Data Dictionary
Item Number 7164
AVERAGE NOMINAL FINANCE RATE, ALL ACCOUNTSCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| QRCC7164 | 1994-11-30 | 9999-12-31 | Yes | FR 2835a |
Data Description:
The nominal finance rate is the nominal APR disclosed to cardholders, as required by Regulation Z (Truth-in-Lending). An institution may obtain the average nominal finance rate by using either of two comparable procedures listed: (1) A simple average rate or (2) a weighted average rate. For further information on the methods of these procedures, see "Instructions for the Quarterly Report of Credit Card Plans, FR 2835a". Note: If an institution charges tiered rates that varies with the amount of the balance owed, the rate that applies to the first tier (lowest amount of dollar balances) is to be used. The rate in this item is reported to two decimal places (i.e., 16.08%). Also this item is reported as of the last day of the reporting month.
NOTE:
Reported on the FR 2835a report.