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Home > Economic Research & Data > Statistical Releases and Historical Data

Consumer Credit - G.19
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Performance Evaluation of the Consumer Credit (G.19) Statistical Release
December 2016
I. Introduction
The Federal Reserve's G.19 Statistical Release, "Consumer Credit," is published monthly, generally on the fifth business day of the month. The release provides national
aggregate amounts (by type and holder) of outstanding credit held by households; it also contains selected average terms of credit.
The top panel on the first page of the G.19 release presents growth (in simple annual percentage rate terms), outstanding levels (in billions of dollars), and annualized
flows (in billions of dollars) of seasonally adjusted consumer credit for the most recent three months as well as for the past five quarters and the past five years. Data for
the most recent month are marked on the release as preliminary and are subject to revision in future releases. The bottom panel on the first page contains quarterly data
on terms of credit: interest rates on select types of loans at commercial banks and interest rates, loan maturities, and average amounts for new-car loans at auto finance
companies.1 All of these concepts are explained in the footnotes on the third page of the release. The second page of the release provides a breakdown of consumer
credit by type of credit and holder that is not seasonally adjusted. The third page of the release shows the flow of credit, also by type of credit and holder.
To construct the consumer credit statistics, the Federal Reserve maintains direct data collection programs for commercial banks and finance companies and obtains
information for other creditor groups through secondary sources. The Federal Reserve sources include:
1. Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644;
OMB No. 7100-0075)
2. Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248; OMB No. 7100-0005)
3. Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans (FR 2835; OMB No. 7100-0085)
4. Quarterly Report of Credit Card Interest Rates (FR 2835a; OMB No. 7100-0085).
Secondary sources include the Federal Financial Institutions Examination Council (FFIEC), the Credit Union National Association (CUNA), the U.S. Department of
Education, the Census Bureau, and additional private sector vendors.
The remainder of this document includes a more detailed discussion of the history of consumer credit, a description of the various data sources, and other information
called for by Statistical Policy Directive No. 3, section 8, Performance Evaluation.

II. Background
The Federal Reserve has been the primary producer of aggregate statistics on consumer credit since 1942. This role stems from the Federal Reserve's responsibility for
monetary policy and its particular responsibilities and data needs in the consumer credit area, originally under Executive Order 8843 of August 9, 1941, and Board
Regulation W - Consumer Credit and later under various other acts and regulations. Collection of information on terms of credit began in 1972 at the request of the
President's Committee on Interest and Dividends, which was established as part of phase I of President Nixon's wage-price controls program.
Since the Federal Reserve began compiling and publishing data on consumer credit, both the format of the G.19 release and the underlying data have undergone many
changes. A major revision to the consumer credit statistics occurred in early 1983 as a result of an exhaustive review by the Federal Reserve of its entire consumer
credit data collection and compilation program; changes were made to the program to focus on items of highest priority to the Federal Reserve's analysis, to eliminate
materials of dubious quality, and to reduce reporting burdens.2 In 1989, estimates of consumer loans held in pools of securitized assets began to be included in the
estimates of total consumer credit outstanding; this change resulted in a break in the series.
In 1999, the automobile and "Other" outstanding credit series in the G.19 release were combined into a single category called "Nonrevolving" credit. This change was
implemented because the estimated split between these categories lacked a suitable benchmark. The report was also reformatted to provide additional historical data.
In 2003, student loans extended by the federal government and by SLM Corporation, the parent company of Sallie Mae, were added to the estimates of total consumer
credit outstanding. The G.19 release was revised to include a new line item, "Federal government and Sallie Mae," which showed data for direct federal government
student loans and student loans on Sallie Mae's balance sheet. Student loans held by the non-GSE portion of SLM Corporation were added to the finance company
sector, and Sallie Mae's securitized loans were added to pools of securitized assets. After the completion of Sallie Mae's privatization in the fourth quarter of 2004, data
for SLM Corporation were entirely accounted for in the finance company sector, and the line item was renamed "Federal government" in December 2009.
In 2012, the release was augmented to include flows of credit for all loan categories included in the release.
In 2013, the release was augmented to include a new sector, "Nonprofit and educational institutions," as well as two memo line items reflecting student and motor
vehicle loans outstanding.

III. Sources and Methodology
A. Credit Stocks

1. Depository Institutions
Monthly estimates of consumer credit held by depository institutions are based on data collected by the Federal Reserve in the Weekly Report of Selected Assets
and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644; OMB No. 7100-0075).3 The report
collects, among other data, information on outstanding balances of consumer revolving and nonrevolving credit as of the close of business each Wednesday. The
report also collects outstanding balances of consumer loans that have been pooled and used as collateral for asset-backed securities (ABS); these loans are no
longer on the balance sheets of the originating depository institutions, but they remain consumer debt.
The reporting panel for the FR 2644 consists of an authorized stratified random sample of about 875 domestically chartered commercial banks and U.S. branches
and agencies of foreign banks; participation is voluntary. The Federal Reserve Banks collect FR 2644 data from the individual respondents in their respective
Districts. The Reserve Banks edit the data and then transmit the information to the Federal Reserve Board for central processing. The Board staff review the sample
data and make adjustments for mergers and acquisitions as well as for the entry and exit of respondents when constructing national estimates. These data are then
reported in the Federal Reserve System's weekly Statistical Release H.8, Assets and Liabilities of Commercial Banks in the United States.
To construct the G.19 depository institutions' consumer credit estimates, month-end estimates are created from the H.8 data using weighted averages of the two
Wednesdays around each month's end. The month-to-month growth rates implied by these estimates are then used to extrapolate the previous estimates for the
depository institutions universe forward. On a quarterly basis, the G.19 depository institutions consumer credit estimates are benchmarked to the quarterly
Consolidated Reports of Condition and Income, or Call Reports (FFIEC 031-034; OMB No. 7100-0036)4 . The Call Report is a legal requirement of all insured
depository institutions.

2. Finance Companies
Estimates of consumer credit held by finance companies are based on the Federal Reserve's monthly Domestic Finance Company Report of Consolidated Assets
and Liabilities (FR 2248; OMB No. 7100-0005).
The FR 2248 collects select balance sheet items as of the close of business on the last business day of the survey month. It also collects supplemental information,
such as outstanding balances of pools of securitized assets that are backed by loans and leases. These loans and leases are no longer on the balance sheet of the
finance companies. Certain core items are collected every month, while other items needed by the Federal Reserve on a less frequent basis are collected only for the
final month of each quarter.
The particular FR 2248 items used for the G.19 release are on-balance-sheet asset items 3B(1), 3B(2), 3B(3), 3B(4), and 3B(5) (consumer motor vehicle loans,
revolving consumer credit, government-guaranteed student loans, private student loans, and other consumer loans, respectively) and their off-balance-sheet
counterparts, items S.3B(1), S.3B(2)B, S.3B(3), S.3B(4), S.3B(5).5 All of these items are collected monthly.6
The current reporting panel for the FR 2248 consists of a random stratified sample of about 50 companies. Reports for these companies are collected by the Federal
Reserve Banks in their respective Districts; the Reserve Banks then edit these data and transmit them to the Federal Reserve Board for central processing. At the
Board, the data are reviewed and then expanded to the national finance company totals by assuming that the universe grows at the rate of the sample, with
adjustments for firms entering and exiting the sector.
Every five years, the Federal Reserve conducts a larger and more detailed survey of finance companies, the Quinquennial Finance Company Questionnaire and
Survey (FR 3303s; OMB No. 7100-0246). The results are used to benchmark the monthly finance company estimates constructed from the FR 2248 and to update
the FR 2248 panel. The most recent benchmark survey was conducted as of December 31, 2015. Using survey data from the current regular monthly reporters and a
random stratified sample of additional companies, a population of finance companies will be estimated. Estimates of assets and liabilities for the population are then
constructed.

3. Credit Unions
Outstanding consumer installment credit held by credit unions is provided by the CUNA; these data include loans held by both federally insured and other credit
unions. CUNA benchmarks its data to the National Credit Union Administration's (NCUA) Statement of Financial Condition (NCUA 5300; OMB No. 3133-0004).

4. Student Loans Associated with the Federal Government
The amount of outstanding student loans guaranteed or funded directly by the federal government is estimated from data provided by the Department of Education.
The estimates are partly based on monthly data on federal direct student loans from the Department of Education, which were formerly from the Treasury
Department's Monthly Treasury Statement. Estimates through September 2004 (when Sallie Mae was dissolved) also include loans on Sallie Mae's balance sheet.

5. Nonprofit and Educational Institutions
Estimates of outstanding student loans held by nonprofit and educational institutions only include Federal Family Education Loan Program (FFELP) loans held by
state-affiliated nonprofit lenders and schools. The amount outstanding of student loans held by nonprofit and educational institutions is estimated from annual
benchmark data published by the Department of Education under the top 100 entities holding FFELP loans. These data are inflated to reflect holdings by all entities.

6. Nonfinancial Businesses
Outstanding consumer debt held by nonfinancial businesses (retailers) is estimated using the Census Bureau's Annual Retail Trade Report. Monthly estimates are
based primarily on the typical seasonal patterns of credit outstanding. The estimates are adjusted for changes over time in the credit programs offered by
nonfinancial businesses (for example, many retailers' programs have been taken over by depository institutions, and the associated receivables have been shifted to
that sector's estimates).

7. Pools of Securitized Assets
The G.19 release includes outstanding consumer credit that is being held in pools of securitized consumer loans, also known as ABS. The estimates are based, in
part, on some of the sources discussed previously: Call Reports capture loans securitized by commercial banks, and the FR 2248 report captures those securitized
by finance companies. For loans securitized by finance companies not included in the FR 2248 and for loans securitized by savings institutions, the Federal Reserve
uses consumer ABS data from private vendors.

8. Student Loans Memo Item

The "Student Loans" memo line reflects the total student loan debt outstanding including defaulted loans and accrued interest. The estimate is constructed by
summing the total private and federal student loans outstanding with federal loans consisting of those issued under the Direct Loan Program, the FFELP, and the
Perkins program. The estimate for federal student loans is benchmarked against data published by the Department of Education, while the estimate for private
student loans is constructed by Federal Reserve staff using internal sources.

9. Motor Vehicle Loans Memo Item
The "Motor Vehicle Loans" memo line reflects the total motor-vehicle loan debt outstanding. The estimate is constructed by summing motor vehicle loans held and
managed by depository institutions, finance companies, credit unions, and nonfinancial business.

B. Terms of Credit
1. Commercial Banks
The Federal Reserve collects quarterly data on interest rates for 48-month and 60-month new-car loans and 24-month personal loans through the Quarterly Report of
Interest Rates on Selected Direct Consumer Installment Loans (FR 2835; OMB No. 7100-0085). The data represent the "most common rates" (based on dollarvolume terms) for loans made as of the Saturday ending the first full week in February, May, August, and November.7 For variable-rate loans, the banks are asked to
consider the initial interest rate on the loans.
In recent quarters, about 110 commercial banks have filed FR 2835 reports. Banks report to the Federal Reserve Banks in their respective Districts; the Reserve
Banks edit the information and then transmit it to the Board for central processing. The Board staff review the data and calculate averages that are published as part
of the G.19 release.8 These data are neither benchmarked nor adjusted for seasonal variation.
In a separate report, the Quarterly Report of Credit Card Interest Rates (FR 2835a; OMB No. 7100-0085), the Federal Reserve collects quarterly data from
commercial banks on the average interest rate across all of their credit card accounts, finance charges on credit card accounts, total number of credit card accounts,
total average daily balances, and total average daily balances that incurred a finance charge.9 These data are collected for the billing cycles in February, May,
August, and November.
The current reporting panel for the FR 2835a consists of 36 commercial banks. Respondents send their reports to the Federal Reserve Banks in their respective
Districts; the Reserve Banks edit the information and then transmit it to the Board for central processing. The Board staff review the data and calculate two interest
rate measures for the G.19 release. The measure labeled "All accounts" is a weighted average of the interest rate for all accounts, in which each bank's weight is
based on its number of accounts. The measure labeled "Accounts assessed interest" is calculated by dividing total finance charges by total average daily balances
that incurred finance charges. This latter measure is designed to correspond with the average interest for cardholders who actually paid interest. These data are
neither benchmarked nor adjusted for seasonal variation.

2. Finance Companies
The estimates of terms of automobile credit at finance companies are produced from Experian's AutoCount Risk Report and encompass the majority of captive and
noncaptive finance companies in the United States.

IV. The G.19 Release
A. Processing and Publication Schedule
The Federal Reserve aims to make the G.19 data available to the public in the afternoon of the fifth business day of the second month following the reference month.10
This publication lag exceeds the goal stated in Statistical Policy Directive No. 3 (release within 22 working days of the end of the reference period), but it is the shortest
feasible lag, given the time required to collect, process, and review preliminary information from the various sources and compute the estimates. Prior to November
1986, the G.19 release had been scheduled for "about the middle" of the second month following the reference month. Streamlining of the Federal Reserve's
production processes allowed the schedule to be accelerated to the current timing in November 1986. Since November 1986, the targeted release date has been met
on all occasions.
The release of the G.19 data is handled by the Federal Reserve Board's Public Affairs Office. The release is available on the Federal Reserve Board's public
website.11

B. Avoidance of Premature Disclosure
All data in the G.19 release are provided to the public in aggregate form only. With the exception of commercial bank interest rate data discussed previously, individual
respondent data are not made available.
Prior to publication each month, access to the estimates is limited to Board staff members who are responsible for preparing the estimates and the G.19 release. In
addition, some of the information may be made available to members of the Board and the Federal Open Market Committee as background material for making
monetary policy decisions (and to the staff who prepare such materials).
There is no record of a premature disclosure during the evaluation period.

C. Accuracy and Reliability
Monthly growth rates for the G.19 consumer credit series can be quite volatile. For example, the standard deviation of the annualized percent change in seasonally
adjusted monthly consumer credit over the past three years is 1.4 percentage points for total consumer credit, 3.5 percentage points for revolving credit, and 1.5
percentage points for nonrevolving credit. It is difficult to assess how much of this volatility arises because of true variation in the amount households have borrowed
and how much stems from error in measurement. However, the latter factor seems likely to have been at least somewhat important, given the degree to which source
data are incomplete at high frequencies.
The G.19 data are revised on a regular basis. Revisions to the depository institutions’ estimates most commonly result from respondents to the FR 2644
reclassifying loans and making other corrections to their data and from the quarterly benchmarking to the Call Reports. Revisions to the finance companies estimates
generally stem from respondents to the FR 2248 correcting their data or providing their data late and from the quinquennial benchmarking to the FR 3033. Revisions to
the credit union estimates occur because CUNA benchmarks its data to information from the NCUA. Revisions to nonfinancial business and nonprofit and educational
institutions estimates are typically caused by annual benchmarking to the Census Bureau data and the Department of Education's data, respectively. Revisions to

student loan estimates are typically caused by benchmarking to the Department of Education's published data every quarter. In addition, the reestimation of seasonal
factors once a year affects the seasonally adjusted totals for overall consumer credit, revolving credit, and nonrevolving credit shown on the release.
Revisions may also occur because the Federal Reserve staff occasionally alter the methods used to estimate outstanding consumer credit. These changes may be
spurred by the availability of new data sources, the discontinuation of prior data sources, or changes in loan markets that render the existing methods inferior or
incomplete.

D. Dissemination of Revised and Historical Data
The release tables contain markings that indicate whether the data for a given time period have been revised. In addition, footnotes are added to explain some larger
revisions and, for particularly important revisions, supplementary background material has been posted on the Board's public website.12 The Federal Reserve's
experience has been that the conceptual explanations provided in the footnotes and supplementary material are sufficient to inform the public. Generally speaking,
many calls result from users either not reading the material or from users getting information from a secondary source, such as a newspaper or newsletter. On rare
occasions, outside researchers call to clarify a minor technical point with Federal Reserve staff.
The Federal Reserve is sensitive to the issue of clarity, and, should the number of calls concerning a specific point become large, the point would be addressed
through additional footnotes or material on the website; as yet, such augmentation has not been needed.
The Federal Reserve Board makes current estimates of historical data on consumer credit available on the Board's public website.

Footnotes
1. Covers most of the captive and noncaptive finance companies. The series of finance company new card loan terms
included in previous releases are discontinued. They remain available from the Data Download Program. Return to text
2. The 1983 revision eliminated gross flow data from the G.19 release. Doubts about the quality of the gross flow data had
arisen because of a lack of source data on gross extensions (outside the finance company sector) and some definitional
problems. A substantial increase in costs and reporting burden would have been needed to produce better estimates, but
such an increase did not appear to be justified, given the limited analytical value of gross flow data. Through the end of
1987, extensions data from finance companies continued to be collected and published in the Federal Reserve's Statistical
Release G.20, "Finance Companies." Extensions data were eliminated from the G.20 release in January 1988. Additional
information on these changes is available in the various supporting statements on file at the Office of Management and
Budget for the Federal Reserve consumer credit series. Return to text
3. Commercial bank data were previously also collected on the Commercial Bank Report of Consumer Credit (FR2571; OMB
No. 7100-0080). This report was discontinued in June 2000 to reduce the reporting burden on the banks and to eliminate
collection of duplicate data. Return to text
4. More detail on the benchmarking process is provided in section IV.C, Accuracy and Reliability. Return to text
5. A more complete set of FR 2248 data is published in the Federal Reserve's G.20 release. See Board of Governors of the
Federal Reserve System (2011), Statistical Release G.20, "Finance Companies" (November 15),
www.federalreserve.gov/releases/g20/hist. Return to text
6. Although each company is asked to report on a monthly basis, the Federal Reserve does not typically accumulate a full set
of monthly responses. Some finance companies regularly report on a quarterly basis only. Return to text
7. Prior to 1983, the new-car loan maturity was 36 months. This maturity was changed to 48 months based on a report from
the American Bankers Association, which indicated that 36 months was too short. In 2005, the Board also began collecting
data on the most common interest rate on 60-month loans for new vehicles. The 60-month loan has become more
common over time and is now far more prevalent than the 48-month loan. In 2005, it was estimated that nearly 60 percent
of loans for new vehicles originated in the early part of the decade had a length of 60 months. Return to text
8. In addition, as the result of a legal suit by Consumers Union, and with agreement from individual respondents, bank-level
data are made available to the public upon request made to the Federal Reserve Board's Freedom of Information Office.
See Board of Governors of the Federal Reserve System (2006), "Making a FOIA Request" webpage, Board of Governors,
www.federalreserve.gov/generalinfo/foia/request.cfm (last updated December 5, 2006). Return to text
9. Two additional items, total new balances and total new balances with a finance charge, also are collected. Return to text
10. The timing of the releases is indicated by the G.19 release and is posted on the Federal Reserve's website at
www.federalreserve.gov/releases/g19. Return to text
11. See Board of Governors of the Federal Reserve System (2011), Statistical Release G.19, "Consumer Credit" (December
7), webpage, www.federalreserve.gov/releases/g19 Return to text.
12. See Board of Governors of the Federal Reserve System (2011), Statistical Release G.19, "Consumer Credit" (December
7), www.federalreserve.gov/releases/g19/hist. Return to text

Last update: December 16, 2016

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