March 23, 2016
Federal Reserve begins 2016 Survey of Finance Companies
For release at 3:00 p.m. EDT
The Federal Reserve will begin its Survey of Finance Companies in March as part of the continuing effort to paint a comprehensive view of the range of companies in this sector of the U.S. financial system.
"The availability of credit to consumers and businesses is important to our economy, and finance companies play a very important role in U.S. credit markets," Federal Reserve Chair Janet L. Yellen said in a letter to prospective survey participants.
The survey collects balance sheet data on major categories of household and business credit receivables and liabilities from finance companies. Results of the survey will further the understanding of the finance company industry. The data provide a benchmark for the System's monthly report on the outstanding accounts receivable of finance companies (presented in the Federal Reserve's Finance Companies statistical release) and provide a comprehensive update on these companies' sources of funds. This information in turn becomes an important input to the estimates of total consumer credit (presented in the Federal Reserve's Consumer Credit statistical release) and the Financial Accounts of the United States.
The attached letter from Chair Yellen is being sent to approximately 2,300 companies urging their participation in the survey. Individual responses will be kept confidential. In addition to the Chair's letter, more information about the survey is available at www.federalreserve.gov/financecosurvey.
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