Philadelphia Fed releases newly available credit card and mortgage data from major banks

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Press release

The Federal Reserve Bank of Philadelphia today announced the quarterly release of credit card and mortgage data from the largest financial institutions in the United States.

For immediate release

Contact: Daneil Mazone, Senior Manager, Media Relations

The Federal Reserve Bank of Philadelphia announced today the release of new data available on credit cards and mortgages provided by the largest financial institutions in the United States. According to the 2022 Q1 Insights: Big Banks Credit Card and Mortgage Reportthe first report of a new quarterly series:

  • Credit card nominal balances remain 11% below their peak in the fourth quarter of 2019. Customers are using their available credit lines less, as credit card usage rates are still below pre-pandemic levels .
  • Big bank mortgage volume fell 28% in the first quarter of 2022 as mortgage rates rose.
  • Serious delinquencies on bank book mortgages have fallen in recent quarters to near-record levels as customers back out of forbearance. The strength of the housing market and loss-mitigation activities helped many borrowers whose forbearances were expiring to resume their payments.

“By providing greater access to this data, we hope the public will gain a better understanding of the consumer lending activities of the big banks and that banks will gain an important benchmarking tool,” said William G. Spaniel, senior vice president and head of loans at the Philadelphia Fed. Department of Supervision, Regulation and Credit.

Data on major banks’ credit cards and mortgages will be updated quarterly and will include aggregated data on major banks’ portfolio composition, credit performance, origination activities, payment behavior by credit card and the use of credit card lines. Credit card data largely reflects the total US credit card market, accounting for approximately three-quarters of total US bank card balances. Mortgage data provides new information on large bank loans and represents approximately 1/10th of the US residential mortgage market.

This information is gathered from Federal Reserve Y-14M data collected by U.S. bank holding companies, U.S. intermediary holding companies of foreign banking organizations, and savings and loan holding companies hedged with 100 billion dollars or more of total consolidated assets.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and banks and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of 12 regional reserve banks which, together with the Board of Governors in Washington, DC, constitute the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern Pennsylvania, southern New Jersey, and Delaware.

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