Back to Home Board of Governors of the Federal Reserve System Stay Connected
        Link to Federal Reserve Facebook Page

          Link to Federal Reserve Twitter Page

          Link to Federal Reserve YouTube Page

          Link to Federal Reserve Flickr Page

          Federal Reserve LinkedIn Page

          Subscribe to RSS

          Subscribe to Email

      Recent Postings

      Calendar

      Publications

      Site Map

      A-Z index

      Careers

      FAQs

      Videos

      Contact Search
        Submit Search Button
      Advanced


Board of Governors of the Federal Reserve System *The Federal Reserve, the central bank of the United States, provides
          the nation with a safe, flexible, and stable monetary and financial
          system.*


Main Menu Toggle Button  Search Toggle Button
 Search
        Search Submit Button
          Submit


- Aboutthe Fed
          Structure of the Federal Reserve System

                  The Fed Explained

                  Board Members

                  Advisory Councils

                  Federal Reserve Banks

                  Federal Reserve Act

                  CurrencyBoard Meetings

                  Board Votes

                  Diversity & Inclusion

                  Careers

                  Do Business with the Board

                  Holidays Observed - K.8
                  Ethics & ValuesContact

                  Requesting Information (FOIA)

                  FAQs

                  Economic Education

                  Fed Financial Statements

                  Innovation
- Structure of the Federal Reserve System

                  The Fed Explained

                  Board Members

                  Advisory Councils

                  Federal Reserve Banks

                  Federal Reserve Act

                  CurrencyBoard Meetings

                  Board Votes

                  Diversity & Inclusion

                  Careers

                  Do Business with the Board

                  Holidays Observed - K.8
                  Ethics & ValuesContact

                  Requesting Information (FOIA)

                  FAQs

                  Economic Education

                  Fed Financial Statements

                  Innovation
- Structure of the Federal Reserve System
- The Fed Explained
- Board Members
- Advisory Councils
- Federal Reserve Banks
- Federal Reserve Act
- Currency
- Board Meetings
- Board Votes
- Diversity & Inclusion
- Careers
- Do Business with the Board
- Holidays Observed - K.8
- Ethics & Values
- Contact
- Requesting Information (FOIA)
- FAQs
- Economic Education
- Fed Financial Statements
- Innovation
- News & Events
          Press Releases

            Speeches

            Testimony

            Calendar

            Videos

            Photo Gallery

            Conferences
- Press Releases
- Speeches
- Testimony
- Calendar
- Videos
- Photo Gallery
- Conferences
- MonetaryPolicy
          **Federal Open Market Committee**

                  About the FOMC

                  Meeting calendars and information

                  Transcripts and other historical materials

                  FAQs

                  **Monetary Policy Principles and Practice**

                  Notes**Policy Implementation**

                  Policy Normalization

                  Policy Tools

                  **Reports**

                  Monetary Policy Report

                  Beige Book

                  Federal Reserve Balance Sheet Developments

                  **Review of Monetary Policy Strategy, Tools, and
                        Communications**

                  Overview
- **Federal Open Market Committee**

                  About the FOMC

                  Meeting calendars and information

                  Transcripts and other historical materials

                  FAQs

                  **Monetary Policy Principles and Practice**

                  Notes**Policy Implementation**

                  Policy Normalization

                  Policy Tools

                  **Reports**

                  Monetary Policy Report

                  Beige Book

                  Federal Reserve Balance Sheet Developments

                  **Review of Monetary Policy Strategy, Tools, and
                        Communications**

                  Overview
- **Federal Open Market Committee**
- About the FOMC
- Meeting calendars and information
- Transcripts and other historical materials
- FAQs
- **Monetary Policy Principles and Practice**
- Notes
- **Policy Implementation**
- Policy Normalization
- Policy Tools
- **Reports**
- Monetary Policy Report
- Beige Book
- Federal Reserve Balance Sheet Developments
- **Review of Monetary Policy Strategy, Tools, and
                        Communications**
- Overview
- Supervision& Regulation
          **Institution Supervision**

                  Community & Regional Financial Institutions

                  Large Financial Institutions

                  Foreign Banking Organizations

                  Financial Market Utilities

                  Consumer Compliance

                  **Reports**

                  Federal Reserve Supervision and Regulation Report**Reporting Forms**

                  All Reporting Forms

                  Recent Updates

                  Information collections under review

                  Financial Statements

                  Applications/structure change

                  Federal Financial Institutions Examination Council
                      (FFIEC)

                  Municipal & Government Securities**Supervision & Regulation Letters**

                  By Year

                  By Topic

                  **Banking Applications & Legal Developments**

                  Application Process

                  Board & Reserve Bank Action

                  Enforcement Actions & Legal Developments**Regulatory Resources**

                  Regulations

                  Manuals

                  Basel Regulatory Framework

                  Volcker Rule

                  Education, Training, and Assistance**Banking & Data Structure**

                  Beneficial Ownership reports

                  Large Commercial Banks

                  U.S. Offices of Foreign Entities

                  Financial Holding Companies

                  Interstate Branching

                  Securities Underwriting & Dealing Subsidiaries

                  Minority Depository Institutions
- **Institution Supervision**

                  Community & Regional Financial Institutions

                  Large Financial Institutions

                  Foreign Banking Organizations

                  Financial Market Utilities

                  Consumer Compliance

                  **Reports**

                  Federal Reserve Supervision and Regulation Report**Reporting Forms**

                  All Reporting Forms

                  Recent Updates

                  Information collections under review

                  Financial Statements

                  Applications/structure change

                  Federal Financial Institutions Examination Council
                      (FFIEC)

                  Municipal & Government Securities**Supervision & Regulation Letters**

                  By Year

                  By Topic

                  **Banking Applications & Legal Developments**

                  Application Process

                  Board & Reserve Bank Action

                  Enforcement Actions & Legal Developments**Regulatory Resources**

                  Regulations

                  Manuals

                  Basel Regulatory Framework

                  Volcker Rule

                  Education, Training, and Assistance**Banking & Data Structure**

                  Beneficial Ownership reports

                  Large Commercial Banks

                  U.S. Offices of Foreign Entities

                  Financial Holding Companies

                  Interstate Branching

                  Securities Underwriting & Dealing Subsidiaries

                  Minority Depository Institutions
- **Institution Supervision**
- Community & Regional Financial Institutions
- Large Financial Institutions
- Foreign Banking Organizations
- Financial Market Utilities
- Consumer Compliance
- **Reports**
- Federal Reserve Supervision and Regulation Report
- **Reporting Forms**
- All Reporting Forms
- Recent Updates
- Information collections under review
- Financial Statements
- Applications/structure change
- Federal Financial Institutions Examination Council
                      (FFIEC)
- Municipal & Government Securities
- **Supervision & Regulation Letters**
- By Year
- By Topic
- **Banking Applications & Legal Developments**
- Application Process
- Board & Reserve Bank Action
- Enforcement Actions & Legal Developments
- **Regulatory Resources**
- Regulations
- Manuals
- Basel Regulatory Framework
- Volcker Rule
- Education, Training, and Assistance
- **Banking & Data Structure**
- Beneficial Ownership reports
- Large Commercial Banks
- U.S. Offices of Foreign Entities
- Financial Holding Companies
- Interstate Branching
- Securities Underwriting & Dealing Subsidiaries
- Minority Depository Institutions
- FinancialStability
          **Financial Stability Assessments**
                About Financial Stability
                Types of Financial System Vulnerabilities & Risks
                Monitoring Risk Across the Financial System
                Proactive Monitoring of Markets & Institutions
                Financial Stability & Stress Testing**Financial Stability Coordination & Actions**
                Responding to Financial System Emergencies
                Cooperation on Financial Stability
                **Reports**

                Financial Stability Report
- **Financial Stability Assessments**
- About Financial Stability
- Types of Financial System Vulnerabilities & Risks
- Monitoring Risk Across the Financial System
- Proactive Monitoring of Markets & Institutions
- Financial Stability & Stress Testing
- **Financial Stability Coordination & Actions**
- Responding to Financial System Emergencies
- Cooperation on Financial Stability
- **Reports**
- Financial Stability Report
- PaymentSystems
          **Regulations & Statutes**

                  Regulation CC (Availability of Funds and Collection of
                      Checks)

                  Regulation II (Debit Card Interchange Fees and
                      Routing)

                  Regulation HH (Financial Market Utilities)

                  Other Regulations and Statutes**Payment Policies**

                  Federal Reserve's Key Policies for the Provision of
                      Financial Services

                  Overnight Overdrafts

                  Payment System Risk

                  Sponsorship for Priority Telecommunication Services**Reserve Bank Payment Services & Data**

                  Automated Clearinghouse Services

                  Check Services

                  Currency and Coin Services

                  Daylight Overdrafts and Fees

                  FedNowSM Service

                  Fedwire Funds Services

                  Fedwire Securities Services

                  Fiscal Agency Services

                  National Settlement Service**Financial Market Utilities & Infrastructures**

                  Supervision & Oversight of Financial Market
                      Infrastructures

                  Designated Financial Market Utilities

                  International Standards for Financial Market
                      Infrastructures**Research, Committees, and Forums**

                  Payment Research

                  Federal Reserve Payments Study (FRPS)

                  Payments System Policy Advisory Committee

                  Forums
- **Regulations & Statutes**

                  Regulation CC (Availability of Funds and Collection of
                      Checks)

                  Regulation II (Debit Card Interchange Fees and
                      Routing)

                  Regulation HH (Financial Market Utilities)

                  Other Regulations and Statutes**Payment Policies**

                  Federal Reserve's Key Policies for the Provision of
                      Financial Services

                  Overnight Overdrafts

                  Payment System Risk

                  Sponsorship for Priority Telecommunication Services**Reserve Bank Payment Services & Data**

                  Automated Clearinghouse Services

                  Check Services

                  Currency and Coin Services

                  Daylight Overdrafts and Fees

                  FedNowSM Service

                  Fedwire Funds Services

                  Fedwire Securities Services

                  Fiscal Agency Services

                  National Settlement Service**Financial Market Utilities & Infrastructures**

                  Supervision & Oversight of Financial Market
                      Infrastructures

                  Designated Financial Market Utilities

                  International Standards for Financial Market
                      Infrastructures**Research, Committees, and Forums**

                  Payment Research

                  Federal Reserve Payments Study (FRPS)

                  Payments System Policy Advisory Committee

                  Forums
- **Regulations & Statutes**
- Regulation CC (Availability of Funds and Collection of
                      Checks)
- Regulation II (Debit Card Interchange Fees and
                      Routing)
- Regulation HH (Financial Market Utilities)
- Other Regulations and Statutes
- **Payment Policies**
- Federal Reserve's Key Policies for the Provision of
                      Financial Services
- Overnight Overdrafts
- Payment System Risk
- Sponsorship for Priority Telecommunication Services
- **Reserve Bank Payment Services & Data**
- Automated Clearinghouse Services
- Check Services
- Currency and Coin Services
- Daylight Overdrafts and Fees
- FedNowSM Service
- Fedwire Funds Services
- Fedwire Securities Services
- Fiscal Agency Services
- National Settlement Service
- **Financial Market Utilities & Infrastructures**
- Supervision & Oversight of Financial Market
                      Infrastructures
- Designated Financial Market Utilities
- International Standards for Financial Market
                      Infrastructures
- **Research, Committees, and Forums**
- Payment Research
- Federal Reserve Payments Study (FRPS)
- Payments System Policy Advisory Committee
- Forums
- EconomicResearch
          Meet the Economists

                  **Working Papers and Notes**

                  Finance and Economics Discussion Series (FEDS)

                  FEDS Notes

                  International Finance Discussion Papers (IFDP)**Data, Models and Tools**

                  Economic Research Data

                  FRB/US Model

                  Estimated Dynamic Optimization (EDO) Model

                  Survey of Consumer Finances (SCF)
- Meet the Economists

                  **Working Papers and Notes**

                  Finance and Economics Discussion Series (FEDS)

                  FEDS Notes

                  International Finance Discussion Papers (IFDP)**Data, Models and Tools**

                  Economic Research Data

                  FRB/US Model

                  Estimated Dynamic Optimization (EDO) Model

                  Survey of Consumer Finances (SCF)
- Meet the Economists
- **Working Papers and Notes**
- Finance and Economics Discussion Series (FEDS)
- FEDS Notes
- International Finance Discussion Papers (IFDP)
- **Data, Models and Tools**
- Economic Research Data
- FRB/US Model
- Estimated Dynamic Optimization (EDO) Model
- Survey of Consumer Finances (SCF)
- Data
          Data
                      Download Program

                  **Bank Assets and Liabilities**

                  Aggregate Reserves of Depository Institutions and the
                      Monetary Base - H.3

                  Assets and Liabilities of Commercial Banks in the U.S. -
                      H.8

                  Assets and Liabilities of U.S. Branches and Agencies of
                      Foreign Banks

                  Charge-Off and Delinquency Rates on Loans and Leases at
                      Commercial Banks

                  Senior Financial Officer Survey

                  Senior Loan Officer Opinion Survey on Bank Lending
                      Practices**Bank Structure Data**

                  Large Commercial Banks

                  Minority Depository Institutions

                  Structure and Share Data for the U.S. Offices of Foreign
                      Banks

                  **Business Finance**

                  Commercial Paper

                  Finance Companies - G.20

                  New Security Issues, State and Local Governments

                  New Security Issues, U.S. Corporations

                  **Dealer Financing Terms**

                  Senior Credit Officer Opinion Survey on Dealer Financing
                      Terms**Exchange Rates and International Data**

                  Foreign Exchange Rates - H.10/G.5

                  International Summary Statistics

                  Securities Holdings and Transactions

                  Statistics Reported by Banks and Other Financial Firms in
                      the United States

                  Structure and Share Data for U.S. Offices of Foreign
                      Banks

                  **Financial Accounts**

                  Financial Accounts of the United States - Z.1**Household Finance**

                  Consumer Credit - G.19

                  Household Debt Service and Financial Obligations
                      Ratios

                  Mortgage Debt Outstanding

                  Survey of Consumer Finances (SCF)

                  Survey of Household Economics and Decisionmaking

                  **Industrial Activity**

                  Industrial Production and Capacity Utilization - G.17

                  **Interest Rates**

                  Selected Interest Rates - H.15**Micro Data Reference Manual (MDRM)**

                  Micro and Macro Data Collections

                  **Money Stock and Reserve Balances**

                  Factors Affecting Reserve Balances - H.4.1

                  Money Stock Measures - H.6

                  **Other**

                  Yield Curve Models and Data
- Data
                      Download Program

                  **Bank Assets and Liabilities**

                  Aggregate Reserves of Depository Institutions and the
                      Monetary Base - H.3

                  Assets and Liabilities of Commercial Banks in the U.S. -
                      H.8

                  Assets and Liabilities of U.S. Branches and Agencies of
                      Foreign Banks

                  Charge-Off and Delinquency Rates on Loans and Leases at
                      Commercial Banks

                  Senior Financial Officer Survey

                  Senior Loan Officer Opinion Survey on Bank Lending
                      Practices**Bank Structure Data**

                  Large Commercial Banks

                  Minority Depository Institutions

                  Structure and Share Data for the U.S. Offices of Foreign
                      Banks

                  **Business Finance**

                  Commercial Paper

                  Finance Companies - G.20

                  New Security Issues, State and Local Governments

                  New Security Issues, U.S. Corporations

                  **Dealer Financing Terms**

                  Senior Credit Officer Opinion Survey on Dealer Financing
                      Terms**Exchange Rates and International Data**

                  Foreign Exchange Rates - H.10/G.5

                  International Summary Statistics

                  Securities Holdings and Transactions

                  Statistics Reported by Banks and Other Financial Firms in
                      the United States

                  Structure and Share Data for U.S. Offices of Foreign
                      Banks

                  **Financial Accounts**

                  Financial Accounts of the United States - Z.1**Household Finance**

                  Consumer Credit - G.19

                  Household Debt Service and Financial Obligations
                      Ratios

                  Mortgage Debt Outstanding

                  Survey of Consumer Finances (SCF)

                  Survey of Household Economics and Decisionmaking

                  **Industrial Activity**

                  Industrial Production and Capacity Utilization - G.17

                  **Interest Rates**

                  Selected Interest Rates - H.15**Micro Data Reference Manual (MDRM)**

                  Micro and Macro Data Collections

                  **Money Stock and Reserve Balances**

                  Factors Affecting Reserve Balances - H.4.1

                  Money Stock Measures - H.6

                  **Other**

                  Yield Curve Models and Data
- Data
                      Download Program
- **Bank Assets and Liabilities**
- Aggregate Reserves of Depository Institutions and the
                      Monetary Base - H.3
- Assets and Liabilities of Commercial Banks in the U.S. -
                      H.8
- Assets and Liabilities of U.S. Branches and Agencies of
                      Foreign Banks
- Charge-Off and Delinquency Rates on Loans and Leases at
                      Commercial Banks
- Senior Financial Officer Survey
- Senior Loan Officer Opinion Survey on Bank Lending
                      Practices
- **Bank Structure Data**
- Large Commercial Banks
- Minority Depository Institutions
- Structure and Share Data for the U.S. Offices of Foreign
                      Banks
- **Business Finance**
- Commercial Paper
- Finance Companies - G.20
- New Security Issues, State and Local Governments
- New Security Issues, U.S. Corporations
- **Dealer Financing Terms**
- Senior Credit Officer Opinion Survey on Dealer Financing
                      Terms
- **Exchange Rates and International Data**
- Foreign Exchange Rates - H.10/G.5
- International Summary Statistics
- Securities Holdings and Transactions
- Statistics Reported by Banks and Other Financial Firms in
                      the United States
- Structure and Share Data for U.S. Offices of Foreign
                      Banks
- **Financial Accounts**
- Financial Accounts of the United States - Z.1
- **Household Finance**
- Consumer Credit - G.19
- Household Debt Service and Financial Obligations
                      Ratios
- Mortgage Debt Outstanding
- Survey of Consumer Finances (SCF)
- Survey of Household Economics and Decisionmaking
- **Industrial Activity**
- Industrial Production and Capacity Utilization - G.17
- **Interest Rates**
- Selected Interest Rates - H.15
- **Micro Data Reference Manual (MDRM)**
- Micro and Macro Data Collections
- **Money Stock and Reserve Balances**
- Factors Affecting Reserve Balances - H.4.1
- Money Stock Measures - H.6
- **Other**
- Yield Curve Models and Data
- Consumers& Communities
          **Regulations**

                  Community Reinvestment Act (CRA)

                  All Regulations

                  **Supervision & Enforcement**

                  CA Letters

                  Enforcement Actions

                  Independent Foreclosure Review**Community Development**

                  Housing and Neighborhood Revitalization

                  Small Business and Entrepreneurship

                  Employment and Workforce Development

                  Community Development Finance

                  Rural Community and Economic DevelopmentConferences

                  **Research & Analysis**

                  Survey of Household Economics and Decisionmaking

                  Research Publications & Data AnalysisCommunity Advisory Council

                  **Consumer Resources**

                  Mortgage and Foreclosure Resources

                  Federal Reserve Community Development Resources
- **Regulations**

                  Community Reinvestment Act (CRA)

                  All Regulations

                  **Supervision & Enforcement**

                  CA Letters

                  Enforcement Actions

                  Independent Foreclosure Review**Community Development**

                  Housing and Neighborhood Revitalization

                  Small Business and Entrepreneurship

                  Employment and Workforce Development

                  Community Development Finance

                  Rural Community and Economic DevelopmentConferences

                  **Research & Analysis**

                  Survey of Household Economics and Decisionmaking

                  Research Publications & Data AnalysisCommunity Advisory Council

                  **Consumer Resources**

                  Mortgage and Foreclosure Resources

                  Federal Reserve Community Development Resources
- **Regulations**
- Community Reinvestment Act (CRA)
- All Regulations
- **Supervision & Enforcement**
- CA Letters
- Enforcement Actions
- Independent Foreclosure Review
- **Community Development**
- Housing and Neighborhood Revitalization
- Small Business and Entrepreneurship
- Employment and Workforce Development
- Community Development Finance
- Rural Community and Economic Development
- Conferences
- **Research & Analysis**
- Survey of Household Economics and Decisionmaking
- Research Publications & Data Analysis
- Community Advisory Council
- **Consumer Resources**
- Mortgage and Foreclosure Resources
- Federal Reserve Community Development Resources

Home
                    Data Consumer Credit -  G.19
 Current Release
                Release Dates
                Revisions
                Historical Data
                Charts
                About
                Announcements
                Technical Q&As
 About RSS Data Download **Part I. What Consumer Credit Data Are Available on the G.19 Statistical Release, "Consumer Credit," and How Are These Data Calculated?** The G.19 Statistical Release, "Consumer Credit," reports outstanding credit extended to individuals for household, family, and other personal expenditures, excluding loans secured by real estate. Total consumer credit comprises two major types: revolving and nonrevolving. Revolving credit
            plans may be unsecured or secured by collateral and allow a consumer to borrow up to a prearranged limit and repay the debt in one or more installments. Credit card loans comprise most of revolving consumer credit measured in the G.19, but other types, such as prearranged overdraft plans, are also
            included. Nonrevolving credit is closed-end credit extended to consumers that is repaid on a prearranged repayment schedule and may be secured or unsecured. To borrow additional funds, the consumer must enter into an additional contract with the lender. Consumer motor vehicle and education loans
            comprise the majority of nonrevolving credit, but other loan types, such as boat loans, recreational vehicle loans, and personal loans, are also included. The G.19 also reports selected terms of credit, including interest rates on new car loans, personal loans, and credit card plans at commercial banks. Historically, the G.19 also included series that measure the terms of credit for motor vehicle loans at finance companies. In the first quarter of 2011,
            publication of these series was temporarily suspended because of the deterioration of their statistical foundation. The statistical foundation is in the process of being improved, and publication will resume as soon as possible. **Annual Growth Rates, Levels, and Flows of Outstanding Credit** The first table of the G.19 shows seasonally adjusted data for consumer credit outstanding. These data include simple annual percent changes of total, revolving, and nonrevolving credit. The percent change in a given period is calculated as the flow of credit in the current period divided by
            the level in the previous period. The seasonally adjusted levels of outstanding total, revolving, and nonrevolving credit are also given in the first table. Percent changes and levels are calculated from unrounded data. The second and third pages of the G.19 show data that are not seasonally adjusted. The second page contains levels of outstanding credit held by seven major holders, while the third page contains flow of credit by these major holders. These major holders are depository institutions, finance
            companies, credit unions, the federal government, nonfinancial business, and nonprofit and educational institutions. Historically, the G.19 comprised seven major holders. In June 2012, data for commercial banks and savings institutions were combined to form the depository institutions sector. In June 2020, the G.19 stopped reporting the levels and flows of on-book loan balances and off-book securitized loan balances separately. Additionally, the second and third pages of the G.19 contain two memo items that report levels and flows of student loans and motor vehicle loans outstanding. **Securitized Loans** Off-balance-sheet securitized loans are no longer reported separately. Instead, the G.19 release reports aggregate balances of total owned and managed receivables—the sum of on-book and off-book loan balances. As a result of the FASB 166/167 accounting rules implementation in 2010, which required the majority of securitized assets to be reported as on-book, off-book asset balances have diminished, with most of them becoming and remaining at zero in recent years. As of January 2020, the only sector where off-balance sheet securitized loans have been reported is the depository institutions sector. **Benchmark and Indicator Data** We estimate monthly consumer credit for each major holder using benchmark and indicator data. Benchmark data are the most comprehensive and accurate measure of outstanding credit in each sector. These data may come from either mandatory or voluntary surveys. Because of their large scope,
            benchmark data are collected at a lower frequency than the monthly G.19. Indicator data, however, allow us to measure the monthly movements between benchmarks. Indicator series are data whose movements represent changes in outstanding credit for the entire sector. For example, the indicator for
            depository institutions is generated from a voluntary weekly report filed by a sample of commercial banks. If revolving credit increases by a given percentage at this panel of banks, it is probable that revolving credit increased by this percentage at all depository institutions. **Generating Monthly Estimates: Not Seasonally Adjusted Levels** The monthly estimates on the second page of the G.19 are calculated from indicator data using proportional interpolation.1 Proportional interpolation solves
            the following optimization problem: 
  where t = 0 is the previous benchmark period and *t = T* is the current or upcoming benchmark period. In addition, *{c}_{t}*, and
*{i}_{t}* are the monthly estimate and indicator at time *t,* respectively, and {b}_{t} is the benchmark at time *t*. Proportional interpolation minimizes the sum of the squared differences between the ratio of the estimate to the indicator in each month and the one
previous, subject to the constraint that the estimate equals the benchmark in each benchmark period. The solution to this optimization problem is: 
 
 T 
 t t  **Generating Monthly Estimates: Not Seasonally Adjusted Flows** The flows shown on the third page of the G.19 are calculated as break-adjusted period-to-period changes in the corresponding levels on the second page. Flows are break-adjusted in order to account for changes or discontinuities in source data or changes in methodology. It is important to exclude
the effect of such breaks because they are not representative of real movements in outstanding consumer credit. For example, if a financial institution in the scope of the G.19 sells loans to an institution outside the scope of the G.19, the estimates of total consumer credit will decline. However,
such a sale is not indicative of a real decline in outstanding credit held by households, in which case a break in the series is recorded so that growth rates may be calculated excluding this break. **Generating Monthly Estimates: Seasonally Adjusted Annual Growth Rates and Total Consumer Credit** We estimate seasonal factors for revolving and nonrevolving credit separately. The seasonal factor series is benchmarked annually before the September G.19 using 10 years (120 months) of historical data. We then apply the seasonal factors estimated for the calendar year immediately prior to the
benchmarking month to the consumer credit estimates of the ensuing year. Let *{L}_{t}* denote the level of a series in time t. The monthly flow of the series, {F}_{t}is then computed as 
 {B}_{t} 
 where *{Q}_{t}*is the seasonal factor series estimated using the statistical package X-12-ARIMA. The algorithm forces the seasonal factors estimated from January
to December in any given year to sum to zero. The seasonally adjusted level series is then defined recursively as 
 
 **Part II. Source Data: Consumer Credit Outstanding** **Depository Institutions2** **Benchmark Data** Estimates of consumer credit held by depository institutions are benchmarked to quarterly data from the Consolidated Reports of Income and Condition (Call Report) (FFIEC 031 and 0413). This mandatory report is filed by every national bank, state member bank, insured state nonmember bank, and savings association and includes an income statement, balance sheet, and other detailed financial information.4 Specifically, we aggregate data on loans available in Call Report schedules RC-C, Loans and Lease Financing Receivables, RC-D, Trading Assets and Liabilities (table 1), and RC-S Servicing Securitization and Asset Sale Activities. **Table 1. FFIEC 031 and 041 Call Report Items in Depository  Institutions Benchmark** *Owned*Revolving credit = Credit card loans + other revolving creditCredit card loans: RCONB538{}^{a} - (RCONF586 - RCONF598){}^{b} +
                                        RCONF633{}^{c}Other revolving credit: RCONB539{}^{a} - (RCONF587 - RCONF599){}^{b} + RCONF634{}^{c}Nonrevolving credit = Consumer motor vehicle Loans + other consumer loansConsumer motor vehicle loans: RCONK137{}^{a} - (RCONK196 - RCONK195){}^{b} + RCONK200{}^{c}Other consumer loans: RCONK207{}^{a} - (RCONK208 - RCONK209){}^{b}
                                        + RCONK211{}^{c}*Securitized*Credit Card Loans = RCFDB707Auto Loans = RCFDB708Other Loans = RCFDB709 {}^{a} May include loans reported either at market value or book value. {}^{b} This term adjusted for any market value loans reported in the previous item. We make market-to-book adjustments by subtracting the amount of any loans that are reported at market
                                value and adding back their unpaid principal balance. {}^{c} Unpaid principal balance of loans held as trading assets. **Indicator Data** Monthly estimates for depository institutions are generated from the *Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks* (FR 2644).5 Data collected for this report include the outstanding
                                amount of selected balance sheet items, including items on loans, securities, and borrowings from a sample of member and nonmember domestically chartered commercial banks and U.S. branches and agencies of foreign banks. The panel consists of an authorized random stratified sample
                                of about 875 domestically chartered commercial banks and U.S. branches and agencies of foreign banks. Participation in the survey is voluntary. See table 2 for the specific FR 2644 line items used in our calculations. **Securitized Assets** Depository institutions off-balance-sheet data come from the Call Report schedule RC-S Servicing Securitization and Asset Sale Activities. No monthly indicator data off-balance-sheet data is available at this time. **Table 2. FR 2644 Items in Indicator for Depository  Institutions** Revolving credit = WRSS2008Nonrevolving credit = WRSS2011 To convert these data to a monthly frequency, we linearly interpolate between data for the last Wednesday of the G.19 month and the first Wednesday of the following month as follows: 
 {i}_{t} t w  **Finance Companies** **Benchmark Data** Every five years since 1955, the Federal Reserve has conducted the *Finance Company Survey* (FR 3033s), which is sent to a stratified random sample of finance and mortgage companies. In the most recent survey, the Board surveyed roughly 2,400 finance companies to
                                collect balance sheet data as of December 2010. Approximately 1,000 companies responded. The survey comprises detailed information from both sides of the respondents' balance sheets. See table 3 for the specific items used in our calculations. **Table 3. FR 3033s Items in Benchmark for Finance Companies** *Owned*Revolving credit = Revolving consumer creditRevolving consumer credit: QFCS1682 (item 3.B.2){}^{a}Nonrevolving credit = Consumer motor vehicle loans + other consumer loansConsumer motor vehicle loans: QFCS2751 (item 3.B.1){}^{a}Other consumer loans: QFCS1987 (item 3.B.3){}^{a} 
 **Indicator Data** Indicator data for finance companies are collected from the *Domestic Finance Company Report of Consolidated Assets and Liabilities* (FR 2248). This report collects balance sheet and, where appropriate, off-balance-sheet data on major categories of consumer and business
                                credit receivables and on major short-term liabilities held or securitized by finance companies. For quarter-end months (March, June, September, and December), additional asset and liability items are collected to provide a full balance sheet. The Board is currently authorized to survey 70
                                companies each month; because of consolidation and attrition, the current reporting panel consists of a random sample of about 50 companies. See table 4 for the specific items used in our calculations. **Securitized Assets** Finance company off-balance-sheet data come from the *Domestic Finance Company Report of Consolidated Assets and Liabilities* (FR 2248). (See table 6 for the FR 2248 line items used in our calculations.) We continue to monitor markets for new and existing securitizations at finance companies that do not submit form FR 2248. As of January 2020, no responding companies report any off-balance-sheet assets. **Table 4. FR 2248 Items in Indicator for Finance Companies** *Owned*Revolving credit = Revolving consumer creditRevolving consumer credit: DFCR1682Nonrevolving credit = Consumer motor vehicle loans + other consumer loansConsumer motor vehicle loans: DFCR2751Other consumer loans: DFCR1987*Securitized*Revolving consumer credit = DFCRA198Nonrevolving credit = DFCR5001 + DFCR5005 **Credit Unions** **Benchmark Data** Data provided by the Credit Union National Association (CUNA)5 is benchmarked quarterly. **Indicator Data** Monthly data is provided by the Credit Union National Association (CUNA) on total loans outstanding and distribution of loans. These data are used to create monthly estimates of revolving, nonrevolving vehicle, and nonrevolving other loans held by credit unions. **Federal Government6** **Benchmark Data** The federal government originates consumer credit solely in the form of nonrevolving student loans through the Department of Education (DoEd). The federal government sector on the G.19 includes student loans issued through the William D. Ford Direct Loan Program (DLP) and the Perkins Loan Program,
                                as well as the Federal Family Education Loan Program (FFELP) loans that the government purchased under the Ensuring Continued Access to Student Loans Act (ECASLA). Quarterly benchmark data for the federal student loan programs are published by the DoEd and can be found on the following link: https://studentaid.gov/data-center/student/portfolio.** **Indicator Data** Monthly data for DLP loans as well as for FFELP loans purchased by the government are provided by the DoEd. Perkins loans are linearly interpolated between benchmark periods. **Nonprofit and Educational Institutions** **Benchmark Data** The nonprofit and educational institutions sector includes only FFELP loans held by state affiliated nonprofit lenders and schools.  Benchmark data are published by the DoEd under the top 100 entities holding FFELP loans, which are inflated to reflect holdings by all entities. **Indicator Data** Since data for FFELP loans held by nonprofit and educational institutions are not available at a monthly frequency, the indicator used for this series is FFELP loans holdings by the DoEd, also referred to as ECASLA loans. **Nonfinancial Business** **Benchmark Data** Monthly estimates for the nonfinancial business sector are benchmarked to data from the U.S. Census Bureau's Annual Retail Trade Report, which samples employer businesses classified in the retail trade sector. This report contains information about sales,
                                inventories, purchases, expenses, margins, and accounts receivable for a sample of businesses in the retail trade sector.7 The report includes accounts
                                receivable data that measure amounts owed to retail stores by their customers for purchases made on credit. Revolving and nonrevolving credit are benchmarked to total open-end and closed-end retail accounts receivable, respectively. **Indicator Data** Since suitable data for credit held by the nonfinancial business sector are not available at a monthly frequency, the indicators for these series are the seasonal factors for the remaining G.19 sectors.8 Because these series by construction closely follow the typical seasonal pattern within each year, their monthly movements have little effect on the seasonally adjusted growth in total consumer credit. **Securitized Assets** We also monitor markets for off-balance-sheet securitizations at nonfinancial businesses, although at this time we are not aware of any such securitizations. **Part III. Student and Motor Vehicle Loans Memo Items** **Student Loans Memo Item** This memo item reflects the total student loan debt outstanding (including accrued interest and defaulted federal loans) on a quarterly basis, starting with 2006 Q1. The estimate is constructed by summing up the federal student loans outstanding issued under the Direct Loan, Federal Family Education Loan, and Perkins programs, as well as private (non-guaranteed) student loans. The estimates for federal student loans are benchmarked against those published by the Department of Education (https://studentaid.gov/data-center/student/portfolio). The estimates for private student loans are produced using data from Enterval Analytics9. **Motor Vehicle Loans Memo Item** This memo item reflects the total owned and securitized motor vehicle loan debt outstanding on a quarterly basis.  Included are passenger cars and other vehicles such as minivans, vans, sport-utility vehicles, pickup trucks, and similar light trucks for personal use. Boats,
                                motorcycles, and recreational vehicles are not included. The estimate is constructed by summing motor vehicle loans held and managed by depository institutions, finance companies, credit unions, and nonfinancial business. **Part IV: Terms of Credit at Commercial Banks and Finance Companies** **Commercial Banks' Interest Rates** The Federal Reserve Board collects quarterly data on interest rates for 48-month new-car loans (item 7802) and 24-month personal credit card plans (item 7808) through the *Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans* (FR 2835). Banks
                                are asked to report the "most common rate" for each type of loan-that is, the rate at which the largest dollar volume of loans was made during the reporting period. For variable-rate loans, the initial rate is used in determining the most common rate. These data are neither benchmarked nor
                                seasonally adjusted. The Board is authorized to survey 150 companies, and the responses are voluntary; as of November 2011, about 75 banks report regularly. The *Quarterly Report of Credit Card Interest Rates* (FR 2835a) is used to collect data from commercial banks on their average nominal finance rates, total finance charges for credit card accounts, and end-of-period balances for credit card accounts. The interest rate on all accounts represents the average annual percentage rate (APR) offered to all credit card holders and is independent of the manner in which the accounts are actually used. This interest rate is calculated using the respondent banks' nominal finance rates on all accounts,
                                which is a simple average of the nominal APR for purchases across all accounts (item 7164), weighted by their total number of accounts (item 8601). The interest rate on accounts assessed interest, however, measures the average finance rate for cardholders who revolve their balances to obtain credit
                                during the period of the report. This interest rate is calculated using the respondent banks' average annual finance rates, weighted by their total balances for accounts with finance charges (item 8603). Each bank's average annual finance rate is calculated as 
 The panel is a sample of 50 credit card issuing banks, consisting of the largest issuers of credit cards and a randomly drawn sample representing the remainder of the bankcard industry. Participation is voluntary; as of November 2011, approximately 40 banks report regularly. **Finance Companies' Terms of Credit** The finance companies new car loan terms of credit series are produced from Experian's AutoCount Risk Report, and encompass the majority of captive and non-captive finance companies in the United States. Data are not seasonally adjusted. Included in the G.19 Data Download are four discontinued series for the average APR, maturity, loan-to-value ratio, and amount financed for new car loans at captive auto finance companies. Publication was ceased after January 2011, and the series are no longer shown on the G.19 report. The FR2512 form sponsored by the Federal Reserve Board for collecting the underlying data was also discontinued. Footnotes Return to Text
 Return to Text
 Return to Text
 Return to Text
 Return to Text
 Return to Text
 Return to Text
 Return to Text
 Return to Text
 Historical Performance Evaluations December 2022 December 2019 December 2016 December 2013 December 2011 Back to Top


Board of Governors *of the* Federal Reserve System About the FedNews & EventsMonetary PolicySupervision & RegulationFinancial StabilityPayment SystemsEconomic ResearchDataConsumers & Communities
 Tools and Information Contact
                Publications
                Freedom of Information (FOIA)
                Office of Inspector General
                Budget & Performance | Audit
                No FEAR Act
                Español
                Website Policies  | Privacy Program
                Accessibility
 Stay Connected Link to Federal Reserve Facebook Page Link to Federal Reserve Twitter Page Link to Federal Reserve YouTube Page Link to Federal Reserve Flickr Page Federal Reserve LinkedIn Page Subscribe to RSS Subscribe to Email


Board of Governors *of the* Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551