Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.


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540 entries in Financial Accounts Release Highlights

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Date Highlights Count
2025q3Federal government investments during the Global Financial Crisis: Beginning 2008:Q3, debt and equity investments made by the federal government (tables F.106 and L.106) to government-sponsored entities (tables F.125 and L.125) and other financial business (tables F.132 and L.132) during the Global Financial Crisis (GFC) were revised to align with program descriptions and valuations presented in the annual Financial Report of the United States Government.1
2025q3Federal Government Funds Held Outside of Treasury: Beginning 2021:Q3, foreign deposits held by the federal government sector (tables F.106, and L.106) include Funds Held Outside of Treasury collected for the Foreign Military Sales Program.2
2025q3Insurance company holdings of debt securities: Beginning 2020:Q1, debt security holdings of the insurance company sectors (tables F.115, F.116.g. F.116.s, L.115, L.116.g. L.116.s) have been revised to reflect improved classification methodology.3
2025q3Owner-occupied residential real estate: Beginning 2018:Q3, the valuation of owner-occupied residential real estate (table B.101) has been revised to reflect updated valuation estimates from Zillow and housing stock estimates from Census' American Community Survey.4
2025q3National Income and Product Accounts annual update: The statistics in this publication reflect the 2025 annual update of the National Income and Product Accounts (NIPAs) released by BEA on September 25, 2025, as well as information for 2025:Q3 released on December 23, 2025. See the November 2025 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details.5
2025q3Fixed assets annual update: Investment, depreciation, and capital stock data for private and government sectors have been revised beginning 2020:Q1 to reflect updated annual estimates of fixed assets from BEA.6
2025q3FEDS Note: A new FEDS note was published on October 15, 2025: "The Cross-Border Trail of the Treasury Basis Trade" (Daniel Barth, Daniel Beltran, Matthew Hoops, Jay Kahn, Emily Liu, and Maria Perozek).7
2025q2U.S.-chartered depository institutions depository loans n.e.c. to state and local governments: A new series is available for U.S.-chartered depository institutions (tables F.111 and L.111) depository loans n.e.c. to the state and local governments sector (tables F.107 and L.107). Previously, these loans were classified as municipal securities holdings of the U.S.-chartered depository institutions sector. Data begin 1984:Q1 and are estimated from the quarterly FR Y-14Q Capital Assessments and Stress Testing Information collection and FFIEC 031/041/051 Consolidated Reports of Condition and Income. This series has also been added as a new liability instrument on the state and local government sector tables.8
2025q2Funding agreement-backed repurchase agreement liabilities: New detail is available on funding agreement-backed repurchase agreement (FABR) liabilities of the issuers of asset-backed securities (ABS) sector (tables F.127 and L.127). Previously, FABR were classified as corporate bond liabilities of the ABS sector. Data begin 2020:Q3.9
2025q2Private pension benchmark: Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised beginning 2023:Q1 to reflect new 2023 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.10
2025q2Select seasonal factors removed: Beginning 2020:Q1, seasonal factors have been removed for select series that no longer exhibit seasonality over the last 10 years. Affected series include federal government issuance of Treasury securities, excluding bills, and Treasury security transactions of U.S.-chartered depository institutions, money market funds, security brokers and dealers, and the Civil Service Retirement and Disability Fund. Seasonal factors on the federal government Treasury General Account at the monetary authority have also been removed. Seasonally adjusted transactions for these series have been revised accordingly.11
2025q1Security brokers and dealers sector assets: Assets of the security brokers and dealers sector (tables F.130 and L.130) have been revised to incorporate new information on long and short positions available from the U.S. Securities and Exchange Commission Financial and Operational Combined Uniform Single Reports (FOCUS) beginning 2021:Q4. Short position estimates for Treasury securities and agency- and GSE-backed securities have been revised beginning 1975:Q1 and new series have been added for commercial paper, municipal securities, corporate equities and other miscellaneous assets. Long positions have been revised for Treasury securities and agency- and GSE-backed securities (1980:Q1 through 2021:Q4) and corporate equity and corporate and foreign bonds (2000:Q1 through 2021:Q3). New memo detail on tables F.130 and L.130 show all short positions for this sector, which are netted from long positions on the tables to avoid double counting in the Financial Accounts.12
2025q1State and local government sector assets: Beginning 2003:Q2, assets of state and local governments (tables F.107 and L.107) have been revised due to improvements in the estimation methodology for open market paper, mortgage loans, security repurchase agreements, Treasury securities, agency- and GSE-backed securities, municipal securities, corporate and foreign bonds, corporate equities, mutual fund shares, and miscellaneous assets.13
2025q1Mutual fund sector municipal securities transactions: Beginning 2000:Q1, transactions for mutual fund sector (table F.122) holdings of municipal securities have been revised based on municipal bond fund transactions. Previously, transactions were calculated as the change in the level minus a revaluation component estimated using a price index.14
2025q1Nonfinancial corporate business sector benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2023:Q1 forward to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2023.15
2025q1Closely held equity: Beginning 2018:Q1, the market value of closely held equity issued by S corporations (table L.224) has been revised to reflect data from 2018 to 2021 on the net worth of S corporations from the Internal Revenue Service (IRS) Statistics of Income (SOI).16
2025q1Integrated Macroeconomic Accounts revaluation accounts: The revaluation accounts on several sectoral tables of the Integrated Macroeconomic Accounts (IMA) have been modified to include all asset and liability instruments that have nonzero revaluations recorded in the Financial Accounts (Z.1). Offsetting revisions impact the other changes in volume account. This change affects the IMA tables for households and nonprofit institutions (S.3.a and S.3.q), financial business (S.6.a and S.6.q), financial subsectors (S.61.a - S.65.a and S.61.q - S.65.q), federal government (S.7.a and S.7.q), and state and local governments (S.8.a and S.8.q).17
2024q4Credit union sector: Beginning 2003:Q1, the credit union sector (tables F.114 and L.114) has been revised due to a change in source data from the discontinued America's Credit Union Monthly Credit Union Estimates report to the National Credit Union Association (NCUA) natural person credit union call report (NCUA 5300), and due to revised methodology for computing miscellaneous assets.18
2024q3Instrument table reorganization and renumbering: Transaction and level instrument tables F.200 and L.200 through F.205 and L.205 have been reorganized and renumbered to align more closely with international guidelines set forth in the System of National Accounts 2008. These changes also align the treatment of monetary gold, special drawing rights (SDRs), other U.S. official reserves, currency, and deposits throughout the Financial Accounts of the United States, including the Integrated Macroeconomic Accounts (tables S.1.a-S.9.a) and international data submissions (https://www.federalreserve.gov/apps/fof/InternationalData.aspx). Additional release highlights provide more information.19
2024q3New monetary gold and special drawing rights (SDRs) tables: New tables for monetary gold and special drawing rights (SDRs) (tables F.200 and L.200) reorganize line items previously published on the now discontinued tables for U.S. official reserve assets and SDR allocations (previously F.200 and L.200). Monetary gold is now presented at market value, consistent with the Bureau of Economic Analysis' (BEA) International Investment Position data. Gold certificates issued by the Treasury to the Federal Reserve are now categorized as miscellaneous financial claims (tables F.234 and L.234). Other official reserve assets have been reclassified to other instrument categories as described in a separate release highlight.20
2024q3Currency and deposits tables renumbered: The instrument tables for currency and deposits have been renumbered as follows: interbank assets and liabilities are now tables F.202 and L.202 (previously F.203 and L.203), checkable deposits and currency are now tables F.203 and L.203 (previously F.204 and L.204), time and savings deposits are now tables F.204 and L.204 (previously F.205 and L.205).21
2024q3New other deposits instrument category: The new instrument category other deposits (tables F.205 and L.205) brings together deposits that are liabilities of institutions other than U.S. depository institutions and are not classified as interbank assets and liabilities. Other deposits include foreign deposits, previously reported on the now discontinued U.S. deposits in foreign countries tables (previously F.203 and L.203); reserve position in the IMF, previously reported on the now discontinued tables U.S. official reserve assets and SDR allocations (previously F.200 and L.200); and Postal Savings System deposits, deposits at Federal Home Loan Banks, and federal government nonofficial foreign currency deposits, previously reported as miscellaneous financial claims (tables F.234 and L.234).22
2024q3New total currency and deposits tables: New transaction and level instrument tables for total currency and deposits (F.201 and L.201) aggregate the tables for interbank assets and liabilities (F.202 and L.202), checkable deposits and currency (F.203 and L.203), time and savings deposits (F.204 and L.204), and other deposits (F.205 and L.205).23
2024q3Interbank assets and liabilities now include monetary authority holdings of official and nonofficial foreign currency deposits: The instrument interbank assets and liabilities (tables F.202 and L.202) now includes monetary authority holdings of official reserve deposits in foreign currency, previously reported in the now discontinued U.S. official reserve assets and SDR allocations instrument category (previously F.200 and L.200). Nonofficial holdings of foreign currencies (swap lines) have also been reclassified from identified miscellaneous financial claims (tables F.234 and L.234) to interbank assets and liabilities.24
2024q3Checkable deposits and currency now include Treasury currency: Treasury currency has been reclassified to the instrument checkable deposits and currency (tables F.203 and L.203) and the data has been updated to reflect the face value of minted coins and outstanding U.S. notes. Treasury currency was previously reported on the discontinued special drawing rights (SDRs) certificates and Treasury currency tables (previously F.201 and L.201). Monetary authority holdings of coin are also included in checkable deposits and currency.25
2024q3New other official reserves detail and reclassification: The category other official reserves, previously reported on the now discontinued U.S. official reserve assets and SDR allocations tables (previously F.200 and L.200), has been reclassified and additional detail has been provided as follows: monetary authority holdings of official foreign currency deposits are reported as interbank assets and liabilities (tables F.202 and L.202), federal government holdings of official foreign currency deposits are reported as other deposits (tables F.205 and L.205), official holdings of foreign securities are reported as foreign bonds (tables F.213 and L.213), and "other" other reserves are reported as security repurchase agreements (tables F.207 and L.207).26
2024q3SDR certificates reclassification: SDR certificates have been reclassified as identified miscellaneous financial claims (tables F.234 and L.234). SDR certificates were previously reported on the now discontinued special drawing rights (SDRs) certificates and Treasury currency tables (previously F.201 and L.201).27
2024q3Changes to miscellaneous financial claims: As described in other release highlights, several items have been reclassified from miscellaneous financial claims (tables F.234 and L.234) to deposit instruments, and gold and SDR certificates have been reclassified from now discontinued tables to miscellaneous financial claims.28
2024q3Credit union multifamily, commercial, and farm mortgages: Beginning 1997:Q1, the credit union sector (tables F.214 and L.114) now shows holdings of multifamily residential mortgages (tables F.219 and L.219), commercial mortgages (tables F.220 and L.220), and farm mortgages (tables F.221 and L.221). These loans were previously included in credit unions' home mortgages before 2022:Q1 and depository institutional loans n.e.c. thereafter.29
2024q3National Income and Product Account annual update: The statistics in this publication reflect the 2024 annual update of the National Income and Product Accounts (NIPAs) released by BEA on September 26, 2024, as well as information for 2024:Q3 released on November 27, 2024. See the October 2024 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details.30
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