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Trends in Credit Unions' Share of U.S. Private Depository Household Lending, Accessible Data

Figure 1. Financial Assets to Nominal GDP for U.S. Banks and Credit Unions: 1976:Q1–2024:Q3
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Date U.S. banks Credit unions
1976Q1 0.723785579 0.021382177
1976Q2 0.731782019 0.022001445
1976Q3 0.734566212 0.022069303
1976Q4 0.746138215 0.022382053
1977Q1 0.741000533 0.023008585
1977Q2 0.739676237 0.023314748
1977Q3 0.736282349 0.023387115
1977Q4 0.751112819 0.023779381
1978Q1 0.750175118 0.024707196
1978Q2 0.732658923 0.02432159
1978Q3 0.732713759 0.024043716
1978Q4 0.738666296 0.023564886
1979Q1 0.730533361 0.023925733
1979Q2 0.735337198 0.024154384
1979Q3 0.737350881 0.023915811
1979Q4 0.740556359 0.023174636
1980Q1 0.729510903 0.022689449
1980Q2 0.739411175 0.023343498
1980Q3 0.744317293 0.023665475
1980Q4 0.739474297 0.023111274
1981Q1 0.714033902 0.022469707
1981Q2 0.72751379 0.022387134
1981Q3 0.719624817 0.021897752
1981Q4 0.732391715 0.022037175
1982Q1 0.74765414 0.022936178
1982Q2 0.753083587 0.023319529
1982Q3 0.758604765 0.023645991
1982Q4 0.774398744 0.024305241
1983Q1 0.773197234 0.025392897
1983Q2 0.769821763 0.026041906
1983Q3 0.765227377 0.025967838
1983Q4 0.757690132 0.02590451
1984Q1 0.765887499 0.026816409
1984Q2 0.771892428 0.027558858
1984Q3 0.781625986 0.027422428
1984Q4 0.797371328 0.027238421
1985Q1 0.789228439 0.028391307
1985Q2 0.793973267 0.029686468
1985Q3 0.795736849 0.030386809
1985Q4 0.809512973 0.030872425
1986Q1 0.800239027 0.03216581
1986Q2 0.808633626 0.033792838
1986Q3 0.815681994 0.034876637
1986Q4 0.836705744 0.035661954
1987Q1 0.823223054 0.037122875
1987Q2 0.823135257 0.037722424
1987Q3 0.824463427 0.037219357
1987Q4 0.822876692 0.036301944
1988Q1 0.822087586 0.037036508
1988Q2 0.819777727 0.037128843
1988Q3 0.821977496 0.037006646
1988Q4 0.817568123 0.036336638
1989Q1 0.797870994 0.036216818
1989Q2 0.791048527 0.035528075
1989Q3 0.779101431 0.035660576
1989Q4 0.776830316 0.035808507
1990Q1 0.753564894 0.036388706
1990Q2 0.736239135 0.036627345
1990Q3 0.726976156 0.036607765
1990Q4 0.728661418 0.036870919
1991Q1 0.713145733 0.037844781
1991Q2 0.694023728 0.038355689
1991Q3 0.681689441 0.038608197
1991Q4 0.674671531 0.039013233
1992Q1 0.663359046 0.040121935
1992Q2 0.64794451 0.04018072
1992Q3 0.637605846 0.04020321
1992Q4 0.631845355 0.04030953
1993Q1 0.622764707 0.040954266
1993Q2 0.620972216 0.041166469
1993Q3 0.62062043 0.041164771
1993Q4 0.618351936 0.040862657
1994Q1 0.62387538 0.041542217
1994Q2 0.62085861 0.041314032
1994Q3 0.614953399 0.040908057
1994Q4 0.613119125 0.040092342
1995Q1 0.611662686 0.040426519
1995Q2 0.613342643 0.040891714
1995Q3 0.609608769 0.04073862
1995Q4 0.605790615 0.040707178
1996Q1 0.598778486 0.041901425
1996Q2 0.594487965 0.041541971
1996Q3 0.595085561 0.040841632
1996Q4 0.591791093 0.040727518
1997Q1 0.592871666 0.042844292
1997Q2 0.590287924 0.042796623
1997Q3 0.586871684 0.042067811
1997Q4 0.599141181 0.042097867
1998Q1 0.591520905 0.043485913
1998Q2 0.592014909 0.043575708
1998Q3 0.5924927 0.043224189
1998Q4 0.604888678 0.044133887
1999Q1 0.599938631 0.045155384
1999Q2 0.603273928 0.045298174
1999Q3 0.60191071 0.044490207
1999Q4 0.612341523 0.043529466
2000Q1 0.615152955 0.045308027
2000Q2 0.616809785 0.043810133
2000Q3 0.622915804 0.044430189
2000Q4 0.629264355 0.044327464
2001Q1 0.63061887 0.048382875
2001Q2 0.628090739 0.048986413
2001Q3 0.644646764 0.050577175
2001Q4 0.648014069 0.051123761
2002Q1 0.648367524 0.053679232
2002Q2 0.653142631 0.053712536
2002Q3 0.665598512 0.054076735
2002Q4 0.675333977 0.05438897
2003Q1 0.695196927 0.057747412
2003Q2 0.707382143 0.05788726
2003Q3 0.695420086 0.056417104
2003Q4 0.693357348 0.05547766
2004Q1 0.706017494 0.056751203
2004Q2 0.713874996 0.05612164
2004Q3 0.719632387 0.055117108
2004Q4 0.723407149 0.055131018
2005Q1 0.724390388 0.055812567
2005Q2 0.730103731 0.055132784
2005Q3 0.735611439 0.054513767
2005Q4 0.736494541 0.05408271
2006Q1 0.741277039 0.055114649
2006Q2 0.750947177 0.054244746
2006Q3 0.755819499 0.053999633
2006Q4 0.748821735 0.054233253
2007Q1 0.744929969 0.056253348
2007Q2 0.746721923 0.055862755
2007Q3 0.764048874 0.055304203
2007Q4 0.777515113 0.05471579
2008Q1 0.798698485 0.057259087
2008Q2 0.785675287 0.05714133
2008Q3 0.811064541 0.05625727
2008Q4 0.862450361 0.057877738
2009Q1 0.855166316 0.059993271
2009Q2 0.835863292 0.060770016
2009Q3 0.825082123 0.061009075
2009Q4 0.814491391 0.061134927
2010Q1 0.823904514 0.06207506
2010Q2 0.803892493 0.061644603
2010Q3 0.793479025 0.060794007
2010Q4 0.783760488 0.059182432
2011Q1 0.782162309 0.060844224
2011Q2 0.776419699 0.061595991
2011Q3 0.785710156 0.061417662
2011Q4 0.782782137 0.061894394
2012Q1 0.767078042 0.063925542
2012Q2 0.766243994 0.063266039
2012Q3 0.768690467 0.06290067
2012Q4 0.777506769 0.063136823
2013Q1 0.769612551 0.063782617
2013Q2 0.764132023 0.063526206
2013Q3 0.764476955 0.062632367
2013Q4 0.765778005 0.062059674
2014Q1 0.772838712 0.064224556
2014Q2 0.77241081 0.063340493
2014Q3 0.766779661 0.062518694
2014Q4 0.778732777 0.063023686
2015Q1 0.784373462 0.064587489
2015Q2 0.774824858 0.064318761
2015Q3 0.775355637 0.06451299
2015Q4 0.784950435 0.065702364
2016Q1 0.794521987 0.06678395
2016Q2 0.798063993 0.067229532
2016Q3 0.802334666 0.068013467
2016Q4 0.794380724 0.068114363
2017Q1 0.796326458 0.069816656
2017Q2 0.794843793 0.069869071
2017Q3 0.789785147 0.06952852
2017Q4 0.784218371 0.069099613
2018Q1 0.776178658 0.069983885
2018Q2 0.760778368 0.069729514
2018Q3 0.75695616 0.069416158
2018Q4 0.764922559 0.069676228
2019Q1 0.760545969 0.071612991
2019Q2 0.758653998 0.071341075
2019Q3 0.757766843 0.071140565
2019Q4 0.762763917 0.071727879
2020Q1 0.832816482 0.075854011
2020Q2 0.959774435 0.088422164
2020Q3 0.889129817 0.08305005
2020Q4 0.901803315 0.084227309
2021Q1 0.903145432 0.086894736
2021Q2 0.882506549 0.084939823
2021Q3 0.883669078 0.084812842
2021Q4 0.874415636 0.083632223
2022Q1 0.855194211 0.084546752
2022Q2 0.825957119 0.083275877
2022Q3 0.805253804 0.082239866
2022Q4 0.794253469 0.081401512
2023Q1 0.79113704 0.081640176
2023Q2 0.773072243 0.080993921
2023Q3 0.753891766 0.079863653
2023Q4 0.759724557 0.07987418
2024Q1 0.752753556 0.080885425
2024Q2 0.738868594 0.079463929
2024Q3 0.738513887 0.079239614

Note: The figure shows the ratio of total financial assets to nominal gross domestic product (GDP) for two subsectors of the private depository institutions sector. U.S.-chartered depository institutions sector data are shown in blue and denoted by “U.S. banks,” and credit unions sector data are shown in red.

Financial Accounts series are FA086902005 for nominal GDP, FL764090005 for total financial assets of U.S.-chartered depository institutions, and FL474090005 for credit unions. See the “Financial Accounts Guide” (https://www.federalreserve.gov/apps/fof) for details on series construction.

Source: Author’s calculation using Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

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Figure 2. Financial Instrument Shares of Total Financial Assets for U.S. Banks and Credit Unions: 1990:Q1–2024:Q3

Figure 2a. U.S. Banks

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Date Other Reserves Debt securities Loans
1990Q1 0.103124708 0.013085641 0.250965565 0.632824063
1990Q2 0.099868603 0.013565616 0.250580817 0.635984957
1990Q3 0.102529511 0.013076607 0.250029325 0.634364545
1990Q4 0.110058956 0.015984764 0.248322874 0.625633419
1991Q1 0.110002197 0.011188529 0.254140109 0.624669194
1991Q2 0.107226603 0.01112157 0.256657094 0.624994695
1991Q3 0.10789977 0.013060566 0.265445918 0.613593757
1991Q4 0.111355409 0.014661751 0.265814841 0.608168006
1992Q1 0.111517407 0.013718242 0.275196612 0.599567711
1992Q2 0.114188336 0.012351478 0.276927114 0.59653306
1992Q3 0.105952613 0.013500351 0.28512904 0.595417976
1992Q4 0.108700059 0.014969558 0.289520651 0.586809695
1993Q1 0.103237219 0.015231685 0.296595991 0.584935129
1993Q2 0.104203537 0.013953107 0.294075727 0.587767601
1993Q3 0.102474168 0.014064762 0.296087086 0.587373972
1993Q4 0.100757472 0.015333786 0.29422611 0.589682639
1994Q1 0.118581869 0.014955576 0.292843461 0.573619127
1994Q2 0.124040559 0.014868691 0.284329534 0.576761186
1994Q3 0.118099257 0.013407364 0.280799389 0.587693989
1994Q4 0.117330246 0.01483708 0.2730501 0.594782591
1995Q1 0.114716731 0.013202266 0.270168096 0.601912916
1995Q2 0.110046759 0.012395076 0.267477065 0.610081136
1995Q3 0.10492339 0.011935005 0.266472489 0.616669118
1995Q4 0.098537698 0.014679438 0.266874731 0.619908094
1996Q1 0.098885909 0.012429032 0.265073389 0.623611689
1996Q2 0.10511744 0.012465692 0.256569237 0.625847638
1996Q3 0.108351409 0.012083365 0.249150097 0.630415142
1996Q4 0.108313091 0.013996762 0.244024664 0.633665502
1997Q1 0.111743517 0.011747725 0.246620521 0.629888237
1997Q2 0.109755524 0.012025312 0.241839334 0.636379838
1997Q3 0.10799066 0.011718411 0.241509065 0.638781846
1997Q4 0.115707673 0.01385925 0.241166919 0.629266143
1998Q1 0.101362944 0.011669095 0.250264883 0.636703074
1998Q2 0.107140385 0.011339318 0.242957354 0.638562977
1998Q3 0.104002483 0.011842863 0.247251973 0.63690269
1998Q4 0.105245717 0.011953936 0.251911461 0.630888879
1999Q1 0.107248984 0.010697556 0.250845551 0.631207883
1999Q2 0.107711665 0.010678424 0.252096146 0.629513741
1999Q3 0.105000794 0.0106444 0.246909216 0.637445569
1999Q4 0.107522644 0.014680605 0.241891906 0.635904849
2000Q1 0.107859924 0.008505625 0.243752167 0.639882267
2000Q2 0.112129167 0.008578217 0.233789176 0.645503461
2000Q3 0.114179596 0.00795476 0.230542928 0.647322714
2000Q4 0.115943 0.009493606 0.233709261 0.64085412
2001Q1 0.116209544 0.007990335 0.234284237 0.641515851
2001Q2 0.114172161 0.008233723 0.234955788 0.642638326
2001Q3 0.123923227 0.008836676 0.239386797 0.627853274
2001Q4 0.120321214 0.009202925 0.243721738 0.626754105
2002Q1 0.128141984 0.008016967 0.248956412 0.614884615
2002Q2 0.131525457 0.008047882 0.249017879 0.61140877
2002Q3 0.130764514 0.008094559 0.248680308 0.612460613
2002Q4 0.129235744 0.009154019 0.247632518 0.61397773
2003Q1 0.14333351 0.008175104 0.2514759 0.5970155
2003Q2 0.144050434 0.00815388 0.252882123 0.594913602
2003Q3 0.143717259 0.008236638 0.245023116 0.603022993
2003Q4 0.138394997 0.008472666 0.247411862 0.60572046
2004Q1 0.13630341 0.007563646 0.256251186 0.599881768
2004Q2 0.137855947 0.008215533 0.249650881 0.604277611
2004Q3 0.144551978 0.007299359 0.241120636 0.607028008
2004Q4 0.147046566 0.007050547 0.233408824 0.612494051
2005Q1 0.141009495 0.007054009 0.24345389 0.608482599
2005Q2 0.143577248 0.007028813 0.232690215 0.616703689
2005Q3 0.142678857 0.006336654 0.231819004 0.61916548
2005Q4 0.143939629 0.006849548 0.226910114 0.622300684
2006Q1 0.145308703 0.00586782 0.231014147 0.617809355
2006Q2 0.147804961 0.00596228 0.227000996 0.619231761
2006Q3 0.145121291 0.00533207 0.229334056 0.620212555
2006Q4 0.135179296 0.006553807 0.230489567 0.627777338
2007Q1 0.136054739 0.005461457 0.234904215 0.623579621
2007Q2 0.136398047 0.005456582 0.23124297 0.626902401
2007Q3 0.139043704 0.005628747 0.232057333 0.623270214
2007Q4 0.14263691 0.006460086 0.229349434 0.6215536
2008Q1 0.155461848 0.005736461 0.224118054 0.614683628
2008Q2 0.14298214 0.006630955 0.230289266 0.620097637
2008Q3 0.143731996 0.018914934 0.233720496 0.603632569
2008Q4 0.154412493 0.047993809 0.219375044 0.578218639
2009Q1 0.15059185 0.046191171 0.221884832 0.581332147
2009Q2 0.142803088 0.041317146 0.22962147 0.586258292
2009Q3 0.144315779 0.053594701 0.228586897 0.57350266
2009Q4 0.154144615 0.057789303 0.226367265 0.561698794
2010Q1 0.146271795 0.059925381 0.221771523 0.572031319
2010Q2 0.150446519 0.0565704 0.221427366 0.571555734
2010Q3 0.149302825 0.051904991 0.23039943 0.568392754
2010Q4 0.145302221 0.051921077 0.234809309 0.567967415
2011Q1 0.150027514 0.062412817 0.23270753 0.554852128
2011Q2 0.145032033 0.074112073 0.228632525 0.552223384
2011Q3 0.154931918 0.066512845 0.231879875 0.546675324
2011Q4 0.147490188 0.06755612 0.233913824 0.551039875
2012Q1 0.135053262 0.068959609 0.245165035 0.550822079
2012Q2 0.135392264 0.065503649 0.24502027 0.554083824
2012Q3 0.134271905 0.061505854 0.251797438 0.552424788
2012Q4 0.130267739 0.066442542 0.250924051 0.552365661
2013Q1 0.126346827 0.080215156 0.248395994 0.545042038
2013Q2 0.124748804 0.080547914 0.242893636 0.551809669
2013Q3 0.120119207 0.095256016 0.237880901 0.54674387
2013Q4 0.119553983 0.096110307 0.237592965 0.546742737
2014Q1 0.117123336 0.100675598 0.239040613 0.543160439
2014Q2 0.114009455 0.10102468 0.23935093 0.545614958
2014Q3 0.108272687 0.103142053 0.241642639 0.546942651
2014Q4 0.104799606 0.105980828 0.242227018 0.54699254
2015Q1 0.102337174 0.108550675 0.246077701 0.543034434
2015Q2 0.103498466 0.094993651 0.246446222 0.555061638
2015Q3 0.103329591 0.092060059 0.246864736 0.557745636
2015Q4 0.10104908 0.088390037 0.247144014 0.563416898
2016Q1 0.101446018 0.092115015 0.246396944 0.560042024
2016Q2 0.103062846 0.084800199 0.247810706 0.564326227
2016Q3 0.098467313 0.085491762 0.252659798 0.563381135
2016Q4 0.097862095 0.078510389 0.253517956 0.570109606
2017Q1 0.095422983 0.090751328 0.252389193 0.561436534
2017Q2 0.098465472 0.08182691 0.252387822 0.56731981
2017Q3 0.097169638 0.082064331 0.25169614 0.569069862
2017Q4 0.096483521 0.078853965 0.252514601 0.572147906
2018Q1 0.097417466 0.082151257 0.248928353 0.571502924
2018Q2 0.093093202 0.072949834 0.249824867 0.584132075
2018Q3 0.094671458 0.070301652 0.248867229 0.586159647
2018Q4 0.08759772 0.060651984 0.261838287 0.589911997
2019Q1 0.089322627 0.060314916 0.263717264 0.586645186
2019Q2 0.088638172 0.054097999 0.266964734 0.59029907
2019Q3 0.087844819 0.055204932 0.268959403 0.58799088
2019Q4 0.087449037 0.059220798 0.267662585 0.585667551
2020Q1 0.091776989 0.087066688 0.257042766 0.564113557
2020Q2 0.083765209 0.107613392 0.2716479 0.536973476
2020Q3 0.087870672 0.104148671 0.28153199 0.526448667
2020Q4 0.089472272 0.115012757 0.288438082 0.507076859
2021Q1 0.091201529 0.131955668 0.28649351 0.490349293
2021Q2 0.09087722 0.124471672 0.297050685 0.487600416
2021Q3 0.091327004 0.129991859 0.300092191 0.478588939
2021Q4 0.088691056 0.123181216 0.306350172 0.481777579
2022Q1 0.094986029 0.113101043 0.303355306 0.488557607
2022Q2 0.100492083 0.089924745 0.295496553 0.514086604
2022Q3 0.103035055 0.08519993 0.282105505 0.52965951
2022Q4 0.100351162 0.080677286 0.280286223 0.538685322
2023Q1 0.09668918 0.093531355 0.274541527 0.535237968
2023Q2 0.095239922 0.090873487 0.26774165 0.546144962
2023Q3 0.097078703 0.092937581 0.258063406 0.551920295
2023Q4 0.093704596 0.096326061 0.264360428 0.545608938
2024Q1 0.093468323 0.099528469 0.263871044 0.543132186
2024Q2 0.094031192 0.090411514 0.26384306 0.551714242
2024Q3 0.091182195 0.086371556 0.274106145 0.548340082

Figure 2b. Credit Unions

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Date Other Reserves Debt securities Loans
1990Q1 0.185255006 0 0.181614414 0.63313055
1990Q2 0.193092108 0 0.17978929 0.627118587
1990Q3 0.188128963 0 0.176085368 0.635785639
1990Q4 0.181689218 0 0.180099368 0.638211429
1991Q1 0.201274082 0 0.194960594 0.603765309
1991Q2 0.216744706 0 0.190063834 0.593191445
1991Q3 0.220905691 0 0.186439902 0.592654407
1991Q4 0.212115347 0 0.202369064 0.585515559
1992Q1 0.233180583 0 0.216486484 0.550332963
1992Q2 0.226526916 0 0.227319241 0.546153843
1992Q3 0.223231062 0 0.233208343 0.543560624
1992Q4 0.217976198 0 0.241734132 0.54028964
1993Q1 0.22177431 0 0.248472437 0.529753268
1993Q2 0.216132671 0 0.24694258 0.53692472
1993Q3 0.214832291 0 0.240515366 0.544652343
1993Q4 0.207330763 0 0.242773905 0.549895346
1994Q1 0.19607915 0 0.265693516 0.53822732
1994Q2 0.183984637 0 0.258567154 0.557448208
1994Q3 0.16558519 0 0.251887292 0.582527518
1994Q4 0.153660074 0 0.238444313 0.607895613
1995Q1 0.1538672 0 0.239753351 0.606379449
1995Q2 0.149925798 0 0.237816125 0.612258077
1995Q3 0.1490096 0 0.228945673 0.622044742
1995Q4 0.148628324 0 0.224317327 0.627054334
1996Q1 0.158713982 0 0.236187443 0.605098546
1996Q2 0.148930207 0 0.229550481 0.621519327
1996Q3 0.141481504 0 0.21406202 0.644456506
1996Q4 0.138246134 0 0.207553506 0.654200375
1997Q1 0.118177317 0 0.264103025 0.61771965
1997Q2 0.120948374 0 0.253142685 0.625908911
1997Q3 0.113290481 0 0.243404701 0.643304825
1997Q4 0.122991338 0 0.230880737 0.646127939
1998Q1 0.133725122 0 0.247897267 0.618377626
1998Q2 0.127086088 0 0.248062611 0.624851286
1998Q3 0.130880788 0 0.238116726 0.631002486
1998Q4 0.148683488 0 0.236262128 0.615054369
1999Q1 0.15514794 0 0.246063411 0.598788679
1999Q2 0.14551121 0 0.247603834 0.606884956
1999Q3 0.137230828 0 0.233051792 0.62971735
1999Q4 0.128235623 0 0.224499881 0.647264481
2000Q1 0.14599745 0.000990779 0.22783713 0.625174642
2000Q2 0.12718007 0.001073607 0.214429528 0.657316804
2000Q3 0.130676314 0.000985957 0.205177143 0.663160563
2000Q4 0.137947217 0.001000886 0.192431748 0.668620169
2001Q1 0.170444891 0.000864622 0.217829376 0.610861123
2001Q2 0.179302216 0.000870558 0.207535729 0.612291455
2001Q3 0.171955064 0.000986907 0.217962831 0.609095216
2001Q4 0.167898133 0.000988985 0.224075839 0.607037067
2002Q1 0.180924237 0.001058996 0.241496071 0.576520681
2002Q2 0.174335241 0.001015744 0.237639636 0.58700937
2002Q3 0.174402893 0.001378832 0.232788593 0.59142971
2002Q4 0.166693226 0.001070443 0.241852015 0.590384305
2003Q1 0.186893344 0.00094843 0.259970546 0.552187681
2003Q2 0.178800166 0.001097936 0.259671837 0.56043005
2003Q3 0.161400184 0.001130934 0.255327493 0.582141399
2003Q4 0.150425062 0.001338241 0.253345609 0.594891071
2004Q1 0.16442278 0.001477825 0.253164768 0.580934584
2004Q2 0.148607448 0.001419554 0.249519333 0.600453675
2004Q3 0.139643729 0.001284219 0.238058314 0.621013701
2004Q4 0.137600318 0.001226402 0.240552932 0.62062037
2005Q1 0.147153646 0.001281269 0.242154151 0.609410942
2005Q2 0.131715044 0.001086374 0.235293955 0.631904602
2005Q3 0.12587671 0.001062174 0.221364915 0.651696205
2005Q4 0.12170402 0.001033848 0.219277024 0.657985091
2006Q1 0.132575423 0.000980637 0.228680491 0.637763441
2006Q2 0.114370212 0.00109644 0.223845273 0.660688043
2006Q3 0.115388162 0.000867841 0.208925411 0.674818575
2006Q4 0.123592898 0.000811651 0.204374522 0.671220958
2007Q1 0.144810766 0.000710286 0.214685172 0.639793754
2007Q2 0.136122465 0.000758197 0.21289061 0.650228739
2007Q3 0.122028828 0.000759817 0.21187973 0.665331602
2007Q4 0.122020073 0.000609827 0.201604426 0.675765693
2008Q1 0.149077952 0.000872836 0.201325759 0.648723423
2008Q2 0.134918541 0.000798167 0.204151884 0.660131395
2008Q3 0.114811063 0.001417362 0.197762519 0.686009049
2008Q4 0.120819844 0.004749908 0.187862664 0.686567605
2009Q1 0.12985979 0.027414158 0.171777993 0.670948029
2009Q2 0.120346971 0.025803596 0.183421656 0.67042774
2009Q3 0.124206893 0.018559001 0.188208237 0.669025898
2009Q4 0.115083918 0.03516344 0.193901315 0.655851305
2010Q1 0.125601977 0.036695566 0.20552659 0.632175863
2010Q2 0.125815406 0.029181935 0.21587573 0.629126906
2010Q3 0.122803569 0.041540693 0.202822536 0.632833183
2010Q4 0.116952464 0.045781035 0.196752504 0.640514016
2011Q1 0.115508094 0.059240062 0.211564288 0.613687575
2011Q2 0.111239679 0.055035993 0.23077029 0.60295403
2011Q3 0.115140408 0.053397141 0.225871041 0.605591416
2011Q4 0.118171789 0.053599674 0.229583085 0.598645449
2012Q1 0.12117324 0.065439582 0.242032036 0.571355164
2012Q2 0.124509409 0.054288253 0.238285094 0.582917213
2012Q3 0.129042119 0.046476897 0.232377663 0.592103302
2012Q4 0.126355633 0.051892821 0.228445515 0.593306065
2013Q1 0.130320713 0.064030737 0.225066289 0.580582261
2013Q2 0.110820405 0.066528969 0.229638383 0.593012214
2013Q3 0.108445682 0.0564849 0.225666508 0.609402895
2013Q4 0.106820457 0.057231441 0.217257708 0.618690372
2014Q1 0.109388031 0.072141036 0.214224875 0.60424608
2014Q2 0.110067211 0.055089489 0.213465557 0.621377766
2014Q3 0.105627865 0.045208097 0.209866703 0.639297307
2014Q4 0.106130376 0.050831571 0.197356686 0.645681381
2015Q1 0.10508123 0.065621361 0.195532098 0.63376528
2015Q2 0.105473801 0.053518951 0.191625133 0.649382114
2015Q3 0.103279829 0.051224619 0.182138816 0.663356721
2015Q4 0.099188291 0.054650962 0.18163076 0.664529979
2016Q1 0.102710456 0.066883817 0.176366657 0.654039085
2016Q2 0.108972423 0.05572271 0.174085572 0.661219299
2016Q3 0.094681971 0.062545426 0.167495489 0.675277114
2016Q4 0.09691976 0.051662706 0.167324096 0.684093416
2017Q1 0.092792317 0.068237111 0.166272059 0.672698498
2017Q2 0.092395611 0.055057578 0.164483562 0.688063264
2017Q3 0.088892266 0.052893773 0.158168614 0.700045347
2017Q4 0.08940275 0.050026178 0.153918043 0.706653059
2018Q1 0.087219037 0.065101482 0.150118336 0.697561145
2018Q2 0.087149553 0.050480906 0.148968324 0.713401198
2018Q3 0.086290814 0.044599272 0.143300727 0.725809157
2018Q4 0.087419555 0.043134782 0.138594195 0.730851471
2019Q1 0.085903853 0.065023661 0.141535789 0.707536697
2019Q2 0.087200426 0.056247018 0.141935542 0.714617014
2019Q3 0.089503244 0.049288273 0.140871808 0.720336676
2019Q4 0.085507929 0.052758571 0.14117451 0.720559001
2020Q1 0.092560679 0.07036338 0.143198654 0.69387728
2020Q2 0.093294233 0.091885619 0.15215674 0.6626634
2020Q3 0.090457402 0.088666625 0.161984295 0.658891678
2020Q4 0.088857092 0.101166725 0.167677641 0.64229852
2021Q1 0.076912008 0.124259181 0.190322727 0.608506083
2021Q2 0.086077876 0.108221024 0.18951337 0.616187692
2021Q3 0.087599993 0.104420543 0.190992415 0.61698705
2021Q4 0.081429556 0.103199132 0.194666058 0.620705247
2022Q1 0.088347457 0.093943961 0.194645792 0.623062789
2022Q2 0.086689152 0.063830614 0.192709625 0.656770587
2022Q3 0.077693418 0.05303371 0.183123082 0.686149776
2022Q4 0.076306015 0.042964127 0.177121624 0.703608215
2023Q1 0.069526419 0.057230838 0.171976596 0.70126617
2023Q2 0.068002604 0.05132911 0.166688398 0.7139799
2023Q3 0.066772424 0.050316036 0.15946126 0.723450303
2023Q4 0.06639643 0.055170409 0.156593427 0.721839726
2024Q1 0.069266245 0.076810047 0.151154712 0.702768981
2024Q2 0.072397545 0.06456551 0.151174322 0.711862624
2024Q3 0.073365889 0.060566418 0.151371986 0.714695692

Note: The figure has two panels, which show stacked shaded areas of different financial assets to total financial assets for two subsectors of the private depository sector. The key identifies shaded areas in order from top to bottom. Panel (a) shows data for the U.S.-chartered depository institutions sector, denoted by “U.S. banks.” Panel (b) shows data for the credit unions sector. Total loans is in orange. “Debt securities,” shown in green, is the sum of total debt securities and federal funds and security repos. “Reserves,” shown in red, is the sum of reserves at the Federal Reserve and vault cash (only for U.S. banks, as credit unions do not have an instrument for vault cash in the Financial Accounts of the United States). The remainder of financial assets is labeled as “Other,” which can be computed as the difference between total financial assets and the plotted categories.

Financial Accounts series are FL764023005 for loan holdings of U.S.-chartered depository institutions and FL474023000 for credit unions, LM764022005 for total debt securities of U.S.-chartered depository institutions and LM474022005 for credit unions, FL763013005 for Reserves at the Federal Reserve of U.S.-chartered depository institutions and FL473013005 for credit unions, FL762050005 for federal funds and security repos of U.S.-chartered depository institutions and FL472050053 for credit unions, FL764090005 for total financial assets of U.S.-chartered depository institutions and FL474090005 for credit unions, and FL763025000 for vault cash of U.S.-chartered depository institutions. See the “Financial Accounts Guide” (https://www.federalreserve.gov/apps/fof) for details on series construction.

Source: Author’s calculation using Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

Return to text

Figure 3. Loan Holdings to Nominal GDP for U.S. Banks and Credit Unions: 1990:Q1–2024:Q3
Make Full Screen
Date U.S. banks Credit unions
1990Q1 0.476874024 0.023038803
1990Q2 0.468237042 0.022969691
1990Q3 0.461167902 0.023274692
1990Q4 0.45587492 0.023531443
1991Q1 0.445480138 0.022849366
1991Q2 0.433761179 0.022752266
1991Q3 0.418280393 0.022881318
1991Q4 0.410313636 0.022842856
1992Q1 0.397728682 0.022080421
1992Q2 0.386520326 0.021944854
1992Q3 0.37964201 0.021852881
1992Q4 0.370772988 0.021778824
1993Q1 0.364276946 0.021695655
1993Q2 0.364987373 0.022103297
1993Q3 0.364536315 0.022420488
1993Q4 0.364631414 0.022470186
1994Q1 0.357866853 0.022359159
1994Q2 0.358087182 0.023030434
1994Q3 0.361404419 0.023830067
1994Q4 0.364672571 0.024371959
1995Q1 0.368167639 0.024513811
1995Q2 0.374188781 0.025036281
1995Q3 0.375926912 0.025341244
1995Q4 0.375534534 0.025525613
1996Q1 0.373405248 0.025354493
1996Q2 0.372058898 0.025819138
1996Q3 0.375150949 0.026320653
1996Q4 0.374997586 0.026643958
1997Q1 0.373442888 0.026465761
1997Q2 0.375647306 0.026786789
1997Q3 0.374882996 0.027062424
1997Q4 0.377019286 0.027200608
1998Q1 0.376623183 0.026890714
1998Q2 0.378038794 0.027228337
1998Q3 0.377360195 0.027274571
1998Q4 0.381617546 0.027144741
1999Q1 0.378685981 0.027038531
1999Q2 0.379769266 0.02749078
1999Q3 0.383685321 0.028016256
1999Q4 0.389390945 0.028175076
2000Q1 0.393625468 0.028325429
2000Q2 0.398152858 0.028797137
2000Q3 0.403227538 0.029464351
2000Q4 0.403266639 0.029638236
2001Q1 0.404552013 0.029555216
2001Q2 0.403635204 0.029993962
2001Q3 0.404743612 0.030806316
2001Q4 0.406145483 0.031034015
2002Q1 0.39867124 0.030947188
2002Q2 0.399337143 0.031529762
2002Q3 0.407652855 0.031982586
2002Q4 0.41463998 0.032110397
2003Q1 0.415043324 0.031887408
2003Q2 0.420831233 0.032441758
2003Q3 0.41935429 0.032842733
2003Q4 0.419980764 0.033003166
2004Q1 0.423527002 0.032968737
2004Q2 0.431378692 0.033698447
2004Q3 0.436837018 0.034228481
2004Q4 0.443082571 0.034215432
2005Q1 0.440778941 0.034012787
2005Q2 0.450257689 0.034838662
2005Q3 0.455465227 0.035526413
2005Q4 0.458321095 0.035585616
2006Q1 0.457967877 0.035150107
2006Q2 0.465010345 0.035838857
2006Q3 0.468768775 0.036439955
2006Q4 0.47009331 0.036402497
2007Q1 0.464523137 0.035990544
2007Q2 0.468121767 0.03632357
2007Q3 0.476208925 0.036795635
2007Q4 0.483267307 0.036975052
2008Q1 0.490946919 0.037145313
2008Q2 0.487195402 0.037720785
2008Q3 0.489584982 0.038592994
2008Q4 0.498684883 0.039736979
2009Q1 0.497135669 0.040252369
2009Q2 0.490031779 0.040741906
2009Q3 0.473186761 0.04081665
2009Q4 0.457498848 0.040095422
2010Q1 0.471299171 0.039242357
2010Q2 0.459469318 0.03878228
2010Q3 0.451007724 0.038472466
2010Q4 0.445150405 0.037907176
2011Q1 0.433984429 0.037339341
2011Q2 0.428757101 0.03713955
2011Q3 0.429528356 0.03719401
2011Q4 0.431344151 0.037052795
2012Q1 0.422523528 0.036524188
2012Q2 0.424563378 0.036878861
2012Q3 0.424643695 0.037243694
2012Q4 0.429468066 0.037459459
2013Q1 0.419471204 0.037031058
2013Q2 0.421655446 0.037671819
2013Q3 0.417973101 0.038168348
2013Q4 0.418683559 0.038395725
2014Q1 0.419775426 0.038807433
2014Q2 0.421438873 0.03935837
2014Q3 0.41938448 0.039968032
2014Q4 0.425961018 0.04069322
2015Q1 0.425941795 0.040933307
2015Q2 0.430075556 0.041767456
2015Q3 0.432451218 0.042795129
2015Q4 0.442254335 0.043661192
2016Q1 0.44496572 0.043679312
2016Q2 0.450368464 0.044453461
2016Q3 0.452020228 0.045927938
2016Q4 0.452884078 0.046596587
2017Q1 0.447086751 0.046965562
2017Q2 0.450930655 0.048074339
2017Q3 0.449442953 0.048673116
2017Q4 0.448688895 0.048829451
2018Q1 0.443588376 0.048818037
2018Q2 0.444395065 0.049745124
2018Q3 0.443697184 0.050382882
2018Q4 0.451237023 0.050922971
2019Q1 0.446170658 0.050668821
2019Q2 0.447832763 0.050981544
2019Q3 0.445559978 0.05124516
2019Q4 0.446726114 0.051684167
2020Q1 0.469803065 0.052633375
2020Q2 0.515373468 0.05859413
2020Q3 0.468081206 0.054720987
2020Q4 0.457283616 0.054099079
2021Q1 0.442856729 0.052875973
2021Q2 0.430310577 0.05233888
2021Q3 0.422914237 0.052328423
2021Q4 0.421273828 0.051910963
2022Q1 0.417811632 0.052677933
2022Q2 0.424613506 0.054693148
2022Q3 0.426510334 0.056428868
2022Q4 0.42785269 0.057274774
2023Q1 0.423446536 0.057251491
2023Q2 0.422209471 0.057828028
2023Q3 0.416088164 0.057777379
2023Q4 0.414512485 0.057656355
2024Q1 0.40884468 0.056843765
2024Q2 0.407644302 0.056567401
2024Q3 0.404956788 0.056632213

Note: The figure shows loan holdings to nominal gross domestic product (GDP) for two subsectors of the private depository institutions sector. The U.S.-chartered depository institutions sector data are denoted by “U.S. banks” (the blue line), with values on the left axis. Credit unions sector data (the red line) have values on the right axis.

Financial Accounts series are FA086902005 for nominal GDP, FL764023005 for loan holdings of U.S.-chartered depository institutions, and FL474023000 for credit unions. See the “Financial Accounts Guide” (https://www.federalreserve.gov/apps/fof) for details on series construction.

Source: Author’s calculation using Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

Return to text

Figure 4. Consumer Credit and One-to-Four Family Mortgage Loan Holdings to Nominal GDP for U.S. Banks and Credit Unions: 1990:Q1–2024:Q3

Figure 4a. Consumer credit to nominal GDP

Make Full Screen
Date U.S. banks Credit unions
1990Q1 0.073754646 0.015330934
1990Q2 0.072047822 0.015161003
1990Q3 0.071909323 0.015232953
1990Q4 0.071881309 0.015254136
1991Q1 0.069630422 0.014659882
1991Q2 0.067722924 0.014447853
1991Q3 0.066024207 0.014376881
1991Q4 0.065820783 0.014414784
1992Q1 0.062311266 0.014061221
1992Q2 0.060906708 0.013647072
1992Q3 0.060118109 0.013813153
1992Q4 0.059911672 0.013725
1993Q1 0.058797307 0.013585641
1993Q2 0.059334941 0.014009085
1993Q3 0.060527764 0.0143696
1993Q4 0.061815675 0.014490702
1994Q1 0.06112482 0.014275991
1994Q2 0.062309954 0.01492811
1994Q3 0.064517148 0.015597032
1994Q4 0.066696942 0.016041497
1995Q1 0.06609796 0.016036473
1995Q2 0.067283757 0.016580006
1995Q3 0.068411469 0.016813206
1995Q4 0.069788113 0.016974919
1996Q1 0.067545429 0.016713673
1996Q2 0.067952923 0.016937347
1996Q3 0.0687261 0.017332174
1996Q4 0.069272377 0.017451813
1997Q1 0.065890327 0.017213315
1997Q2 0.065560676 0.017331026
1997Q3 0.064430498 0.017317219
1997Q4 0.064138941 0.017381201
1998Q1 0.06104384 0.017000319
1998Q2 0.060422763 0.016990535
1998Q3 0.060313579 0.016921101
1998Q4 0.060724389 0.016721126
1999Q1 0.058764007 0.016555706
1999Q2 0.056872975 0.016604397
1999Q3 0.05581221 0.016818136
1999Q4 0.057522662 0.016961429
2000Q1 0.056471594 0.016918814
2000Q2 0.056225579 0.017177477
2000Q3 0.057545412 0.017572505
2000Q4 0.059011996 0.017673301
2001Q1 0.058067188 0.017455295
2001Q2 0.058062557 0.017582413
2001Q3 0.058056403 0.017676696
2001Q4 0.059991479 0.01778253
2002Q1 0.05868753 0.017407799
2002Q2 0.058364488 0.017599883
2002Q3 0.059600111 0.017833512
2002Q4 0.060686078 0.017696079
2003Q1 0.05923057 0.017362697
2003Q2 0.059883587 0.017583411
2003Q3 0.059379581 0.017587258
2003Q4 0.063476734 0.017488353
2004Q1 0.062020738 0.017367963
2004Q2 0.0618109 0.017476037
2004Q3 0.062208444 0.017429145
2004Q4 0.063507341 0.017193289
2005Q1 0.060615469 0.016928187
2005Q2 0.060202952 0.017126666
2005Q3 0.061452325 0.017461251
2005Q4 0.061250646 0.017155848
2006Q1 0.058496255 0.016717428
2006Q2 0.057916194 0.016754664
2006Q3 0.058882911 0.016904531
2006Q4 0.059599303 0.016814345
2007Q1 0.057593845 0.01633249
2007Q2 0.057979185 0.016167592
2007Q3 0.058949534 0.016267376
2007Q4 0.060814101 0.016076731
2008Q1 0.060097825 0.015649298
2008Q2 0.060742978 0.015544708
2008Q3 0.061974768 0.015846299
2008Q4 0.066056363 0.016168993
2009Q1 0.064500399 0.016274035
2009Q2 0.06353271 0.016312296
2009Q3 0.063036218 0.01662433
2009Q4 0.061855823 0.016184697
2010Q1 0.083117001 0.015442197
2010Q2 0.081062779 0.01507464
2010Q3 0.079079978 0.014853311
2010Q4 0.077436484 0.014792799
2011Q1 0.07449577 0.014209603
2011Q2 0.074547976 0.014195884
2011Q3 0.074327372 0.014309148
2011Q4 0.075277902 0.014078169
2012Q1 0.071944304 0.013880684
2012Q2 0.072275043 0.014263673
2012Q3 0.072504431 0.014502062
2012Q4 0.073992632 0.014837625
2013Q1 0.071335219 0.014748873
2013Q2 0.072416268 0.015132211
2013Q3 0.072608046 0.015446355
2013Q4 0.073938675 0.015446412
2014Q1 0.0724525 0.015650839
2014Q2 0.073275641 0.016181171
2014Q3 0.073320955 0.016471593
2014Q4 0.074983664 0.016804641
2015Q1 0.072640792 0.017669637
2015Q2 0.073828012 0.018094689
2015Q3 0.075160041 0.018649654
2015Q4 0.077475369 0.019126682
2016Q1 0.07588125 0.019388443
2016Q2 0.077308677 0.019886324
2016Q3 0.078110151 0.020364227
2016Q4 0.080258705 0.020781135
2017Q1 0.077130996 0.020929266
2017Q2 0.077902094 0.021483649
2017Q3 0.078273937 0.021797024
2017Q4 0.080443181 0.021922845
2018Q1 0.07741186 0.021917203
2018Q2 0.077734895 0.022348426
2018Q3 0.078410022 0.022724656
2018Q4 0.080407336 0.023004496
2019Q1 0.077896789 0.022773638
2019Q2 0.078715898 0.022779576
2019Q3 0.079011798 0.022743613
2019Q4 0.080743842 0.02270684
2020Q1 0.078695826 0.022791089
2020Q2 0.08248625 0.024995482
2020Q3 0.076053128 0.023236359
2020Q4 0.076379888 0.022887595
2021Q1 0.072084166 0.022198198
2021Q2 0.072783306 0.021927556
2021Q3 0.072810665 0.021820424
2021Q4 0.07368879 0.021472825
2022Q1 0.072560593 0.021702889
2022Q2 0.074154124 0.022644993
2022Q3 0.074508563 0.023459144
2022Q4 0.075927608 0.023816124
2023Q1 0.073607154 0.023739897
2023Q2 0.074087597 0.023816982
2023Q3 0.073705472 0.023649931
2023Q4 0.074236222 0.023415372
2024Q1 0.071702905 0.02286345
2024Q2 0.071602292 0.022557655
2024Q3 0.071275443 0.02225182

Figure 4b. One-to-four family mortgage holdings to nominal GDP

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Date U.S. banks Credit unions
1990Q1 0.17806679 0.004701925
1990Q2 0.176855892 0.00488538
1990Q3 0.174647316 0.005184105
1990Q4 0.171770185 0.005453533
1991Q1 0.168602645 0.005423701
1991Q2 0.165636182 0.00562376
1991Q3 0.160233036 0.005901447
1991Q4 0.158345357 0.005892531
1992Q1 0.154827908 0.00559774
1992Q2 0.15022783 0.005990327
1992Q3 0.148353189 0.005839212
1992Q4 0.145007148 0.005963057
1993Q1 0.142679691 0.006026488
1993Q2 0.144014075 0.006027077
1993Q3 0.143837824 0.005997735
1993Q4 0.143145338 0.005957165
1994Q1 0.139148861 0.006058755
1994Q2 0.139424101 0.006083678
1994Q3 0.141516089 0.00620673
1994Q4 0.143217117 0.006307603
1995Q1 0.144574329 0.006459602
1995Q2 0.146324933 0.006441105
1995Q3 0.147294 0.00652677
1995Q4 0.145099476 0.006559723
1996Q1 0.14474228 0.008309623
1996Q2 0.143541634 0.008546168
1996Q3 0.144655496 0.008646717
1996Q4 0.143991992 0.008845766
1997Q1 0.14352417 0.008022453
1997Q2 0.144400403 0.008200308
1997Q3 0.144561291 0.008458905
1997Q4 0.144196823 0.008523134
1998Q1 0.145345271 0.008588639
1998Q2 0.143744618 0.008899517
1998Q3 0.141728789 0.009002536
1998Q4 0.142818704 0.009043153
1999Q1 0.139641821 0.009099439
1999Q2 0.139793545 0.009455385
1999Q3 0.142899707 0.009730323
1999Q4 0.14388594 0.009741552
2000Q1 0.146025583 0.009889445
2000Q2 0.148615092 0.010074435
2000Q3 0.151044309 0.010308811
2000Q4 0.149061739 0.01034809
2001Q1 0.151149064 0.010469203
2001Q2 0.151992172 0.010716106
2001Q3 0.151502237 0.011348817
2001Q4 0.153936088 0.011457756
2002Q1 0.150255397 0.011715398
2002Q2 0.153065845 0.012004179
2002Q3 0.160756707 0.012190869
2002Q4 0.167166308 0.012369645
2003Q1 0.170374095 0.012474173
2003Q2 0.176284477 0.012708563
2003Q3 0.1779266 0.013055013
2003Q4 0.174220622 0.013225017
2004Q1 0.18010883 0.01330538
2004Q2 0.186710775 0.013850621
2004Q3 0.191012383 0.014168683
2004Q4 0.194842234 0.014277717
2005Q1 0.196665213 0.014342359
2005Q2 0.202247664 0.014754166
2005Q3 0.205047116 0.01505093
2005Q4 0.204904258 0.015278363
2006Q1 0.205918878 0.015301679
2006Q2 0.210204661 0.015763564
2006Q3 0.210568041 0.016147584
2006Q4 0.208943456 0.016193956
2007Q1 0.207476526 0.016171893
2007Q2 0.207855299 0.016502613
2007Q3 0.208994672 0.016822577
2007Q4 0.20855692 0.017145839
2008Q1 0.209546104 0.017623112
2008Q2 0.203169882 0.018088484
2008Q3 0.197829455 0.018555071
2008Q4 0.197655186 0.019242402
2009Q1 0.199778572 0.019558722
2009Q2 0.197273776 0.019751221
2009Q3 0.189395398 0.019765334
2009Q4 0.184326679 0.019477794
2010Q1 0.17994687 0.019280499
2010Q2 0.175329655 0.019072585
2010Q3 0.172801077 0.018890994
2010Q4 0.171024472 0.018641397
2011Q1 0.164877728 0.018619286
2011Q2 0.161487371 0.018394876
2011Q3 0.161217421 0.018378569
2011Q4 0.160256624 0.018223474
2012Q1 0.156028658 0.018027538
2012Q2 0.155045837 0.018018691
2012Q3 0.153930545 0.018034942
2012Q4 0.152370542 0.017998993
2013Q1 0.148110777 0.017726496
2013Q2 0.145785928 0.017850535
2013Q3 0.141983911 0.018075554
2013Q4 0.138778239 0.018104274
2014Q1 0.13802503 0.01830741
2014Q2 0.136585191 0.018311374
2014Q3 0.134352967 0.01848398
2014Q4 0.133463919 0.018660093
2015Q1 0.132627293 0.018715113
2015Q2 0.132362723 0.018983759
2015Q3 0.131493971 0.019373124
2015Q4 0.132008359 0.019652147
2016Q1 0.131838962 0.019392436
2016Q2 0.132787168 0.019854099
2016Q3 0.132832199 0.020285835
2016Q4 0.131486714 0.020440789
2017Q1 0.129263535 0.020556031
2017Q2 0.129928097 0.020853151
2017Q3 0.1292402 0.021246463
2017Q4 0.127611309 0.021282433
2018Q1 0.125805855 0.021359857
2018Q2 0.124876298 0.021599043
2018Q3 0.124432206 0.021801716
2018Q4 0.123623885 0.021977002
2019Q1 0.122259647 0.021879392
2019Q2 0.122206487 0.022027588
2019Q3 0.120855041 0.022095509
2019Q4 0.120284691 0.022379801
2020Q1 0.121366091 0.023105159
2020Q2 0.131864995 0.025781769
2020Q3 0.121061578 0.024118461
2020Q4 0.116973862 0.023773462
2021Q1 0.11181622 0.023163298
2021Q2 0.108341947 0.022969028
2021Q3 0.107488677 0.022996331
2021Q4 0.105185978 0.022850228
2022Q1 0.10393817 0.02370872
2022Q2 0.105623178 0.024304505
2022Q3 0.10672985 0.024963979
2022Q4 0.106706172 0.025282932
2023Q1 0.105894461 0.025272675
2023Q2 0.105378471 0.0255221
2023Q3 0.104190573 0.025618307
2023Q4 0.103564002 0.02566989
2024Q1 0.102251709 0.025531519
2024Q2 0.101567358 0.025515813
2024Q3 0.100762241 0.025601583

Note: The figure has two panels, which show different loan types to nominal gross domestic product (GDP) for two subsectors of the private depository sector. Panel (a) shows consumer credit loan holdings to nominal GDP. Panel (b) shows mortgage loan holdings to nominal GDP. The U.S.-chartered depository institutions sector data (the blue line) are denoted by “U.S. banks”, while credit unions sector data is shown with a red line.

Financial Accounts series are FA086902005 for nominal GDP, FL763066000 for consumer credit loan holdings of U.S.-chartered depository institutions, FL763065105 for one-to-four family mortgage loan holdings of U.S.-chartered depository institutions, FL473066000 for consumer credit loan holdings of credit unions, and FL473065100 for one-to-four family mortgage loan holdings of credit unions. See the “Financial Accounts Guide” (https://www.federalreserve.gov/apps/fof) for details on series construction.

Source: Author’s calculation using Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

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Figure A.1. Commercial Real Estate Mortgage Loan Holdings to Nominal GDP for U.S. Banks and Credit Unions: 1990:Q1 - 2024:Q3
Make Full Screen
Date U.S. banks Credit unions
1990Q1 0.101922087  
1990Q2 0.098045014  
1990Q3 0.095884584  
1990Q4 0.094839372  
1991Q1 0.093992576  
1991Q2 0.091602683  
1991Q3 0.087621264  
1991Q4 0.085438028  
1992Q1 0.082352117  
1992Q2 0.080125757  
1992Q3 0.077968337  
1992Q4 0.075162984  
1993Q1 0.074220836  
1993Q2 0.072638333  
1993Q3 0.071894057  
1993Q4 0.071874075  
1994Q1 0.070515528  
1994Q2 0.069149122  
1994Q3 0.068108708  
1994Q4 0.067059644  
1995Q1 0.067428403  
1995Q2 0.067539923  
1995Q3 0.066904344  
1995Q4 0.066689521  
1996Q1 0.066540271  
1996Q2 0.066096798  
1996Q3 0.065956339  
1996Q4 0.065900132  
1997Q1 0.065463066 0.000887517
1997Q2 0.06557969 0.000907167
1997Q3 0.065756969 0.000935723
1997Q4 0.065814525 0.000942743
1998Q1 0.065969013 0.000950095
1998Q2 0.065850817 0.000984425
1998Q3 0.066063434 0.000995933
1998Q4 0.066845119 0.001000431
1999Q1 0.067910515 0.001006622
1999Q2 0.068869032 0.001046061
1999Q3 0.070235394 0.001076433
1999Q4 0.071629994 0.001077658
2000Q1 0.073589668 0.001093962
2000Q2 0.074190252 0.001114394
2000Q3 0.075402856 0.001140416
2000Q4 0.076129138 0.001144815
2001Q1 0.077557109 0.00115814
2001Q2 0.078190483 0.001185489
2001Q3 0.080537289 0.001255517
2001Q4 0.081590541 0.001267487
2002Q1 0.082373068 0.001295961
2002Q2 0.083650097 0.001327858
2002Q3 0.084661201 0.001348593
2002Q4 0.085920602 0.001368448
2003Q1 0.086811341 0.001379973
2003Q2 0.087467827 0.001405846
2003Q3 0.087245859 0.001444236
2003Q4 0.087744772 0.001463019
2004Q1 0.089302026 0.001471974
2004Q2 0.090570286 0.001532096
2004Q3 0.091827132 0.001567372
2004Q4 0.092907496 0.001579442
2005Q1 0.093726024 0.001586633
2005Q2 0.095865205 0.001632172
2005Q3 0.097808175 0.001664962
2005Q4 0.099418551 0.001690157
2006Q1 0.100907542 0.001692752
2006Q2 0.102515057 0.001743784
2006Q3 0.104626715 0.001786349
2006Q4 0.105572686 0.001791367
2007Q1 0.104574114 0.001789014
2007Q2 0.105556339 0.001825639
2007Q3 0.106470093 0.001861012
2007Q4 0.108048566 0.001896765
2008Q1 0.111112684 0.001949541
2008Q2 0.112718925 0.002000982
2008Q3 0.114900202 0.002052688
2008Q4 0.11895074 0.002128666
2009Q1 0.12072856 0.002163621
2009Q2 0.121012539 0.00218493
2009Q3 0.119114816 0.002186466
2009Q4 0.115138307 0.002154697
2010Q1 0.112936281 0.00213287
2010Q2 0.109478503 0.002109853
2010Q3 0.106442004 0.002089871
2010Q4 0.103354812 0.002062187
2011Q1 0.101434335 0.002059675
2011Q2 0.098908775 0.00207205
2011Q3 0.097064152 0.002045862
2011Q4 0.095499888 0.002048319
2012Q1 0.093902633 0.002024544
2012Q2 0.092914678 0.002006217
2012Q3 0.092148304 0.002006061
2012Q4 0.092895195 0.002011398
2013Q1 0.091654055 0.002016075
2013Q2 0.092351481 0.002045289
2013Q3 0.092588067 0.002052161
2013Q4 0.092980362 0.002065959
2014Q1 0.09411262 0.002116907
2014Q2 0.093990415 0.002127636
2014Q3 0.093592487 0.002154994
2014Q4 0.094953313 0.002194665
2015Q1 0.095708422 0.002217673
2015Q2 0.096356504 0.002253473
2015Q3 0.098377667 0.002303818
2015Q4 0.101070963 0.002381973
2016Q1 0.102467388 0.002433022
2016Q2 0.104090199 0.002492932
2016Q3 0.105140887 0.002574336
2016Q4 0.106220677 0.002662004
2017Q1 0.107044712 0.002725766
2017Q2 0.107918486 0.002833942
2017Q3 0.107514471 0.002790135
2017Q4 0.106884889 0.002833495
2018Q1 0.106454104 0.002892041
2018Q2 0.106765531 0.002966827
2018Q3 0.106233358 0.003039416
2018Q4 0.106696539 0.003133637
2019Q1 0.106780767 0.003205726
2019Q2 0.106789865 0.003261716
2019Q3 0.106606141 0.003326123
2019Q4 0.107105412 0.003470809
2020Q1 0.109701611 0.003644848
2020Q2 0.120964907 0.004112223
2020Q3 0.112144448 0.003916613
2020Q4 0.11081969 0.004003667
2021Q1 0.108427517 0.004042276
2021Q2 0.106468894 0.00407461
2021Q3 0.105480812 0.004158308
2021Q4 0.10357751 0.0042474
2022Q1 0.103808485 0.004370567
2022Q2 0.104411587 0.004575291
2022Q3 0.105495043 0.004744212
2022Q4 0.106046729 0.004894989
2023Q1 0.106044248 0.004981822
2023Q2 0.106125183 0.005090222
2023Q3 0.105080172 0.005146724
2023Q4 0.104699351 0.005230596
2024Q1 0.104255609 0.005265324
2024Q2 0.103263974 0.005334271
2024Q3 0.102365658 0.00540561

Note: The figure shows the ratio of commercial real estate mortgage loan holdings to nominal gross domestic product (GDP) for two subsectors of the private depository institutions sector. U.S.-chartered depository institutions sector data are shown in blue and denoted by “U.S. banks,” and credit unions sector data are shown in red. The Credit Union series starts in 1997:Q1, while the U.S. banks series starts in 1990:Q1.

Commercial real estate mortgage loan holdings are calculated as the sum of multifamily residential mortgages, farm mortgages, and commercial mortgages. Financial Accounts series are thus FL763065405 for multifamily residential mortgages of U.S.-chartered depository institutions and FL473065403 for credit unions; FL763065633 for farm mortgages of U.S.-chartered depository institutions and FL473065603 for credit unions; FL763065505 for commercial mortgages of U.S.-chartered depository institutions and FL473065503 for credit unions; and FA086902005 for nominal GDP. See the “Financial Accounts Guide” (https://www.federalreserve.gov/apps/fof) for details on series construction.

Source: Author’s calculation using Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

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Last Update: January 31, 2025