October 21, 2021

Federal Reserve Board announces it will begin its Survey of Finance Companies this month as part of the Board’s continuing effort to improve its understanding of credit availability to households and businesses in the United States

For release at 3:00 p.m. EDT

The Federal Reserve Board announced on Thursday that it will begin its Survey of Finance Companies this month as part of the Board's continuing effort to improve its understanding of credit availability to households and businesses in the United States.

"These data improve our understanding of credit availability in our economy and the particular role played by finance companies," said Federal Reserve Chair Jerome H. Powell in a letter to prospective survey participants.

The survey collects data on major categories of household, real estate, and business loans, various liabilities, and income and expense information from finance companies. In addition, the 2021 survey includes questions on COVID-19 pandemic relief accommodations provided by finance companies. These data provide a benchmark for the Federal Reserve's monthly report on the outstanding balances 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 Powell was sent to approximately 2,000 companies urging their participation in the survey. Individual responses will be kept confidential. More information about the survey is available at www.federalreserve.gov/financecosurvey.

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Last Update: October 21, 2021