Federal Reserve survey assesses credit availability
U.S. Federal Reserve officials said the panel’s survey of financial companies scheduled for this month would help assess nationwide credit availability for households and businesses.
“These data improve our understanding of the availability of credit in our economy and the special role played by financial companies,” Federal Reserve Chairman Jerome H. Powell wrote in correspondence to potential survey participants. I very much hope that you will take part in this important voluntary initiative of the Federal Reserve to keep up with the ongoing developments in the economy. Your individual response is vital to the accuracy of our measurement of the financial companies industry and will be treated as confidential. “
The data collection covers the main categories of loans to households, real estate and businesses, in addition to information on the liabilities, income and expenditure of finance companies.
There are questions regarding the COVID-19 pandemic emergency accommodation provided by finance companies. The data provides a benchmark for the Federal Reserve’s monthly finance company balances report while providing a comprehensive update on the companies’ sources of funds.
Managers encourage survey participants to accesswww.federalreserve.gov/financecosurvey, which connects users to the site managed by the Federal Reserve Bank of Philadelphia, for responding to online surveys.
Powell’s correspondence requesting participation in the survey was sent to approximately 2,000 companies.