CPRC Mission and Objectives
Mission
The CPRC is a team of economists and payments experts who research consumer payment behavior. The CPRC is involved in two main areas of work:
(1) Development of the annual Survey of Consumer Payment Choice (SCPC) and other consumer payments data in order to conduct research and help formulate public policy for the U.S. payment system.
(2) Filling a knowledge gap by becoming a leader in research and policy analysis on the demand-side of money and payments, by focusing on consumer payment behavior that includes the behavior of individuals, households, firms and government.
Objectives
- Demand for money and payments
Study the demand for money and payments to help the Federal Reserve forecast, plan, and implement the most efficient supply and pricing of consumer and business payment services, with an emphasis on existing payments (cash, checks, credit, debit, ACH, and Treasury payments). - Consumer protection and financial literacy
Evaluate consumers' preferences and financial literacy to help the Federal Reserve and Congress enact the most beneficial regulations, laws, and educational programs to protect and support consumer payment choices. - Payment markets
Study and facilitate the interaction between supply and demand for money and payments. For example,- Identify barriers to adoption, such as security or lack of interoperability, by supporting industry efforts to develop and implement new or improved payment instruments and systems.
- Identify potential market failures in small cross-border payments (such as user access, competition among providers, frictions).
- Provide analyses of demand-side perspectives on payment system standards to the appropriate standard-setting organizations.
- Identify barriers to adoption, such as security or lack of interoperability, by supporting industry efforts to develop and implement new or improved payment instruments and systems.
