Survey of finance companies, looking for data on credit availability, will commence this month

A survey of finance companies will commence this month as an effort by the Federal Reserve to “improve its understanding of credit availability to households and businesses in the United States,” the agency announced Thursday.

The 2021 survey, according to the Fed, collects data on major categories of household, real estate, and business loans, various liabilities, and income and expense information from finance companies.

The survey also includes questions on COVID-19 pandemic relief accommodations provided by finance companies.

The Fed asserted that these data provide a benchmark for its 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, the Fed said, 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.

In a letter to about 2,000 finance companies nationwide, Fed Board Chair Jerome H. (“Jay”) Powell said the data improve the agency’s understanding of credit availability in the economy and the particular role played by finance companies.

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