This page documents the methodology behind TREMOR's dataset of US bank lending to nondepository financial institutions (NDFIs) - the data sources, the exact FFIEC Call Report fields (MDRM codes), the five NDFI subcategories, the capital-adequacy fields, and the official regulatory category definitions. For how the data is validated, see the companion NDFI data validation page.
Data source
Bank-level data is sourced from FFIEC Call Reports (Consolidated Reports of Condition and Income), filed quarterly by all FDIC-insured depository institutions, downloaded from the FFIEC Central Data Repository bulk download system.
NDFI loan breakdowns were introduced as a new reporting requirement starting Q4 2024. Five subcategories are reported only by banks with $10B+ in total assets.
Field definitions
| Field | MDRM Code | Description |
|---|---|---|
| Total Assets | RCFD2170 | Total assets (consolidated) |
| NDFI Total | RCFDJ454 | Total loans to nondepository financial institutions |
| Mortgage Credit | RCFDPV05 | Loans to mortgage credit intermediaries |
| Business Credit | RCFDPV06 | Loans to business credit intermediaries (incl. private credit) |
| PE Funds | RCFDPV07 | Loans to private equity funds |
| Consumer Credit | RCFDPV08 | Loans to consumer credit intermediaries |
| Other NDFIs | RCFDPV09 | Other loans to nondepository financial institutions |
RCFD = consolidated (includes foreign offices); RCON (domestic only) is used as fallback. Schedule: RC-C Part I (Loans and Leases).
Subcategory reporting threshold: the five subcategories (PV05-PV09) are only reported by banks with $10B+ in total assets (~55 banks), which hold 98% of total NDFI by value. The remaining ~574 smaller banks report only the NDFI total (J454) without subcategory breakdown; in charts this gap appears as "Unclassified" (~$30B or 2% of total).
Capital adequacy fields
Capital adequacy data is sourced from Schedule RC-R Part I (Regulatory Capital) and Schedule RC (Balance Sheet). These fields measure the shock-absorbing capacity of banks against potential losses.
| Field | MDRM Code | Description |
|---|---|---|
| CET1 Capital | RCFWP859 / RCFAP859 | Common Equity Tier 1 - highest quality loss-absorbing capital (common stock + retained earnings) |
| Tier 1 Capital | RCFA8274 | CET1 + Additional Tier 1 instruments (perpetual preferred stock, hybrids) |
| Total Risk-Based Capital | RCFA3792 | Tier 1 + Tier 2 (subordinated debt, loan loss reserves) |
| Risk-Weighted Assets | RCFAA223 | Assets weighted by risk category - denominator for capital ratios |
| ACL on Loans | RCFD3123 | Allowance for Credit Losses - reserves for expected loan losses (Schedule RC) |
| Total Equity | RCFD3210 | Total bank equity capital (Schedule RC) |
| CET1 Ratio | RCFA7206 | CET1 / RWA (well-capitalized threshold: 6.5%) |
| Total Capital Ratio | RCFA7205 | Total RBC / RWA (well-capitalized threshold: 10.0%) |
| Leverage Ratio | RCFA7204 | Tier 1 / Total Assets (well-capitalized threshold: 5.0%) |
| Capital Conservation Buffer | RCFAH311 | Excess capital above regulatory minimums (%) |
Largest banks use the RCFW prefix (advanced approaches); mid-size banks use RCFA (standardized); domestic-only filers use RCOA. The extraction tries all three in order (RCFW, RCFA, RCOA - first non-null wins).
CBLR banks: small community banks that elected the Community Bank Leverage Ratio framework do not report CET1 / Tier 1 RBC / Total RBC ratios and do not calculate Risk-Weighted Assets. None of the 629 NDFI-lending banks are CBLR filers, so this does not affect NDFI analysis.
Category definitions
Definitions are from the FFIEC Call Report instructions (Schedule RC-C, Part I, Memorandum items 10.a-10.e), finalized by US banking regulators in May 2024. These categories were introduced to provide granularity on bank lending to nondepository financial institutions, a segment that has grown rapidly.
Nondepository Financial Institution (NDFI)
A financial entity that provides services similar to those of traditional banks but does not accept deposits from the general public and is not regulated by federal banking agencies. Reported in Schedule RC-C, Part I, item 9.a.
Mortgage Credit Intermediaries (PV05)
Entities primarily engaged in mortgage lending activities, including mortgage companies that provide residential or commercial mortgage origination, servicing, or securitizing. Regional and mid-size banks tend to have higher concentration here due to closer ties to real estate markets.
Business Credit Intermediaries (PV06)
A broad range of borrowers that predominantly lend to businesses, including a substantial portion of the private credit market: direct lenders, private debt funds, commercial paper conduits, finance companies, marketplace lenders, business development companies, small business investment companies, leasing companies, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), and CLO warehouses.
Private Equity Funds (PV07)
Investment funds focused on private capital deployment. Bank lending to these funds typically includes fund finance facilities such as subscription/capital-call loans (secured by investor commitments) and NAV (net asset value) loans (secured by portfolio assets).
Consumer Credit Intermediaries (PV08)
Entities that predominantly lend to consumers, including consumer finance companies offering retail lending services outside the traditional banking system.
Other Loans to NDFIs (PV09)
All other loans to nondepository financial institutions not in the above four categories: broker-dealers, securitization vehicles, publicly listed investment funds, insurance companies, investment funds (mutual funds, money market funds, hedge funds), pension funds, and other financial-services entities.
Official sources:
- FFIEC Call Report Instructions (March 2025) - Schedule RC-C, Part I, item 9.a and Memorandum items 10.a-10.e
- FDIC Schedule RC-C Instructions (March 2025) - detailed field-level definitions
Coverage
| Quarter | Banks with NDFI | Total NDFI | NDFI / Assets |
|---|---|---|---|
| Q4 2024 | 594 | $1,159.0B | 5.59% |
| Q1 2025 | 603 | $1,271.1B | 5.99% |
| Q2 2025 | 608 | $1,383.2B | 6.34% |
| Q3 2025 | 624 | $1,462.7B | 6.64% |
| Q4 2025 | 629 | $1,569.1B | 7.07% |
Validation
Multiple levels of validation have been carried out, including cross-checks against the FDIC BankFind API, internal consistency reconciliation, and third-party published data. See the full NDFI data validation page for details.
Notes
- All dollar amounts are in thousands (as reported in Call Reports); displayed as billions.
- Subcategories (PV05-PV09) only reported by banks with $10B+ total assets (~55 banks).
- Smaller banks report the NDFI total (J454) but not the five subcategories.
- NDFI reporting requirement began Q4 2024 - no bank-level data available before that.
- Data refreshed quarterly, approximately 60 days after quarter-end.
See it live
This page is the static, readable companion to TREMOR's interactive US NDFI Banks tool. Open the interactive tool on TREMOR, or read the NDFI data validation page. TREMOR is part of tigzig.com - AI for analytics, databases and macro signals.