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Wednesday, October 07, 2020 / 09:20 AM / By
Federal Reserve / Header Image Credit: Federal Reserve
The Federal Reserve Board 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 effort to paint a complete picture of
this important sector of the U.S. economy.
"Your participation is important to help us
understand the size and structure of lenders like yours that supply credit or
lease financing to U.S. households and businesses," said Federal Reserve
Chair Jerome H. Powell in a letter to prospective census participants.
"The results will contribute to better-informed policy decisions and form
the basis of our statistical releases, which have become all the more critical
during the pandemic outbreak."
The assets and liabilities of finance companies have
been surveyed by the Federal Reserve at roughly five-year intervals since 1955.
The data collected provide a benchmark for the System's monthly report on the
outstanding accounts receivable of finance companies (presented in the Federal
Reserve's Finance Companies statistical release) and provide a comprehensive
update on these companies' sources of funds. This information in turn becomes
an important input to the estimates of total consumer credit (presented in the
Federal Reserve's Consumer Credit statistical release) and the Financial
Accounts of the United States.
The attached letter from Chair Powell was sent to
approximately 26,000 companies urging their participation in the census.
Individual responses will be kept confidential. In addition to the Chair's
letter, more information about the census is available at www.federalreserve.gov/financecocensus.
The 2020 Census of Finance Companies and Other Lenders
is not related to the 2020 Census of Population and Housing.
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