- Federal Reserve to begin its Survey of Finance Companies this month
- Data used to collect information on loans, liabilities, expenses, and incomes, with an added category of questions this year on COVID-19 relief funding
- Effort seeks to improve Fed’s understanding of credit availability for businesses and households
Summary by Dirk Langeveld
The Federal Reserve has announced that it will begin its Survey of Finance Companies this month as it seeks to improve its understanding of credit availability to businesses and households.
The survey collects data on major categories such as business, household, and real estate loans, as well as information on liabilities, incomes, and expenses. This year’s survey will also query finance companies on the accommodations they offered for COVID-19 relief funds.
The data will be used for various Fed assessments, including a monthly report on outstanding balances at finance companies and estimates on total consumer credit.
A letter was sent to about 2,000 finance companies encouraging them to apply, noting that individual responses will be kept confidential.