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            Data Consumer Credit - G.19
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 About
        RSS
          DDP Performance Evaluation of the Consumer Credit (G.19) Statistical Release
        December 2022 I. Introduction The Federal Reserve's G.19 Statistical Release, "Consumer Credit," is
        published monthly, generally on the fifth business day of the month. The
        release provides national aggregate amounts (by type and holder) of
        outstanding credit held by households; it also contains selected average
        terms of credit. The top panel on the first page of the G.19 release presents growth
        rates (in simple annual percentage rate terms), outstanding levels (in
        billions of dollars), and annualized flows (in billions of dollars) of
        seasonally adjusted consumer credit for the most recent three months as
        well as for the past five quarters and the past five years. Data for the
        most recent month are marked on the release as preliminary and are
        subject to revision in future releases. The bottom panel on the first
        page contains quarterly data on terms of credit: interest rates on
        select types of loans at commercial banks and interest rates, loan
        maturities, and average amounts for new-car loans at auto finance
        companies.1 All of these
        concepts are explained in the footnotes on the second and third pages of
        the release. The second page of the release provides a breakdown of
        consumer credit by type of credit and holder that is not seasonally
        adjusted. The third page of the release shows the flow of credit, also
        by type of credit and holder. To construct the consumer credit statistics, the Federal Reserve
        maintains direct data collection programs for commercial banks and
        finance companies and obtains information for other creditor groups
        through secondary sources. The Federal Reserve sources include: *Weekly Report of Selected Assets and Liabilities of Domestically
            Chartered Commercial Banks and U.S. Branches and Agencies of Foreign
            Banks*
          (FR 2644; OMB No. 7100-0075)
        *Domestic Finance Company Report of Consolidated Assets and
            Liabilities*
          (FR 2248; OMB No. 7100-0005)
        *Quarterly Report of Interest Rates on Selected Direct Consumer
            Installment Loans*
          (FR 2835; OMB No. 7100-0085)
        *Quarterly Report of Credit Card Interest Rates*(FR
          2835a; OMB No. 7100-0085)
        *Finance Company Questionnaire*(FR 3033p/s; OMB No.
          7100-0277) Secondary sources include the Federal Financial Institutions Examination
        Council (FFIEC), the Credit Union National Association (CUNA), the U.S.
        Department of Education, the Census Bureau, and additional private
        sector vendors. The remainder of this document includes a more detailed discussion of
        the history of consumer credit, a description of the various data
        sources, and other information called for by Statistical Policy
        Directive No. 3, section 8, Performance Evaluation. II. Background The Federal Reserve has been the primary producer of aggregate
        statistics on consumer credit since 1942. This role stems from the
        Federal Reserve's responsibility for monetary policy and its particular
        responsibilities and data needs in the consumer credit area, originally
        under Executive Order 8843 of August 9, 1941, and Board Regulation W
        Consumer Credit and later under various other acts and regulations.
        Collection of information on terms of credit began in 1972 at the
        request of the President's Committee on Interest and Dividends, which
        was established as part of phase I of President Nixon's wage-price
        controls program. Since the Federal Reserve began compiling and publishing data on
        consumer credit, both the format of the G.19 release and the underlying
        data have undergone many changes. A major revision to the consumer
        credit statistics occurred in early 1983 as a result of an exhaustive
        review by the Federal Reserve of its entire consumer credit data
        collection and compilation program; changes were made to the program to
        focus on items of highest priority to the Federal Reserve's analysis, to
        eliminate materials of dubious quality, and to reduce reporting
        burdens.2 In 1989, estimates of
        consumer loans held in pools of securitized assets began to be included
        in the estimates of total consumer credit outstanding; this change
        resulted in a break in the series. In 1999, the automobile and "Other" outstanding credit series in the
        G.19 release were combined into a single category called "Nonrevolving"
        credit. This change was implemented because the estimated split between
        these categories lacked a suitable benchmark. The report was also
        reformatted to provide additional historical data. In 2003, student
        loans extended by the federal government and by SLM Corporation, the
        parent company of Sallie Mae, were added to the estimates of total
        consumer credit outstanding. The G.19 release was revised to include a
        new line item, "Federal government and Sallie Mae," which showed data
        for direct federal government student loans and student loans on Sallie
        Mae's balance sheet. Student loans held by the non-GSE portion of SLM
        Corporation were added to the finance company sector, and Sallie Mae's
        securitized loans were added to pools of securitized assets. After the
        completion of Sallie Mae's privatization in the fourth quarter of 2004,
        data for SLM Corporation were entirely accounted for in the finance
        company sector, and the line item was renamed "Federal government" in
        December 2009. In 2012, the release was augmented to include flows of credit for all
        loan categories included in the release. In 2013, the release was augmented to include a new sector, "Nonprofit
        and educational institutions," as well as two memo line items reflecting
        student and motor vehicle loans outstanding. III. Sources and Methodology A. Credit Stocks 1. Depository Institutions Monthly estimates of consumer credit held by depository institutions are
        based on data collected by the Federal Reserve in the
        *Weekly Report of Selected Assets and Liabilities of Domestically
          Chartered Commercial Banks and U.S. Branches and Agencies of Foreign
          Banks*
        (FR 2644; OMB No. 7100-0075).3
        The report collects, among other data, information on outstanding
        balances of consumer revolving and nonrevolving credit as of the close
        of business each Wednesday. The report also collects outstanding
        balances of consumer loans that have been pooled and used as collateral
        for asset-backed securities (ABS); these loans are no longer on the
        balance sheets of the originating depository institutions, but they
        remain consumer debt. The reporting panel for the FR 2644 consists of an authorized stratified
        random sample of about 850 domestically chartered commercial banks and
        U.S. branches and agencies of foreign banks; participation is voluntary.
        The Federal Reserve Banks collect FR 2644 data from the individual
        respondents in their respective Districts. The Reserve Banks edit the
        data and then transmit the information to the Federal Reserve Board for
        central processing. The Board staff review the sample data and make
        adjustments for mergers and acquisitions as well as for the entry and
        exit of respondents when constructing national estimates. These data are
        then reported in the Federal Reserve System's weekly Statistical Release
        H.8,
        *Assets and Liabilities of Commercial Banks in the United States*. To construct the G.19 depository institutions' consumer credit
        estimates, month-end estimates are created from the H.8 data using
        weighted averages of the two Wednesdays around each month's end. The
        month-to-month growth rates implied by these estimates are then used to
        extrapolate the previous estimates for the depository institutions
        universe forward. On a quarterly basis, the G.19 depository institutions
        consumer credit estimates are benchmarked to the quarterly
        *Consolidated Reports of Condition and Income*, or Call Reports
        (FFIEC 031-034; OMB No. 7100-0036)4. The Call Report is a legal requirement of all insured depository
        institutions. 2. Finance Companies Estimates of consumer credit held by finance companies are based on the
        Federal Reserve's monthly
        *Domestic Finance Company Report of Consolidated Assets and
          Liabilities*
        (FR 2248; OMB No. 7100-0005). The FR 2248 collects select balance sheet items as of the close of
        business on the last business day of the survey month. It also collects
        supplemental information, such as outstanding balances of pools of
        securitized assets that are backed by loans and leases. These loans and
        leases are no longer on the balance sheet of the finance companies.
        Certain core items are collected every month, while other items needed
        by the Federal Reserve on a less frequent basis are collected only for
        the final month of each quarter. The particular FR 2248 items used for the G.19 release are
        on-balance-sheet asset items 3B(1), 3B(2), 3B(3), 3B(4), and 3B(5)
        (consumer motor vehicle loans, revolving consumer credit,
        government-guaranteed student loans, private student loans, and other
        consumer loans, respectively) and their off-balance-sheet counterparts,
        items S.3B(1), S.3B(2)B, S.3B(3), S.3B(4), S.3B(5).5
        All of these items are collected monthly.6 The current reporting panel for the FR 2248 consists of a random
        stratified sample of about 50 companies. Reports for these companies are
        collected by the Federal Reserve Banks in their respective Districts;
        the Reserve Banks then edit these data and transmit them to the Federal
        Reserve Board for central processing. At the Board, the data are
        reviewed and then expanded to the national finance company totals by
        assuming that the universe grows at the rate of the sample, with
        adjustments for firms entering and exiting the sector. Every five years, the Federal Reserve conducts a larger and more
        detailed survey of finance companies, the
        *Quinquennial Finance Company Questionnaire and Survey* (FR
        3303s; OMB No. 7100-0246). The results are used to benchmark the monthly
        finance company estimates constructed from the FR 2248 and to update the
        FR 2248 panel. The most recent benchmark survey was conducted as of June
        30, 2021. Using survey data from the current regular monthly reporters
        and a random stratified sample of additional companies, a population of
        finance companies will be estimated. Estimates of assets and liabilities
        for the population are then constructed. 3. Credit Unions Outstanding consumer installment credit held by credit unions is
        provided by the CUNA; these data include loans held by both federally
        insured and other credit unions. The data are quarterly benchmarked to
        the National Credit Union Administration's (NCUA)
        *Statement of Financial Condition* (NCUA 5300; OMB No.
        3133-0004). 4. Student Loans Associated with the Federal Government The amount of outstanding student loans guaranteed or funded directly by
        the federal government is estimated from data provided by the Department
        of Education. The estimates are partly based on monthly data on federal
        direct student loans from the Department of Education, which were
        formerly from the Treasury Department's
        *Monthly Treasury Statement*. Estimates through September 2004
        (when Sallie Mae was dissolved) also include loans on Sallie Mae's
        balance sheet. 5. Nonprofit and Educational Institutions Estimates of outstanding student loans held by nonprofit and educational
        institutions only include Federal Family Education Loan Program (FFELP)
        loans held by state-affiliated nonprofit lenders and schools. The amount
        outstanding of student loans held by nonprofit and educational
        institutions is estimated from annual benchmark data published by the
        Department of Education under the top 100 entities holding FFELP loans.
        These data are inflated to reflect holdings by all entities.7 6. Nonfinancial Businesses Outstanding consumer debt held by nonfinancial businesses (retailers) is
        estimated using the Census Bureau's Annual Retail Trade Report. Monthly
        estimates are based primarily on the typical seasonal patterns of credit
        outstanding. The estimates are adjusted for changes over time in the
        credit programs offered by nonfinancial businesses (for example, many
        retailers' programs have been taken over by depository institutions, and
        the associated receivables have been shifted to that sector's
        estimates). 7. Pools of Securitized Assets The G.19 release includes outstanding consumer credit that is being held
        in pools of securitized consumer loans, also known as ABS. The estimates
        are based, in part, on some of the sources discussed previously: Call
        Reports capture loans securitized by commercial banks, and the FR 2248
        report captures those securitized by finance companies. For loans
        securitized by finance companies not included in the FR 2248 and for
        loans securitized by savings institutions, the Federal Reserve uses
        consumer ABS data from private vendors. 8. Student Loans Memo Item The "Student Loans" memo line reflects the total student loan debt
        outstanding including defaulted loans and accrued interest. The estimate
        is constructed by summing the total private and federal student loans
        outstanding with federal loans consisting of those issued under the
        Direct Loan Program, the FFELP, and the Perkins program. The estimate
        for federal student loans is benchmarked against data published by the
        Department of Education, while the estimate for private student loans is
        constructed by Federal Reserve staff using data from a private vendor
        Eternal. 9. Motor Vehicle Loans Memo Item The "Motor Vehicle Loans" memo line reflects the total motor-vehicle
        loan debt outstanding. The estimate is constructed by summing motor
        vehicle loans held and managed by depository institutions, finance
        companies, credit unions, and nonfinancial business. B. Terms of Credit 1. Commercial Banks The Federal Reserve collects quarterly data on interest rates for
        60-month and 72-month new-car loans and 24-month personal loans through
        the
        *Quarterly Report of Interest Rates on Selected Direct Consumer
          Installment Loans*
        (FR 2835; OMB No. 7100-0085). The data represent the "most common rates"
        (based on dollar-volume terms) for loans made as of the Saturday ending
        the first full week in February, May, August, and November.8
        For variable-rate loans, the banks are asked to consider the initial
        interest rate on the loans. In recent quarters, about 90 commercial banks have filed FR 2835
        reports. Banks report to the Federal Reserve Banks in their respective
        Districts; the Reserve Banks edit the information and then transmit it
        to the Board for central processing. The Board staff review the data and
        calculate averages that are published as part of the G.19 release.9
        These data are neither benchmarked nor adjusted for seasonal variation. In a separate report, the
        *Quarterly Report of Credit Card Interest Rates* (FR 2835a; OMB
        No. 7100-0085), the Federal Reserve collects quarterly data from
        commercial banks on the average interest rate across all of their credit
        card accounts, finance charges on credit card accounts, total number of
        credit card accounts, total average daily balances, and total average
        daily balances that incurred a finance charge.10
        These data are collected for the billing cycles in February, May,
        August, and November. The current reporting panel for the FR 2835a consists of about 30
        commercial banks. Respondents send their reports to the Federal Reserve
        Banks in their respective Districts; the Reserve Banks edit the
        information and then transmit it to the Board for central processing.
        The Board staff review the data and calculate two interest rate measures
        for the G.19 release. The measure labeled "All accounts" is a weighted
        average of the interest rate for all accounts, in which each bank's
        weight is based on its number of accounts. The measure labeled "Accounts
        assessed interest" is calculated by dividing total finance charges by
        total average daily balances that incurred finance charges. This latter
        measure is designed to correspond with the average interest for
        cardholders who actually paid interest. These data are neither
        benchmarked nor adjusted for seasonal variation. 2. Finance Companies The estimates of terms of automobile credit at finance companies are
        produced from Experian's AutoCount Risk Report and encompass the
        majority of captive and noncaptive finance companies in the United
        States. IV. The G.19 Release A. Processing and Publication Schedule The Federal Reserve aims to make the G.19 data available to the public
        in the afternoon of the fifth business day of the second month following
        the reference month.11 This
        publication lag exceeds the goal stated in Statistical Policy Directive
        No. 3 (release within 22 working days of the end of the reference
        period), but it is the shortest feasible lag, given the time required to
        collect, process, and review preliminary information from the various
        sources and compute the estimates. Prior to November 1986, the G.19
        release had been scheduled for "about the middle" of the second month
        following the reference month. Streamlining of the Federal Reserve's
        production processes allowed the schedule to be accelerated to the
        current timing in November 1986. Since November 1986, the targeted
        release date has been met on all occasions. The release of the G.19 data is handled by the Federal Reserve Board's
        Public Affairs Office. The release is available on the Federal Reserve
        Board's public website.12 B. Avoidance of Premature Disclosure All data in the G.19 release are provided to the public in aggregate
        form only. With the exception of commercial bank interest rate data
        discussed previously, individual respondent data are not made available. Prior to publication each month, access to the estimates is limited to
        Board staff members who are responsible for preparing the estimates and
        the G.19 release. In addition, some of the information may be made
        available to members of the Board and the Federal Open Market Committee
        as background material for making monetary policy decisions (and to the
        staff who prepare such materials). There is no record of a premature disclosure during the evaluation
        period. C. Accuracy and Reliability Monthly growth rates for the G.19 consumer credit series can be quite
        volatile, especially given that the reference period includes the
        COVID-19 pandemic. For example, the standard deviation of the annualized
        percent change in seasonally adjusted monthly consumer credit over the
        past three years is 5.2 percentage points for total consumer credit,
        15.8 percentage points for revolving credit, and 2.1 percentage points
        for nonrevolving credit. It is difficult to assess how much of this
        volatility arises because of true variation in the amount households
        have borrowed and how much stems from error in measurement. However, the
        latter factor seems likely to have been at least somewhat important,
        given the degree to which source data are incomplete at high
        frequencies. On a quarterly basis, the standard deviation of the
        annualized percent change in seasonally adjusted consumer credit over
        the past three years is 4.3 percentage points for total consumer credit,
        14.1 percentage points for revolving credit, and 1.7 percentage points
        for nonrevolving credit. The G.19 data are revised on a regular basis. Revisions to the
        depository institutions estimates most commonly result from respondents
        to the FR 2644 reclassifying loans and making other corrections to their
        data and from the quarterly benchmarking to the Call Reports. Revisions
        to the finance companies estimates generally stem from respondents to
        the FR 2248 correcting their data or providing their data late and from
        the quinquennial benchmarking to the FR 3033. Revisions to the credit
        union estimates occur primarily due to quarterly benchmarking to
        information from the NCUA. Revisions to nonfinancial business and
        nonprofit and educational institutions estimates are typically caused by
        annual benchmarking to the Census Bureau data and the Department of
        Education's data, respectively. Revisions to student loan estimates are
        typically caused by benchmarking to the Department of Education's
        published data every quarter. In addition, the re-estimation of seasonal
        factors once a year affects the seasonally adjusted totals for overall
        consumer credit, revolving credit, and nonrevolving credit shown on the
        release. Additive outliers were used for March through August of 2020 to
        account for anomalous movement as a result of the pandemic. Revisions may also occur because the Federal Reserve staff occasionally
        alter the methods used to estimate outstanding consumer credit. These
        changes may be spurred by the availability of new data sources, the
        discontinuation of prior data sources, or changes in loan markets that
        render the existing methods inferior or incomplete. D. Dissemination of Revised and Historical Data The release tables contain markings that indicate whether the data for a
        given time period have been revised. In addition, footnotes are added to
        explain some larger revisions and, for particularly important revisions,
        supplementary background material has been posted on the Board's public
        website.13 The Federal
        Reserve's experience has been that the conceptual explanations provided
        in the footnotes and supplementary material are sufficient to inform the
        public. Generally speaking, many calls result from users either not
        reading the material or from users getting information from a secondary
        source, such as a newspaper or newsletter. On rare occasions, outside
        researchers call to clarify a minor technical point with Federal Reserve
        staff. The Federal Reserve is sensitive to the issue of clarity, and, should
        the number of calls concerning a specific point become large, the point
        would be addressed through additional footnotes or material on the
        website. For example, recently, Federal Reserve staff augmented the list
        of Frequently Asked Questions to include information on buy-now,
        pay-later (BNPL). The Federal Reserve Board makes current estimates of historical data on
        consumer credit available on the Board's public website. Footnotes After the FAS 166/167 accounting rule changes in
          2010, consumer loan assets reported as in the off-balance sheet
          securitized pools have diminished substantially.
          Return to text
        Covers most of the captive and noncaptive finance
          companies. The series of finance company new card loan terms included
          in previous releases are discontinued. They remain available from the
          Data Download Program. Return to text
        The 1983 revision eliminated gross flow data from
          the G.19 release. Doubts about the quality of the gross flow data had
          arisen because of a lack of source data on gross extensions (outside
          the finance company sector) and some definitional problems. A
          substantial increase in costs and reporting burden would have been
          needed to produce better estimates, but such an increase did not
          appear to be justified, given the limited analytical value of gross
          flow data. Through the end of 1987, extensions data from finance
          companies continued to be collected and published in the Federal
          Reserve's Statistical Release G.20, "Finance Companies." Extensions
          data were eliminated from the G.20 release in January 1988. Additional
          information on these changes is available in the various supporting
          statements on file at the Office of Management and Budget for the
          Federal Reserve consumer credit series.
          Return to text
        Commercial bank data were previously also collected
          on the Commercial Bank Report of Consumer Credit (FR2571; OMB No.
          7100-0080). This report was discontinued in June 2000 to reduce the
          reporting burden on the banks and to eliminate collection of duplicate
          data. Return to text
        More detail on the benchmarking process is provided
          in section IV.C, Accuracy and Reliability.
          Return to text
        A more complete set of FR 2248 data is published in
          the Federal Reserve's G.20 release. See Board of Governors of the
          Federal Reserve System (2011), Statistical Release G.20, "Finance
          Companies" (November 15),
          www.federalreserve.gov/releases/g20/hist. Return to text
        The inflation factor is constructed from the data
          on the total number of FFELP loans provided on a quarterly basis by
          the Department of Education. To obtain the amount of loans that is
          nonprofit, we use a ratio of nonprofit holdings to total holdings
          based on the Top 100 FFELP lender list published by the Department of
          Education. Return to text
        Although each company is asked to report on a
          monthly basis, the Federal Reserve does not typically accumulate a
          full set of monthly responses. Some finance companies regularly report
          on a quarterly basis only. Return to text
        Prior to 1983, the new-car loan maturity was 36
          months. This maturity was changed to 48 months based on a report from
          the American Bankers Association, which indicated that 36 months was
          too short. In 2005, the Board also began collecting data on the most
          common interest rate on 60-month loans for new vehicles. The 60-month
          loan has become more common over time and is now far more prevalent
          than the 48-month loan. In 2005, it was estimated that nearly 60
          percent of loans for new vehicles originated in the early part of the
          decade had a length of 60 months. Beginning with April 2022, the
          48-month information was replaced with the 72-month new car loan
          information to account for the continued trend of rising loan
          maturities in the auto loan market. Return to text
        In addition, as the result of a legal suit by
          Consumers Union, and with agreement from individual respondents,
          bank-level data are made available to the public upon request made to
          the Federal Reserve Board's Freedom of Information Office. See Board
          of Governors of the Federal Reserve System (2006), "Making a FOIA
          Request" webpage, Board of Governors,
          www.federalreserve.gov/foia/request.htm
          (last updated December 5, 2006). Return to text
        Two additional items, total new balances and total
          new balances with a finance charge, also are collected.
          Return to text
        The timing of the releases is indicated by the G.19
          release and is posted on the Federal Reserve's website at
          www.federalreserve.gov/releases/g19. Return to text
        See Board of Governors of the Federal Reserve
          System (2011), Statistical Release G.19, "Consumer Credit" (December
          7), webpage,
          www.federalreserve.gov/releases/g19
          Return to text Back to Top


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