Commercial banks. According to the statistics of the Federal Reserve, since 1946, American commercial banks have seized most of the market share of the national consumer credit market. By the end of 2007, commercial banks held 365,438+0.5% consumer credit loans.
Financial company. Financial companies in the United States can be roughly divided into the following categories: financial companies affiliated to large enterprises, financial companies controlled by commercial banks and independent financial or private loan companies. The well-known financial companies under large enterprises mainly include: General Motors Acceptance Company, Keqin Automobile Credit Company, General Electric Capital Company and Ford Automobile Credit Company. Among them, Ford Motor Credit Company and General Electric Capital Company are the largest credit card providers in the United States.
Credit cooperative. Credit cooperatives, in which members pool their own funds and provide loans to each other at relatively low interest rates, mainly including car and truck loans, boat, entertainment and vehicle loans, student loans, residential decoration loans, residential equity loans, residential check credit lines, first-time residential loans and second-time residential loans, life insurance and disability insurance loans and revolving credit (open).
Savings institutions. Before 1980, American savings institutions and mutual savings banks were only allowed to put a small part of their assets into consumer loans, which greatly restricted the consumption business of savings institutions. With the relaxation of laws and regulations, savings and loan institutions have quickly become the fastest growing industry in the consumer credit market. Its market share increased from 3.7% at the end of 1979 to 9.8% at the peak of 1987 and 2005. However, with the development of asset securitization, the market share of savings institutions dropped to 3.56% in 2007.
Securitized portfolio. Securitized portfolio is to obtain financing and maximize asset liquidity by issuing securities in the capital market and selling assets that lack liquidity but have predictable returns. At present, more than 3/4 auto loans in the United States are provided by issuing asset securities.
In addition, some non-financial enterprises in the United States, such as large retailers and oil companies (gas stations), can also carry out consumer credit business by issuing credit cards. Diversified consumer credit institutions not only effectively promote market competition, but also give consumers more adequate choices.
Compared with the United States, the supply of consumer credit in China is single. From 65438 to 0998, the central bank promulgated the Measures for the Administration of Personal Housing Loans, which only allowed commercial banks and housing savings banks established with the approval of the central bank to carry out personal housing loans. As far as auto credit is concerned, domestic commercial banks are the main institutions providing auto consumption loans, and their loan scale accounts for more than 95% of the whole market. However, the financing business of professional auto finance institutions such as auto group finance companies has just started, with little business volume.
Three. Consumer credit business
In the United States, consumer credit is divided into two concepts: narrow sense and broad sense. In a narrow sense, consumer credit includes: personal credit line, unsecured personal loan, personal fund revolving loan, house decoration loan, student loan, durable consumer goods loan, personal debt restructuring loan, automobile loan and housing mortgage loan. In addition to the above types, consumer credit in a broad sense also includes real estate mortgage credit. American consumer credit is rich, comprehensive, flexible and innovative. Especially through the practice of consumer credit securitization, consumer credit institutions can improve liquidity, enhance profitability and spread financial risks through the capital market, which further promotes the rapid growth of consumer credit.
Although China's consumer credit has made great progress in recent years, there is still a big gap compared with developed countries such as the United States. Commercial banks are still the main providers of consumer credit business in China, and the proportion of consumer credit business is very small. At present, China's consumer credit accounts for less than 5% of bank loans, while the United States has reached 60%. And consumer credit is single. The loan procedures are cumbersome and the interest rate mechanism is relatively rigid, which makes it difficult to meet the growing consumer demand of residents.
Four. Credit system and risk management
There are specialized credit agencies in the United States, mainly in two forms: consumer credit agencies and credit investigation agencies. Consumer credit reporting agencies have an independent computer database, covering the files of nearly 65.438+million credit consumers in North America, and maintaining more than 600 million accounts and nearly 65.438+0 billion bytes of data in the database. About 2 million credit reports are generated every day, and tens of thousands of consumer inquiries are received. There are mainly three such organizations in the United States, namely Experian Information Service Company, Trans United Company and Equifax Company. Credit reporting agencies mainly provide investigative credit reports including consumers' personality, reputation, lifestyle and other personal characteristics, and their data usually come from traditional methods such as interviews and surveys.
American consumer credit institutions have a set of strict risk management procedures, which mainly have the following characteristics:
First, effectively use the personal credit information of credit reporting agencies and strictly control the entrance of consumer credit; Second, make full use of quantitative analysis methods to monitor the quality of consumer credit assets in time; Thirdly, emphasize risk audit and risk portfolio control to realize the horizontal constraint of credit management; Fourth, pay attention to the establishment and cultivation of credit culture and risk control culture, and control risks from the source of business expansion; Fifth, the implementation of refined management of consumer credit, targeted prevention of various risks; Sixth, establish a business self-evaluation system to warn the loan risk in advance; Seventh, give full play to the role of the Credit Management Committee and grasp the control and prevention of risks as a whole; Eighth, pay attention to the operational skills of consumer credit risk prevention and control, and control risks in specific operational processes; Nine is to take effective measures to collect non-performing loans in time.
Compared with the United States, the biggest problem in the development of China's consumer credit market is the lack of social credit system. Consumer credit has the characteristics of small loan scale and large loan quantity. Under the condition that the financial credit system of individuals and enterprises in China has not been established and perfected, banks can only examine the income and credit status of borrowers one by one, and the punishment mechanism of the legal system for untrustworthy people is not in place, so the risk management cost of lending institutions is very high. As far as China's automobile consumption credit is concerned, at present, the consumer credit business of banks and dealers mainly relies on the credit guarantee insurance provided by insurance companies to achieve risk control and management, and credit information is often a mere formality. More importantly, cars are devalued movable property, with high depreciation rate, easy to hide and move, and difficult to preserve as collateral. In addition, the second-hand car market in China develops slowly, and it is difficult to realize the recycling of vehicles. At present, with the continuous downward adjustment of domestic car prices, the real market value of loan cars is often lower than the loan balance, which induces consumers to borrow cars to avoid repayment. In fact, without a perfect personal credit system, it is difficult to effectively control moral hazard no matter how to improve the guarantee rate.
Five, the negative lessons of excessive development of consumer credit
Since 1980s, with the related system construction and financial innovation, American consumer credit business has entered the stage of large-scale development, which greatly improved the consumption power of residents and promoted the sustained prosperity of American economy, but it also caused credit expansion and financial risk accumulation. The current financial crisis is the result of excessive expansion of consumer credit in a sense, which is worth learning from.
(1) While stimulating residents' consumption, prevent excessive expansion of credit consumption.
Since 1980s, American consumer demand has been expanding, and the growth of real estate mortgage and general consumer credit has reached an unprecedented level. Taking credit cards as an example, the total liabilities increased from $54.8 billion in the 1960s to more than $800 billion in recent years, and the proportion of personal income increased from 2.7% to 8.9%. At the same time, the household savings rate in the United States has been declining, from 10% to a negative value in recent years. Long-term over-consumption and debt accumulation make American economic growth gradually deviate from the sustainable track.
(2) While encouraging financial innovation in consumer credit, pay attention to preventing financial risks.
According to American development experience, consumer credit business generally has a risk lag period of 3-8 years. During the economic boom, the wealth effect of rising asset prices and general optimism make it easier for people to ignore risks. The rapid expansion of consumer credit business and the large-scale securitization of consumer debt often lead to the rapid accumulation and spread of financial risks. Once the economy enters a boom cycle, asset prices will fall and unemployment will rise, which will obviously reduce consumers' ability to pay. The huge market risk brought by the high debt accumulated during the boom period can easily lead to serious financial and economic crises.
It can be seen that while paying attention to the positive effects of consumer credit on economic growth, we can't ignore its possible negative effects. In particular, it is necessary to strengthen the risk control of consumer credit to prevent its huge impact on the capital market.