美联储2020年金融公司调查
AI智能总结2020 Survey of Finance Companies
Introduction Finance companies play a crucial role in providing debt and lease financing to consumers and businesses. They are the second-largest category of private credit providers, after depository institutions. These companies specialize in collateralized loans such as auto, equipment, and real estate loans, particularly for consumers and businesses. They also account for a significant portion of consumer motor vehicle loan and lease financing and a substantial share of residential mortgage originations. Additionally, their business portfolios include financing inventory, accounts receivable, and the acquisition of motor vehicles and equipment.
Definitions and Scope Finance companies are defined as companies where 50% or more of assets are held in specific types of loans or leases:
- Liens on real estate (real estate loans)
- Loans and leases to sole proprietorships, partnerships, corporations, and other business enterprises (business loans)
- Loans and leases to households not collateralized by real estate (consumer loans)
These definitions exclude commercial banks, credit unions, and similar entities, as well as their subsidiaries, unless they meet the specified criteria.
Data Sources and Methodology The Federal Reserve collects and reports data on finance companies through various statistical releases:
- G.19 "Consumer Credit": Measures consumer debt held by different types of lenders.
- G.20 "Finance Companies": Analyzes consumer, real estate, and business receivables owned and managed by finance companies.
- Z.1 "Financial Accounts of the United States": Publishes quarterly data on assets and liabilities of finance companies.
The Federal Reserve conducts a quinquennial survey of finance companies, supplemented by data from regulatory filings, especially for publicly traded finance companies, and the Mortgage Call Report from the Conference of State Bank Supervisors (CSBS).
Key Findings From 2015 to 2021, lending by finance companies experienced rapid growth:
- Total assets increased by 35%.
- Loans and leases grew by 41%.
Key statistics:
- In 2021, finance companies held over $2.2 trillion in assets and $1.8 trillion in loans and leases.
- Total assets were up 35% compared to 2015.
- Real estate financing saw exceptional growth, with assets increasing by 128%.
- Consumer and business finance company assets also grew by nearly 30%.
The industry remains highly concentrated, with a few large firms accounting for a majority of assets. Consumer loans and leases made up over 50% of total finance company receivables, while real estate and business lending accounted for the remainder. Most finance companies are highly specialized, with nearly all holding a majority of their assets in one type of credit—consumer, real estate, or business credit.
Detailed Breakdown
Consumer Lenders
- Approximately half of consumer lenders' assets consisted of motor vehicle loans and leases.
- They also held a considerable share of assets in other closed-end consumer credit and some real estate.
Real Estate Lenders
- Most real estate lenders' assets were mortgages on one-to-four-family homes.
- Multifamily or other commercial mortgages constituted the small remaining share.
Business Lenders
- Over half of business lenders' assets consisted of equipment loans and leases.
- Business motor vehicle-related financing accounted for a relatively small share of assets.
Operating Efficiency Finance charges among consumer, real estate, and business lenders varied significantly in 2021, as in 2015. Despite large differences in revenue and expenses, the operating return on assets (a measure of the efficiency of generating income from assets) was about the same for the three types of lenders, though it decreased slightly in 2021.
Industry Structure
The finance company industry's concentration remained high and largely unchanged. Most finance companies have assets under $10 million, with only a small percentage having over $1 billion in assets. However, these larger companies accounted for over 90% of total industry assets.
This summary captures the key points and data from the 2020 Survey of Finance Companies, highlighting the growth, structure, and trends within the industry.
