Federal Reserve begins 2020 census of finance companies and other lenders
Washington, DC (STL.News) Le announced on Tuesday that it will begin the 2020 census of finance companies and other lenders. The census is a key part of the Federal Reserve’s efforts to paint a comprehensive picture of this important sector of the US economy.
“Your participation is important in helping us understand the size and structure of lenders like yours that provide loans or leases to American households and businesses,” said Federal Reserve Chairman Jerome H. Powell , in a letter to potential census participants. “The results will contribute to more informed policy decisions and form the basis of our statistical publications, which have become all the more critical during the pandemic epidemic. “
The assets and liabilities of finance companies have been studied by the Federal Reserve at roughly five-year intervals since 1955. The data collected provides a benchmark for the System’s monthly report on bad debts of finance companies ( featured in the Federal Reserve’s Finance Companies statistics release) and provide a comprehensive update on the sources of funding for these companies. This in turn becomes important input for estimates of total consumer credit (presented in the Federal Reserve’s Consumer Credit Statistics publication) and US financial accounts.
President Powell’s attached letter has been sent to approximately 26,000 businesses urging them to participate in the census. Individual responses will be kept confidential. In addition to the President’s letter, more information on the census is available at www.federalreserve.gov/financecocensus.
The 2020 Census of Finance Corporations and Other Lenders is unrelated to the 2020 Census of Population and Housing.
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