Large Bank Credit Card and Mortgage Data
FR Y-14M Data Methodology
Last updated in April 2024
About the Data
Data presented on this site and the related commentary are part of the Federal Reserve Bank of Philadelphia’s commitment to provide greater transparency around confidential regulatory data. The data are derived from the Federal Reserve FR Y-14M data schedules for credit card and first-lien mortgages. 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 material1 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.
We make certain adjustments to the data to provide a consistent historical time series. When a new firm enters the reporting panel, we adjust historical data to extrapolate the impact of that new entrant over time. Firms that cease reporting because they no longer meet the materiality threshold are removed from the data for all periods. Finally, to protect the confidentiality of individual institutions, we withhold a subset of active reporting firms from the aggregate data, and the mix of firms that are included in published results will change over time. Moreover, firms may resubmit data to make corrections to previously submitted results. If we become aware of a substantial firm-level data issue, we may use extrapolated figures for that firm until corrected data are received. For these reasons, the historical data will periodically change. For such changes, we look to ensure a time series that is comparable across periods and a reporting panel that is representative of the full set of FR Y-14M reporters.
This publication will be released quarterly. The aggregated data presented on this site are visual depictions of data provided in the FR Y-14M First Lien Mortgage and Credit Card data schedules. The FR Y-14M instructions on the Federal Reserve Board of Governors site provide the complete listing of all variables collected for the monthly schedules. We welcome feedback from the public on other variables of interest to add in the future to our reporting.
First-Lien Mortgage Data
The first-lien mortgage data come from the FR Y-14M data schedule. All time series start in 2012Q3. First-lien mortgage data in this report are first-lien closed-end loans secured by 1–4 family residential real estate. These loans include both first-lien mortgages and first-lien home equity loans. The data are for portfolio mortgages only, which are loans held on firm balance sheets in the month reported, to represent loans that pose a true credit risk to institutions. Reported balances are as of quarter end. All data are not seasonally adjusted. We estimate that first-lien mortgage portfolio loans in the aggregate large bank first-lien mortgage data represent approximately one-eighth of total U.S. residential mortgage market debt.
Quarterly mortgage originations represent the monthly sum of portfolio-held originations in the given quarter. We define an origination as the first time the loan appears in the data, with an adjustment made to account for acquired loans for which origination histories are unavailable. Additionally, our analysis finds that approximately two-thirds to three-quarters of originations that are initially reported as portfolio owned are ultimately sold or securitized. Consequently, the mortgage origination data should be interpreted as including total bank loans originated and held in portfolio in a given quarter, including those that will later be sold or securitized. We may continue to refine our calculations of the mortgage origination variables over time.
Credit Card Data
The credit card data come from the FR Y-14M credit card schedule. All time series start in 2012Q3 unless otherwise noted. Credit card data in this report include consumer bankcards only and therefore exclude small business, corporate, and consumer charge cards. Most credit card variables are calculated using all credit card accounts that are open and have not been charged off. However, there are a few credit card variables, noted in the variable names, that include active credit card accounts only.2 Reported balances are as of quarter end. All data are not seasonally adjusted. We estimate that credit card balances in the aggregate large bank credit card data represent roughly four-fifths of total U.S. bank card balances.
Quarterly credit card originations represent the monthly sum of originations in the given quarter. Dollar originations are calculated based on the new account’s initial assigned credit limit.
For firms subject to Category I, II, or III standards, which are for Global Systemically Important Banks or very large and/or complex firms, material portfolios are defined as those with asset balances greater than 5 percent of Tier 1 capital on average for the four quarters preceding the reporting quarter. For firms subject to Category IV requirements, which apply to firms with $100 billion or more in total consolidated assets that do not meet the criteria for Categories I, II, or III, material portfolios are defined as those with asset balances greater than 10 percent of Tier 1 capital on average for the four quarters preceding the reporting quarter.
Active credit card accounts are defined as credit card accounts that are open and have had debit, credit, or balance activity in the last 12 months.