning from the Past, Looking to the Future
March 29-30, 2007 

T
• • • • • • •

he Community Affairs officers of the Federal Reserve System invite you to attend a conference presenting research on trends and innovations in products serving low- and moderate-income communities and people.

Every year, communities around the country invest millions of dollars to stabilize and rebuild distressed and underserved urban and rural communities. This fifth biennial research conference brings together a diverse audience from academia, financial institutions, community organizations, foundations, and government to examine the issues and challenges facing successful community development. The topics we will examine are important and include: subprime lending remedies and penalties; foreclosure; bankruptcy; consumer education; small business lending; payday lending; and prepaid cards.

Financing Community Development provides a great opportunity to hear and discuss original studies about the opportunities and obstacles to helping low- and moderateincome communities and people build wealth through home loans, small business loans, or other financial services. This conference will be of interest to: • • • • financial institutions’ executives, lenders, and compliance and community development officers; leaders and staff of community and economic development organizations; policymakers in community and economic development; and scholars of economics, finance and banking, and urban and rural development.

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Community
Development
Learning from the Past, Looking to the Future
Thursday, March 29, 2007
8:30 a.m. 9:00 a.m. to 10:15 a.m. 10:15 a.m. to 10:45 a.m. 10:45 a.m. to 12:00 Noon 12:00 Noon to 1:30 p.m. Welcome and Opening Remarks Is Subprime Loan Pricing Fair or Predatory? Break Are Legislative Remedies to Limit Predatory Lending Really Remedies? Lunch and Guest Speaker Mary Lee Widener, President, NHS of America, Inc. What Determines Who Defaults or Goes Bankrupt? How Do They Fare? Break What Should and Can Be Done to Enhance Borrowers’ Knowledge of Their Credit Risk? Reception

Financing

1:30 p.m. to 2:45 p.m. 2:45 p.m. to 3:15 p.m. 3:15 p.m. to 4:30 p.m. 5:00 p.m. to 7:00 p.m.

Friday, March 30, 2007
8:30 a.m. 9:00 a.m. to 10:15 a.m. Welcome and Opening Remarks Does the Financing of Small Businesses Differ for MinorityOwned Businesses and for Businesses in Low-Income Areas? Break Can Alternative Financial Services Products Help the Underbanked? Lunch and Keynote Speaker Ben S. Bernanke Chairman, Board of Governors of the Federal Reserve System

10:15 a.m. to 10:45 a.m. 10:45 a.m. to 12:00 Noon 12:00 Noon to 1:30 p.m.

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Thursday, March 29, 2007
8:30 a.m.

Welcome Sheila F. Maith, Assistant Director and Community Affairs Officer, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System Opening Remarks Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond

9:00 a.m. to 10:15 a.m.

Is Subprime Loan Pricing Fair or Predatory?

“Unfair Lending: The Effect of Race and Ethnicity on the Price of Subprime Mortgages,” Debbie Gruenstein Bocian, Keith S. Ernst, and Wei Li, Center for Responsible Lending “Predatory Lending Practices and Subprime Foreclosures — Distinguishing Impacts by Loan Category,” Morgan J. Rose, Office of the Comptroller of the Currency Discussant: Alan White, Community Legal Services, Philadelphia
10:15 a.m. to 10:45 a.m. 10:45 a.m. to 12:00 Noon

Break Are Legislative Remedies to Limit Predatory Lending Really Remedies?

“The Effect of Prepayment Penalties on the Pricing of Subprime Mortgages,” Gregory Elliehausen and Michael E. Staten, Financial Services Research Program, George Washington University, and Jevgenijs Steinbuks, Department of Economics, George Washington University “State and Local Anti-Predatory Lending Laws: The Effects of Assignee Liability and Legal Remedies,” Raphael Bostic, University of Southern California; Kathleen Engel, Cleveland State University; Patricia McCoy, University of Connecticut School of Law; Anthony Pennington-Cross, Marquette University; and Susan Wachter, University of Pennsylvania Discussant: Michael Calhoun, Center for Responsible Lending
12:00 Noon to 1:30 p.m.

Lunch Guest Speaker: Mary Lee Widener, President, NHS of America, Inc. What Determines Who Defaults or Goes Bankrupt? How Do They Fare?

1:30 p.m. to 2:45 p.m.

“The Delinquency of Subprime Mortgages,” Michelle Danis, Office of Federal Housing Enterprise Oversight, and Anthony Pennington-Cross, Marquette University 

“The Realities of U.S. Personal Bankruptcy Under Chapter 13,” Wenli Li, Federal Reserve Bank of Philadelphia; Hulya Eraslan, University of Pennsylvania; and Pierre-Daniel Sarte, Federal Reserve Bank of Richmond Discussant: Katherine M. Porter, University of Iowa
2:45 p.m. to 3:15 p.m. 3:15 p.m. to 4:30 p.m.

Break What Should and Can Be Done to Enhance Borrowers’ Knowledge of Their Credit Risk?

“Consumer Literacy: What Price Perception?,” Marsha Courchane, ERS Group, and Peter Zorn, Freddie Mac “Targeting Foreclosure Interventions: An Analysis of Neighborhood Characteristics Associated with High Foreclosure Rates in Two Minnesota Counties,” Michael Grover, Federal Reserve Bank of Minneapolis; Laura Smith, Macalester College; and Richard M. Todd, Federal Reserve Bank of Minneapolis Discussant: Glenn Canner, Department of Research and Statistics, Board of Governors of the Federal Reserve System
5:00 p.m. to 7:00 p.m.

Reception 

Friday, March 30, 2007
8:30 a.m.

Welcome Dede Myers, Vice President and Community Affairs Officer, Federal Reserve Bank of Philadelphia Opening Remarks Charles Plosser, President, Federal Reserve Bank of Philadelphia

9:00 a.m. to 10:15 a.m.

Does the Financing of Small Businesses Differ for Minority-Owned Businesses and for Businesses in Low-Income Areas?

“Tracing Access to Financial Capital Among African Americans from the Entrepreneurial Venture to the Established Business,” Alicia M. Robb, University of California, Santa Cruz, and Robert M. Fairlie, University of California, Santa Cruz “Commercial Lending Distance and Historically Underserved Areas,” Robert DeYoung, Federal Deposit Insurance Corporation; W. Scott Frame, Federal Reserve Bank of Atlanta; Dennis Glennon, Office of the Comptroller of the Currency; and Peter Nigro, Bryant University Discussant: Leora Klapper, The World Bank
10:15 a.m. to 10:45 a.m. 10:45 a.m. to 12:00 Noon

Break Can Alternative Financial Services Products Help the Underbanked?

“Strategic Pricing of Payday Loans: Evidence from Colorado, 2001-2005,” Robert DeYoung, Federal Deposit Insurance Corporation, and Ronnie J. Phillips, Colorado State University “Cardholder Use of General Spending Prepaid Cards: A Closer Look at the Market,” Sherrie Rhine, Federal Reserve Bank of New York; Katy Jacob, The Center for Financial Services Innovation; Yazmin Osaki, Federal Reserve Bank of New York; and Jennifer Tescher, The Center for Financial Services Innovation Discussant: Victor O. Stango, Dartmouth University 12:00 Noon to 1:30 p.m. Lunch Keynote Speaker: Ben S. Bernanke Chairman, Board of Governors of the Federal Reserve System 

Conference Registration
Date: Location:

March 29-30, 2007 Capital Hilton Hotel, 1001 16th St. N.W. (corner of 16th and K streets) Washington, D.C. 20036 $375 for individual registration received by March 2, 2007 $425 for individual registration received after March 2, 2007 Refunds, less a $100 processing fee, will be made if cancellation notice is received by March 16. No refunds will be made after the date.

Cost:

Cancellations:

Hotel Reservations

A block of rooms has been reserved at the Capital Hilton Hotel. You must register by March 2 to get the special rate of $229 per night single occupancy or $249 double occupancy (plus tax). To receive the special rate, please mention that you are attending the Board of Governors of the Federal Reserve conference.
To reserve a room: Please contact the hotel at:

Hilton National Hotel Reservations Phone: 1-800-445-8667
Parking:

Valet parking by the hotel is available at the rate of $35 per day for overnight guests. This includes in and out privileges.

You can register three ways: 1. Online at www.federalreserve.gov/communityaffairs/national 2. Fax the form to (202) 736-1900 3. Mail your check and registration form to: Board of Governors of the Federal Reserve System Division of Consumer and Community Affairs Mail Stop 803, 20th & C streets, N.W., Washington, D.C. 20551 Attn: Capria Mitchell-Scott
Name (and name for badge if different)________________________________________________________________________ Title________________________________________________________________________________________________________ Organization________________________________________________________________________________________________ Address_____________________________________________________________________________________________________ City_____________________________________State______________________________________ZIP______________________ Phone___________________________________Fax__________________________________________ E-mail address_________________________________________________________________________

Please indicate the conference fee you will be paying: $375 individual registration received by March 2, 2007 $425 individual registration received after March 2, 2007 Refunds, less a $100 processing fee, will be made if cancellation notice is received by March 16, 2007. No refunds are available after that date. You may pay by check or credit card: Enclosed is a check for $___________payable to the Board of Governors of the Federal Reserve System. Charge to Visa MasterCard Discover

Card number______________________________________________Expiration date____________________________________ Authorized signature_____________________________________________________

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Both government policymakers and community development organizations need the reality check that only hard data can provide. To know whether our policies and programs are delivering the desired results, we need to be able to measure inputs and outcomes, program by program and community by community.
Federal Reserve Chairman Ben Bernanke April 20, 2006

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