Large Bank Credit Card and Mortgage Data
The Large Bank Consumer Credit Data are based on FR Y-14M credit card and mortgage data provided by the largest financial institutions in the United States.
The respondent panel comprises U.S. bank holding companies, U.S. intermediate holding companies of foreign banking organizations, and covered savings and loan holding companies with $100 billion or more in total consolidated assets. These institutions are required to report credit card or first-lien mortgage data if portfolio balances exceed $5 billion or are material relative to Tier 1 capital. Firms with over $100 billion in total consolidated assets that do not meet these thresholds may also voluntarily provide FR Y-14M data. The reporting provides users with aggregate data on credit card and first-lien mortgages including portfolio composition, credit performance, origination activities, credit card payment behavior, and credit card line utilization. This publication will be released on a quarterly frequency.
Last updated: July 7, 2022
Large bank mortgage origination volume dropped 28 percent in the first quarter of 2022 as mortgage rates rose. For broader context, however, mortgage originations had been extremely strong in 2021, reaching the highest annual level since the FR Y-14M data collection began in 2012, due to strong home price appreciation and a surge in refinancing. That prior surge in new loans has boosted total large bank mortgage balances near pre-pandemic levels. Mortgage credit performance has been strong with delinquency rates returning to pre-pandemic values.
Large bank credit card originations have normalized to historic levels, after falling by nearly 60 percent early in the pandemic. However, overall card balances remain below pre-pandemic levels, due in part to customers revolving card balances less frequently; the share of credit card customers paying the full balance is near a record level. Fewer credit card customers are also behind on their payments, with delinquencies below historic trends. Read the full report.