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Estimating Securities-Based Loans Outstanding, Accessible Data

Figure 1. Other Consumer Loans Held By Banks

Billions of Dollars

Quarter Total Other Consumer Loans Securities-Based Loans Personal Loans FFELP Loans Private Student Loans
2011:Q1 218.94 1.15 124.41 78.14 15.24
2011:Q2 217.66 4.33 122.64 76.56 14.13
2011:Q3 215.00 4.54 120.14 74.98 15.34
2011:Q4 214.05 9.20 117.01 72.34 15.50
2012:Q1 215.19 22.96 106.08 69.70 16.45
2012:Q2 212.28 21.80 108.37 67.06 15.05
2012:Q3 213.86 25.71 107.98 64.42 15.75
2012:Q4 214.00 33.32 104.37 61.16 15.15
2013:Q1 212.42 34.35 103.05 57.89 17.13
2013:Q2 212.54 39.84 101.60 54.63 16.47
2013:Q3 215.86 42.05 104.81 51.36 17.64
2013:Q4 216.70 44.52 104.58 49.61 17.99
2014:Q1 216.79 44.58 105.26 47.86 19.09
2014:Q2 222.59 49.49 107.87 46.10 19.13
2014:Q3 224.71 51.21 109.30 44.35 19.85
2014:Q4 218.12 47.91 109.61 40.31 20.29
2015:Q1 217.52 50.68 108.43 36.28 22.13
2015:Q2 223.53 58.04 111.12 32.25 22.12
2015:Q3 229.02 64.01 112.76 28.22 24.03
2015:Q4 216.83 54.83 112.19 25.42 24.39
2016:Q1 217.02 57.06 111.13 22.62 26.21
2016:Q2 222.62 68.68 108.04 19.82 26.08
2016:Q3 229.32 74.91 109.37 17.02 28.02
2016:Q4 232.52 80.47 107.83 15.93 28.29
2017:Q1 233.21 84.20 104.18 14.84 29.99
2017:Q2 233.54 84.01 106.21 13.75 29.57
2017:Q3 240.26 86.84 109.35 12.66 31.41
2017:Q4 243.46 93.14 106.41 12.38 31.53
2018:Q1 246.36 94.85 106.15 12.10 33.26
2018:Q2 253.68 100.85 108.31 11.82 32.70
2018:Q3 262.46 104.04 112.20 11.54 34.68
2018:Q4 265.91 106.13 113.64 11.40 34.74
2019:Q1 271.59 109.57 114.29 11.26 36.47
2019:Q2 279.43 115.66 116.74 11.12 35.91
2019:Q3 288.45 120.19 119.36 10.97 37.93
2019:Q4 292.24 120.68 123.29 10.66 37.61
2020:Q1 292.88 119.22 123.83 10.35 39.48
2020:Q2 294.40 120.36 125.15 10.04 38.85
2020:Q3 304.27 126.95 127.35 9.73 40.24
2020:Q4 310.07 135.12 125.48 9.60 39.87
2021:Q1 308.57 133.67 124.35 9.48 41.07
2021:Q2 318.28 142.31 127.54 9.35 39.08
2021:Q3 327.58 149.01 128.84 9.23 40.50
2021:Q4 336.16 155.28 131.12 8.81 40.95
2022:Q1 348.93 167.11 131.34 8.40 42.08
2022:Q2 366.46 172.52 144.81 7.99 41.14
2022:Q3 375.23 174.70 150.12 7.58 42.83
2022:Q4 377.09 169.32 158.70 6.38 42.69
2023:Q1 378.68 168.05 161.14 5.19 44.30
2023:Q2 375.29 160.36 167.54 3.99 43.40
2023:Q3 376.97 155.57 173.48 2.80 45.12
2023:Q4 364.30 140.13 176.09 2.80 45.28
2024:Q1 358.07 137.95 170.25 2.80 47.07

Note: Key identifies in order from top to bottom. This figure shows the bank-held loans to individuals for household, family, and other personal expenditures by loan type.

Source: The Reports of Condition and Income (Call Report), Federal Reserve Bank of New York Consumer Credit Panel (CCP)/Equifax, the Top 100 and Top 50 Federal Family Education Loan Program (FFELP) Holders list from the Department of Education, and Enterval.

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Figure 2. Securities-Based Loan Estimates

Billions of Dollars

Quarter Authors' Estimate Published Holdings
2018:Q3 104.04 81.80
2018:Q4 106.13 81.70
2019:Q1 109.57 79.30
2019:Q2 115.66 82.00
2019:Q3 120.19 83.90
2019:Q4 120.68 86.60
2020:Q1 119.22 87.80
2020:Q2 120.36 89.70
2020:Q3 126.95 96.70
2020:Q4 135.12 104.00
2021:Q1 133.67 110.50
2021:Q2 142.31 122.20
2021:Q3 149.01 128.50
2021:Q4 155.28 136.20
2022:Q1 167.11 141.40
2022:Q2 172.52 147.30
2022:Q3 174.70 145.60
2022:Q4 169.32 142.10
2023:Q1 168.05 136.50
2023:Q2 160.36 134.90

Note: This figure shows our estimate for securities-based loans plotted together with estimates of holdings of such loans at select market participants published in a Wall Street Journal article (Eisen, 2023).

Source: Federal Reserve Board and Wall Street Journal.

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Figure 3. Securities-Based Loans and Stock Market Conditions

SPX Index, Billions of Dollars

Quarter S&P 500 Securities-Based Loans
2011:Q1 1302.53 1.15
2011:Q2 1318.33 4.33
2011:Q3 1225.27 4.54
2011:Q4 1225.65 9.20
2012:Q1 1348.78 22.96
2012:Q2 1349.68 21.80
2012:Q3 1400.94 25.71
2012:Q4 1418.14 33.32
2013:Q1 1513.98 34.35
2013:Q2 1609.49 39.84
2013:Q3 1674.94 42.05
2013:Q4 1768.67 44.52
2014:Q1 1834.87 44.58
2014:Q2 1900.37 49.49
2014:Q3 1975.91 51.21
2014:Q4 2009.34 47.91
2015:Q1 2063.69 50.68
2015:Q2 2101.83 58.04
2015:Q3 2027.20 64.01
2015:Q4 2052.31 54.83
2016:Q1 1951.22 57.06
2016:Q2 2075.13 68.68
2016:Q3 2162.06 74.91
2016:Q4 2184.88 80.47
2017:Q1 2325.93 84.20
2017:Q2 2397.97 84.01
2017:Q3 2467.17 86.84
2017:Q4 2603.28 93.14
2018:Q1 2733.48 94.85
2018:Q2 2703.13 100.85
2018:Q3 2849.60 104.04
2018:Q4 2698.93 106.13
2019:Q1 2721.00 109.57
2019:Q2 2882.33 115.66
2019:Q3 2957.85 120.19
2019:Q4 3082.76 120.68
2020:Q1 3055.87 119.22
2020:Q2 2931.69 120.36
2020:Q3 3319.83 126.95
2020:Q4 3554.50 135.12
2021:Q1 3865.71 133.67
2021:Q2 4183.63 142.31
2021:Q3 4421.67 149.01
2021:Q4 4602.11 155.28
2022:Q1 4463.86 167.11
2022:Q2 4105.67 172.52
2022:Q3 3980.35 174.70
2022:Q4 3851.97 169.32
2023:Q1 4000.06 168.05
2023:Q2 4206.07 160.36
2023:Q3 4458.14 155.57
2023:Q4 4464.91 140.13
2024:Q1 4992.54 137.95

Note: This figure shows our estimate for securities-based loans plotted together with the S&P 500 index reflecting the stock market conditions over the period.

Source: Federal Reserve Board and Wall Street Journal.

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Last Update: August 02, 2024