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Census of Finance Companies and Other Lenders

FAQ

About the Census of Finance Companies and Other Lenders

General information
The Federal Reserve System has conducted this census at five-year intervals since 1955, as part of a process to collect accurate current information on the volume and types of financing provided to the U.S. economy by nonbank financial institutions. There is no other comprehensive source of data on the activities of such companies. This year we modified the short questionnaire's title for additional clarity as some companies meet our technical definition of a finance company but do not necessarily identify themselves as such. In this FAQ, "finance companies" refers to all in-scope lenders.

What is the definition of a finance company for the purposes of this census?
Companies in which 50 percent or more of total assets are held in liens on real estate, business loans and leases, or consumer loans and leases are considered in scope. For the purposes of this census, the following are typically not considered in scope: commercial banks, cooperative banks, credit unions, investment banks, savings banks, savings and loan associations, industrial loan corporations, bank holding companies, companies that are part of the Farm Credit System, and government agencies and nonprofits. However, subsidiaries of a bank holding company, savings and loan holding company, or foreign banking organization may be considered in scope if they satisfy the above criteria.

What is a census?
A census identifies and collects information from every member or potential member of a population. The population for the Census of Finance Companies and Other Lenders consists of all nonbank financial institutions in the United States that provide credit or lease financing to households and businesses. The Federal Reserve's Census of Finance Companies and Other Lenders is the only statistically reliable source of information on the types of finance companies and the size of the industry.

Who is asked to participate in the Census of Finance Companies?
The Census of Finance Companies and Other Lenders gives a comprehensive view of the range of companies in this important sector of the U.S. economy. These companies provide financing to millions of households and businesses in the United States. Among other things, the results of the census also define the basis for regular statistical releases produced by the Federal Reserve to monitor the use of credit in the economy, including:

For examples of analysis of these data, please see the Federal Reserve Bulletin and the FEDS Note.

Who is asked to participate?
The Census of Finance Companies and Other Lenders is being sent to all nonbank businesses that have been identified from various business lists as having any activities that include financing or leasing. The census is necessary because no list precisely identifies firms engaging in such activities and because some information on such lists has become outdated. Some companies that receive the census may not have financing or leasing as primary operations, and some may not currently engage in such activities at all. It is nevertheless important that we receive responses from the recipients of the census so that we can identify this industry precisely.

If I have questions not answered here, whom should I contact?
You are welcome to send an e-mail to [email protected] or call toll free to leave a message at 1-800-281-4930. If your question is related to technical support for responding online, please first contact the Federal Reserve Bank of Philadelphia, the site administrator, by emailing [email protected] or calling to leave a message at 1-215-574-6328. Please reference your Unique Company ID, available on your paper form. Normal business hours are from 8 a.m. to 5 p.m. Eastern Time, Monday through Friday, except for holidays. Please allow up to 24 hours for a response.

 

Responding online

How to respond?

You are encouraged to respond online by clicking here. You can also use your smartphone and scan the QR code on your paper form to participate. Responding online is easy and secure.

Why is my Unique Company ID not working?

Due to a printing glitch, the last digit of the Unique Company ID was truncated on a small number of forms. This only affects your ability to reply online. We deeply regret any inconvenience this might have caused. If you have already sent your responses, you do not need to do anything.

Scanning the QR code with your smartphone will take you to your personalized version of the survey. You can also find your complete ID in the top right-hand corner of the front page of the form:

Census QR code

If you have any questions, please email [email protected] or call toll free 1-800-281-4930 to leave a message.

Thank you for your understanding!

Whom do I contact if I need technical support for responding online?

The census's web response application is housed and maintained by the Federal Reserve Bank of Philadelphia. If you have a question, please email [email protected] or call to leave a message at 1-215-574-6328. Please reference your Unique Company ID, available on your paper form, and note that normal business hours apply.

Which web browser do you recommend I use for this census?

The web site is designed for optimal viewing with Google Chrome and Mozilla Firefox. We recommend that you update your web browser to the most recent version available. If you are currently using Internet Explorer, we recommend that you use another web browser for this census.

Can I save my progress online and then come back later to complete the census?

No, you cannot save your progress online and come back later to complete the census.

How do I save my entire response for recordkeeping purposes?

Once you complete the census by clicking "Submit," you will have the opportunity to save by clicking "Print your answers." This link will redirect you to a print-friendly page that you can either print to a paper copy or save as a PDF. It will be available until you choose to log out or your session terminates for security reasons.

I am an accountant and would like to fill out the survey forms online on behalf of multiple companies. How do I do that?

Once you complete the census for one company, you can choose to "Start a new survey," which will also log you out of the current survey.

Do you have any tips for using the web application?

It's quick and safe to reply online. We recommend that you review the questions and instructions on the paper form and take the time to gather the necessary information. If you are unable to provide the level of detail requested, your best reasonable estimate is appreciated. For your security, you will receive a time-out warning after 30 minutes of inactivity. If your session is timed out, your previous answers will not be recorded and you will be redirected to start a new session.

 

Participation

Is my company required to participate?
No, your participation in this census is entirely voluntary, but each firm in the census is important in order to paint a complete portrait of this important sector, so we hope you will agree to participate. Even if your company does not consider itself a finance company, it is still important that you let us know this fact by completing the questionnaire.

Is my company too small to participate?
No company is too small. Small companies provide a significant amount of financing to households and businesses, so it is vitally important to the census that you participate.

How does my company benefit from participation in the census?
The Federal Reserve provides the only comprehensive statistics currently available via several statistical releases, and your participation ensures that these statistics are as accurate as possible. Accurate statistics are necessary for informed policy decisions that may affect both financial companies and their customers. The published statistics based on the census and related statistical activities allow companies to see the performance of financial companies overall, as well as the total assets held by the sector, the distribution of those assets among different lending activities, total liabilities, the distribution of those liabilities across different funding sources, and securitization activity.

If my firm does not make loans or leases, should I return the questionnaire?
Your response matters. Not every company that receives a copy of the Census of Finance Companies and Other Lenders will turn out to be a finance company according to the survey's specific definition. Some companies that are finance companies according to this definition may not consider themselves to be finance companies. Because it is important to understand where companies fall according to the survey's definition, it is important for all businesses that receive the questionnaire to complete it. You can complete the census online or complete and return the hard-copy questionnaire.

How can I obtain a new census form?
Please email [email protected] or call toll free 1-800-281-4930 to leave a message. Please provide your Unique Company ID, company name, mailing address, and contact information, and mention that you would like a new census form. You are also welcome to complete the survey online.

 

Company Privacy

How did the Federal Reserve learn of my company?
The Federal Reserve uses both publicly available and privately purchased data sets to identify companies for the census that are most likely to be financial institutions that currently operate in the United States, lend to U.S. households or businesses, and are not consolidated subsidiaries of regulated depository institutions (banks, savings institutions, and credit unions).

Under what circumstances would you release the information I provide about my company?
Your privacy matters. Individual company responses are confidential and shielded from disclosure under exemption (b)(4) of the Freedom of Information Act (5 U.S.C. § 552(b)(4)), which protects "trade secrets and commercial or financial information obtained from a person and privileged or confidential."

 

Questionnaire

My company has a number of subsidiaries. Should their information be included on the questionnaire?
All subsidiaries that meet the following consolidation guidelines should be included in the report:

  • Domestic firms. The dollar figures reported in this questionnaire should include only the domestic part of your company's operations—that is, those in the 50 states, the District of Columbia, Puerto Rico, or U.S. dependencies and territories.
  • Finance companies. If your company is part of a larger set of affiliated companies, please include the consolidated operations of the U.S. parent finance company and all U.S. finance company affiliates and subsidiaries. Please exclude from the consolidation the operations of any affiliates that are not finance companies.

What do total assets include?
Total assets include cash and cash equivalents, securities, loans, leases, assets associated with operating leases, and all other assets, including, but not limited to, premises, fixed assets, investment in unconsolidated subsidiaries, goodwill, and other intangible assets.

My company is a mortgage broker. How should I fill out the census?
If your company is a mortgage broker that doesn't originate loans or doesn't keep mortgage loans on your books, then you will answer "No" when asked if loans and leases typically make up 50 percent or more of the total assets.

 

Glossary

Loans and leases: A loan is generally an extension of credit resulting from direct negotiations between a lender and a borrower. The reporting finance company may originate a loan by directly negotiating with a borrower, or it may purchase a loan or a portion of a loan originated by another lender that directly negotiated with a borrower. The reporting finance company may also sell a loan or a portion of a loan, regardless of the method by which it acquired the loan. Loans may take the form of promissory notes, acknowledgments of advance, due bills, invoices, overdrafts, acceptances, and similar written or oral obligations.

A lease is an agreement that transfers the right to use land, buildings, or equipment for a specified period. This financing device is essentially an extension of credit evidenced by an obligation between a lessee and a lessor.

Capital Lease: A long-term lease financing the acquisition of an asset. A capital lease covers most of the economic life of an asset, has a purchase option at the end of the lease term that is significantly lower than the asset's market value, or has a payment stream with a discounted value nearly equal to the asset's market value.

Operating Lease: A short-term rental lease allowing for the use of an asset over a period substantially less than the economic life of the asset. An operating lease does not convey rights of ownership of the asset. However, an operating lease may provide an option to purchase the asset at a price reflecting its market value.

Real estate credit: Credit secured by a mortgage on real estate. This type of credit or financing could include multifamily real estate loans, commercial or farm real estate loans, revolving home equity lines, closed-end residential loans secured by first liens, or closed-end residential loans secured by junior liens.

Business credit: Credit not secured by real estate and made to sole proprietorships, partnerships, corporations, or other business enterprises for commercial, industrial, or agricultural purposes. This type of credit or financing could include business retail motor vehicle credit (retail sales to businesses and fleet sales); wholesale motor vehicle credit for business inventory financing; commercial, industrial, agricultural, and equipment credit; factoring; or other business credit.

Consumer credit: Short- and intermediate-term credit extended to individuals that is not secured by real estate or by financial assets (such as stocks, bonds, and insurance policies). This type of credit or financing could include indirect motor vehicle credit, direct motor vehicle loans to consumers, mobile homes credit, revolving consumer credit, installment cash loans, pawnbroker loans, payday loans, motor vehicle title loans, or student loans.

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Last Update: October 15, 2020