Philadelphia Fed Releases Newly Available Large Bank Credit Card and Mortgage Data

For immediate release

Contact: Daneil Mazone, Senior Manager, Media Relations

The Federal Reserve Bank of Philadelphia today announced the release of newly available credit card and mortgage data provided by the largest financial institutions in the U.S. According to the 2022 Q1 Insights: Large Bank Credit Card and Mortgage Report, the first report in a new quarterly series:

• Nominal credit card balances remain 11 percent below their peak in the fourth quarter of 2019. Customers are utilizing less of their available credit lines, with credit card utilization rates still below pre-pandemic levels.
• Large bank mortgage origination volume dropped 28 percent in the first quarter of 2022 as mortgage rates rose.
• Severe delinquency on bank portfolio mortgages has dropped in recent quarters to near-record lows as customers roll off forbearance. The strong housing market and loss mitigation activities have helped many borrowers with expiring forbearances to resume payments.

“By providing greater access to these data, we hope the public will have a better understanding of large bank consumer lending activities and banks will gain an important benchmarking tool,” said William G. Spaniel, senior vice president and lending officer of the Philadelphia Fed’s Supervision, Regulation, and Credit Department.

The large bank credit card and mortgage data will be updated quarterly and include aggregate data of large banks’ portfolio composition, credit performance, origination activities, credit card payment behavior, and credit card line utilization. The credit card data are largely reflective of the total U.S. credit card market, representing roughly three-quarters of total U.S. bank card balances. The mortgage data provide new information on large bank lending and represent roughly 1/10th of the U.S. residential mortgage market.

This information is gathered from the Federal Reserve Y-14M data collected by 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.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.