Special surveys

DIVISION OF MONETARY AFFAIRS

For release at 2:00 p.m. ET

TO:

May 3, 2021

HEADS OF RESEARCH AT ALL FEDERAL RESERVE BANKS

Enclosed for distribution to respondents is a national summary of the April 2021
Senior Loan Officer Opinion Survey on Bank Lending Practices.

Enclosures:
April 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices

This document is available on the Federal Reserve Board’s web site
(http://www.federalreserve.gov/econresdata/statisticsdata.htm)

The April 2021 Senior Loan Officer Opinion Survey on Bank Lending
Practices
The April 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed
changes in the standards and terms on, and demand for, bank loans to businesses and households
over the past three months, which generally correspond to the first quarter of 2021. 1
Regarding loans to businesses, respondents to the April survey indicated that, on balance, they
eased their standards on commercial and industrial (C&I) loans to firms of all sizes over the first
quarter. Banks reported weaker demand, on net, for C&I loans to large and middle-market firms,
and demand for C&I loans from small firms remained basically unchanged. 2 Standards on
commercial real estate (CRE) loans secured by nonfarm nonresidential properties remained
basically unchanged, while banks tightened standards on construction and land development
loans and eased standards on multifamily loans. Banks reported stronger demand for
construction and land development and multifamily loans and reported weaker demand for
nonfarm nonresidential loans.
For loans to households, banks eased standards across most categories of residential real estate
(RRE) loans, on net, and reported stronger demand for most types of RRE loans over the first
quarter. Banks also eased standards across all three consumer loan categories—credit card loans,
auto loans, and other consumer loans. Meanwhile, demand for credit card and other consumer
loans remained basically unchanged, and demand for auto loans moderately strengthened.
The survey included two sets of special questions: one set inquiring about changes in banks’
lending policies compared with pre-pandemic levels (since the end of 2019), by borrower risk
rating, and one set about changes in CRE lending policies over the past year. First, in their
answers about changes in lending policies compared with pre-pandemic levels, banks reported
having tightened C&I and consumer credit policies for most categories of borrowers on net. For
C&I loans, large banks tightened lending policies for most firms, except on loans to large
investment-grade firms, for which they eased credit policies on net. Small banks tightened
standards on all categories of C&I borrowers and especially on small and below-investmentgrade firms. For consumer loans, banks tightened standards on all categories of consumers.
Second, in their answers to the special questions about CRE lending policies, banks reported
tightening most terms on nonfarm nonresidential loans and on construction and land
development loans and leaving most terms unchanged on multifamily loans.

Responses were received from 75 domestic banks and 21 U.S. branches and agencies of foreign banks.
Respondent banks received the survey on March 22, 2021, and responses were due by April 2, 2021. Unless
otherwise indicated, this summary refers to the responses of domestic banks.
2
Large and middle-market firms are defined as firms with annual sales of $50 million or more, and small
firms are those with annual sales of less than $50 million.
1

1

Lending to Businesses

(Table 1, questions 1–12 and 35–37; table 2, questions 1–8 and 11–13)
Questions on commercial and industrial lending. Over the first quarter, banks reported
having eased standards on C&I loans to firms of all sizes. On net, significant shares of large
banks reported having eased standards on loans to large and middle-market firms and small
firms. 3 Small banks reported having left standards on loans to large and middle-market firms
basically unchanged, while a modest net share of small banks reported having eased their C&I
lending standards on loans to small firms. Banks eased most lending terms on loans to large and
middle-market firms and eased about half of their lending terms on loans to small firms. 4
Significant net shares of banks narrowed the spread of loan rates over the cost of funds and the
cost of credit lines on C&I loans to large and middle-market firms, and moderate net shares of
banks did so on loans to small firms. Foreign banks reported having left standards and about half
of their lending terms on C&I loans unchanged. Moderate net shares of foreign banks tightened
collateralization requirements and lowered the maximum maturity of C&I loans or credit lines
on net.
Major net shares of banks that reported easing standards or terms cited a more-favorable or less
uncertain economic outlook, more-aggressive competition from other banks on nonbank lenders,
and improvements in industry-specific problems as important reasons for doing so. Significant
net shares of banks also mentioned increased tolerance for risk and improvements in their current
or expected liquidity position as important reasons for easing lending standards and terms.
Regarding demand for C&I loans over the first quarter, a modest net share of banks reported
weaker demand from large and middle-market firms while demand from small firms was
basically unchanged. At the same time, a moderate net share of banks saw a higher number of
Large banks are defined as those with total domestic assets of $50 billion or more as of December 31,
2020. For questions that ask about lending standards or terms, “net fraction” (or “net percentage”) refers to the
fraction of banks that reported having tightened (“tightened considerably” or “tightened somewhat”) minus the
fraction of banks that reported having eased (“eased considerably” or “eased somewhat”). For questions that ask
about loan demand, this term refers to the fraction of banks that reported stronger demand (“substantially stronger”
or “moderately stronger”) minus the fraction of banks that reported weaker demand (“substantially weaker” or
“moderately weaker”). For this summary, when standards, terms, or demand are said to have “remained basically
unchanged,” the net percentage of respondent banks that reported either tightening or easing of standards or terms,
or stronger or weaker demand, is greater than or equal to 0 and less than or equal to 5 percent; “modest” refers to net
percentages greater than 5 and less than or equal to 10 percent; “moderate” refers to net percentages greater than
10 and less than or equal to 20 percent; “significant” refers to net percentages greater than 20 and less than
50 percent; and “major” refers to net percentages greater than or equal to 50 percent.
4
Lending standards characterize banks’ policies for approving applications for a certain loan category.
Conditional on approving loan applications, lending terms describe banks’ conditions included in loan contracts,
such as those listed for C&I loans under question 2 to both domestic and foreign banks and those listed for credit
card, auto, and other consumer loans under questions 21–23 to domestic banks. Thus, standards reflect the extensive
margin of lending, while terms reflect the intensive margin of lending. The eight lending terms that banks are asked
to consider with respect to C&I loans are the maximum size of credit lines, maximum maturity of loans or credit
lines, costs of credit lines, spreads of loan rates over the bank’s cost of funds, premiums charged on riskier loans,
loan covenants, collateralization requirements, and use of interest rate floors.
3

2

inquiries from potential borrowers regarding the availability and terms of new credit lines or
increases in existing lines over the first quarter. Meanwhile, over the first quarter, significant net
fractions of foreign banks saw both stronger demand for C&I loans and a higher number of
inquiries from potential borrowers.
Major net shares of banks that reported weaker demand cited decreases in customers’ investment
in plant or equipment, in customers’ precautionary demand for cash and liquidity, and in
customers’ accounts receivable financing needs as important reasons for weaker demand. Major
net shares also mentioned an increase in customers’ internally generated funds, and customer
borrowing having shifted to other bank or nonbank sources, as important reasons for weaker
demand. In addition, significant net shares of banks reported a decrease in customer inventory
financing needs and a decrease in customers’ merger or acquisition financing needs as important
reasons for weaker demand.
Questions on commercial real estate lending. Over the first quarter, standards on nonfarm
nonresidential loans remained basically unchanged. Furthermore, a moderate net share of banks
tightened standards on construction and land development loans, and a modest net share eased
standards on multifamily loans.
A modest net share of banks reported weaker demand for loans secured by nonfarm
nonresidential properties. Furthermore, moderate and modest net shares of banks reported
stronger demand for multifamily loans and for construction and land development loans,
respectively. Moderate net shares of foreign banks tightened standards on CRE loans and
reported stronger demand for such loans.
Special questions on changes in banks’ credit policies on commercial real estate loans over
the past year. A set of special questions asked banks about changes in their credit policies for
each major CRE loan category over the past year. 5 These questions have been asked in the April
survey by CRE loan category for the past five years.
Banks reported having tightened most terms on nonfarm nonresidential loans and on construction
and land development loans and left most terms unchanged on multifamily loans. For nonfarm
nonresidential loans and construction and land development loans, significant net shares of banks
lowered loan-to-value (LTV) ratios, and moderate net shares reduced the market areas served.
Furthermore, significant and moderate net shares of banks increased debt service coverage ratios
on nonfarm nonresidential loans and on construction and land development loans, respectively.
In addition, moderate net shares of banks lowered the maximum loan size and reduced LTV
ratios on construction and land development loans and on multifamily loans, respectively.
Foreign banks reported having tightened all terms on nonfarm nonresidential and on construction
and land development loans and tightened most terms on multifamily loans. Significant net
5

Table 1, questions 35–37; table 2, questions 11–13.

3

shares of foreign banks increased debt service coverage ratios as well as reduced LTV ratios and
the market areas served for each major CRE loan category over the past year. Significant net
shares of foreign banks also lowered the maximum loan size and widened the spread of loan
rates over the cost of funds on most CRE loan types.

Lending to Households

(Table 1, questions 13–26)
Questions on residential real estate lending. Over the first quarter, banks eased lending
standards for most mortgage loan categories and for revolving home equity lines of credit
(HELOCs), with notable differences across bank sizes. 6
A moderate net share of large banks eased standards on government-sponsored enterprise (GSE)eligible mortgages, which make up the majority of bank mortgage originations. Furthermore,
significant net shares of large banks eased standards on HELOCs and all other mortgage
categories except government and subprime mortgages. Moderate net shares of large banks
eased standards on government residential mortgages. At the same time, modest net shares of
small banks eased standards on qualified mortgage (QM) jumbo mortgages, on QM non-jumbo,
non-GSE-eligible mortgages, and on HELOCs. Small banks left standards on all other
residential mortgage types except subprime mortgages basically unchanged.
Large banks reported unchanged demand across most mortgage categories and weaker demand
for HELOCs. In contrast, small banks reported stronger demand across all mortgage categories
except subprime mortgages and unchanged demand for HELOCs on net. Significant net shares
of small banks reported stronger demand for GSE-eligible and QM jumbo residential mortgages,
and moderate net shares reported stronger demand for all other categories except government
and subprime mortgages. A modest net share of small banks reported stronger demand for
government mortgages.
Questions on consumer lending. Over the first quarter, a significant net share of banks eased
standards for credit card loans, and moderate net shares of banks eased standards for auto loans
and for other consumer loans. Consistent with easier lending standards, moderate net shares of
The seven categories of residential home-purchase loans that banks are asked to consider are GSEeligible, government, QM non-jumbo non-GSE-eligible, QM jumbo, non-QM jumbo, non-QM non-jumbo, and
subprime. See the survey results tables that follow this summary for a description of each of these loan categories.
The definition of a QM was introduced in the 2013 Mortgage Rules under the Truth in Lending Act (12 CFR Part
1026.32, Regulation Z). The standard for a QM excludes mortgages with loan characteristics such as negative
amortization, balloon and interest-only payment schedules, terms exceeding 30 years, alt-A or no documentation,
and total points and fees that exceed 3 percent of the loan amount. In addition, a QM requires that the monthly debtto-income ratio of borrowers not exceed 43 percent. For more on the ability to repay and QM standards under
Regulation Z, see the Consumer Financial Protections Bureau (2019), “Ability to Repay and Qualified Mortgage
Standards Under the Truth in Lending Act (Regulation Z),” webpage,
https://www.consumerfinance.gov/regulations/ability-to-repay-and-qualified-mortgage-standards-under-the-truth-inlending-act-regulation-z.
6

4

banks reduced the minimum required credit score on credit card and other consumer loans, and a
modest net share of banks did so on auto loans. Furthermore, a moderate net share of banks
increased credit limits on credit card accounts. Other surveyed terms on credit cards remained
basically unchanged. 7 For auto loans, a moderate net share of banks narrowed the rate spreads
charged on outstanding balances over their cost of funds, and modest net shares of banks
increased the maximum maturity and reduced the minimum percent of outstanding balances
required to be repaid each month. For consumer loans other than credit card and auto loans, a
moderate net share of banks narrowed the rate spreads charged on outstanding balances over
their cost of funds.
Regarding demand for consumer loans, a moderate net share of banks reported stronger demand
for auto loans, and demand for credit cards and other consumer loans remained basically
unchanged on net.

Special Questions on Changes in Banks’ Lending Policies Compared with Prepandemic Levels, by Borrower Risk Rating
(Table 1, questions 27–34; table 2, questions 9–10)

In a set of special questions, banks were asked about changes in their C&I and consumer lending
policies compared with pre-pandemic levels (since the end of 2019), by borrower risk rating.
Banks reported tighter C&I and consumer lending policies, on net, for most categories of
borrowers compared with pre-pandemic levels. Large banks reported having tightened policies
on C&I loans to most categories of firms, except on loans to large investment-grade firms, for
which they reported having eased standards and most terms on net. 8 Large banks reported
having narrowed the spread of loan rates for large C&I borrowers since the end of 2019. Small
banks reported tighter standards on loans to all categories of C&I borrowers, and especially on
loans to small and below-investment-grade firms. Small banks reported having tightened most
terms, especially on loans to large firms within each risk category and especially for riskier firms
within each firm size. However, small banks reported having narrowed the spread of loan rates
for all categories of C&I borrowers since the end of 2019. Foreign banks reported having
tightened standards and about half of the surveyed terms on C&I loans to below-investmentgrade firms and having left standards and most terms basically unchanged on loans to
investment-grade firms.
For consumer loans, banks generally reported tighter standards for credit card and auto loans
compared with pre-pandemic levels. Within each loan category, banks reported having tightened
Banks were asked about the minimum required credit score as well as changes in credit limits (credit card
accounts and other consumer loans only), maximum maturity (auto loans only), loan rate spreads over costs of
funds, the minimum percent of outstanding balances required to be repaid each month, and the extent to which loans
are granted to borrowers not meeting credit score criteria.
8
The surveyed C&I loan terms were the maximum size of credit lines, the spreads of loan rates, loan
covenants, and collateralization requirements.
7

5

standards especially for nonprime (near-prime and subprime) borrowers. Furthermore, banks
reported having tightened most credit card terms across the credit score distribution and most
auto loan terms for nonprime borrowers. 9 Responses vary across bank sizes. Large banks
tightened standards on both loan categories across the credit score distribution, while small banks
tightened standards only on loans to nonprime borrowers. For both credit card and auto loans,
the net share of banks reporting tighter standards for riskier borrowers was notably greater
among large banks than among small banks. Among lending terms, large banks lowered credit
card limits and widened spreads of auto loan rates across the credit score distribution, while
small banks increased credit card limits and narrowed the spread of auto loan rates for most risk
categories.

This document was prepared by Judit Temesvary, with the assistance of Elijah Broadbent,
Division of Monetary Affairs, Board of Governors of the Federal Reserve System.

The surveyed credit card terms were credit limits, the spreads of interest rates, and the extent to which
loans are granted to customers that do not meet credit scoring thresholds. The surveyed auto loan terms were the
spreads of loan rates, minimum required down payment, and the extent to which loans are granted to customers that
do not meet credit scoring thresholds.
9

6

Measures of Supply and Demand for Commercial and Industrial Loans,
by Size of Firm Seeking Loan
Net Percent of Domestic Respondents Tightening Standards for Commercial and Industrial Loans
Net percent
100
Jan.
survey

Loans to large and middle-market firms
Loans to small firms

80
60
40
20
0
-20
-40

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Net Percent of Domestic Respondents Increasing Spreads of Loan Rates over Bank’s Cost of Funds
Net percent
100
Jan.
survey

80
60
40
20
0
-20
-40
-60
-80

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Net Percent of Domestic Respondents Reporting Stronger Demand for Commercial and Industrial Loans
Net percent
60
Jan.
survey

40
20
0
-20
-40
-60
-80

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

2011

2013

2015

2017

2019

2021

Measures of Supply and Demand for Commercial Real Estate Loans
Net Percent of Domestic Respondents Tightening Standards for Commercial Real Estate Loans
Net percent
100
Jan.
survey

80
60
40
20
0
-20

All commercial real estate loans
Construction and land development
Nonfarm nonresidential
Multifamily

-40
-60
-80
-100

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Net Percent of Domestic Respondents Reporting Stronger Demand for Commercial Real Estate Loans
Net percent
100

All commercial real estate loans
Construction and land development
Nonfarm nonresidential
Multifamily

Jan.
survey

80
60
40
20
0
-20
-40
-60
-80
-100

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.
Note: For data starting in 2013:Q4, changes in demand for construction and land development, nonfarm nonresidential, and multifamily loans are reported separately.

Measures of Supply and Demand for Residential Mortgage Loans
Net Percent of Domestic Respondents Tightening Standards for Residential Mortgage Loans
Net percent
100

100

All residential mortgage loans
Prime
Nontraditional
Subprime

80

GSE
Government
QM non-jumbo non-GSE
QM jumbo
Non-QM jumbo
Non-QM non-jumbo
Subprime

Jan.
survey

80

60

60

40

40

20

20

0

0

-20

-20

1990

1994

1998

2002

2006

2010

2014

2015

2016

2017

2018

2019

2020

2021

Net Percent of Domestic Respondents Reporting Stronger Demand for Residential Mortgage Loans
Net percent
80

60

80

Jan.
survey

All residential mortgage loans
Prime
Nontraditional
Subprime

60

40

40

20

20

0

0

-20

-20

-40

-40

GSE
Government
QM non-jumbo non-GSE
QM jumbo
Non-QM jumbo
Non-QM non-jumbo
Subprime

-60

-80

-60

-80

-100

-100
1990

1994

1998

2002

2006

2010

2014

2015

2016

2017

2018

2019

2020

2021

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.
Note: QM is qualified mortgage. GSE is government-sponsored enterprise. For data starting in 2007:Q2, changes in standards and demand for prime, nontraditional, and
subprime mortgage loans are reported separately. For data starting in 2015:Q1, changes in standards and demand were expanded into the following seven categories:
GSE-eligible; government; QM non-jumbo non-GSE-eligible; QM jumbo; non-QM jumbo; non-QM non-jumbo; and subprime. Series are set to zero when the number of
respondents is three or fewer.

Measures of Supply and Demand for Consumer Loans
Net Percent of Domestic Respondents Tightening Standards for Consumer Loans
Net percent
100

Jan.
survey

80
60
40
20
0
-20

Non-credit-card (auto and other)
Credit card
Auto
Other consumer

-40
-60
-80
-100

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Note: For data starting in 2011:Q2, changes in standards for auto loans and consumer loans excluding credit card and auto loans are reported separately. In
2011:Q2 only, new and used auto loans are reported separately and equally weighted to calculate the auto loans series.

Net Percent of Domestic Respondents Reporting Increased Willingness to Make Consumer Installment Loans
Net percent
60
Jan.
survey

40
20
0
-20
-40
-60

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Net Percent of Domestic Respondents Reporting Stronger Demand for Consumer Loans
Net percent
100

All consumer loans
Credit card
Auto
Other consumer

Jan.
survey

80
60
40
20
0
-20
-40
-60
-80
-100

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

Note: For data starting in 2011:Q2, changes in demand for credit card loans, auto loans, and consumer loans excluding credit card and auto loans are
reported separately.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected
Large Banks in the United States 1
(Status of Policy as of April 2021)
Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions 1-3 deal with
changes in your bank's lending policies over the past three months. Questions 4-5 deal with changes in
demand for C&I loans over the past three months. Question 6 asks about changes in prospective demand
for C&I loans at your bank, as indicated by the volume of recent inquiries about the availability of new
credit lines or increases in existing lines. If your bank's lending policies have not changed over the past
three months, please report them as unchanged even if the policies are either restrictive or
accommodative relative to longer-term norms. If your bank's policies have tightened or eased over the
past three months, please so report them regardless of how they stand relative to longer-term norms. Also,
please report changes in enforcement of existing policies as changes in policies.
1. Over the past three months, how have your bank's credit standards for approving applications for C&I
loans or credit lines—other than those to be used to finance mergers and acquisitions—to large and
middle-market firms and to small firms changed? (If your bank defines firm size differently from the
categories suggested below, please use your definitions and indicate what they are.)
A. Standards for large and middle-market firms (annual sales of $50 million or more):
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

2.7

0

0.0

2

5.1

Remained basically unchanged

58

79.5

22

64.7

36

92.3

Eased somewhat

13

17.8

12

35.3

1

2.6

0

0.0

0

0.0

0

0.0

73

100

34

100

39

100

Eased considerably
Total

For this question, 1 respondent answered "My bank does not originate C&I loans or credit
lines to large and middle-market firms."
B. Standards for small firms (annual sales of less than $50 million):
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

4

5.7

1

3.2

3

7.7

Remained basically unchanged

53

75.7

22

71.0

31

79.5

Eased somewhat

13

18.6

8

25.8

5

12.8

0

0.0

0

0.0

0

0.0

70

100

31

100

39

100

Eased considerably
Total

For this question, 4 respondents answered "My bank does not originate C&I loans or credit
lines to small firms."
2. For applications for C&I loans or credit lines—other than those to be used to finance mergers and
acquisitions—from large and middle-market firms and from small firms that your bank currently is willing to

approve, how have the terms of those loans changed over the past three months?
A. Terms for large and middle-market firms (annual sales of $50 million or more):
a. Maximum size of credit lines
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

2.8

0

0.0

2

5.3

Remained basically unchanged

54

75.0

21

61.8

33

86.8

Eased somewhat

16

22.2

13

38.2

3

7.9

Eased considerably
Total

0

0.0

0

0.0

0

0.0

72

100

34

100

38

100

b. Maximum maturity of loans or credit lines
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

3

4.2

1

3.0

2

5.3

63

88.7

27

81.8

36

94.7

Eased somewhat

5

7.0

5

15.2

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

71

100

33

100

38

100

Remained basically unchanged

Total

c. Costs of credit lines
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

2.8

1

2.9

1

2.6

Remained basically unchanged

51

70.8

18

52.9

33

86.8

Eased somewhat

19

26.4

15

44.1

4

10.5

0

0.0

0

0.0

0

0.0

72

100

34

100

38

100

Eased considerably
Total

d. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

3

4.2

1

2.9

2

5.3

Remained basically unchanged

44

61.1

17

50.0

27

71.1

Eased somewhat

24

33.3

16

47.1

8

21.1

Eased considerably
Total

1

1.4

0

0.0

1

2.6

72

100

34

100

38

100

e. Premiums charged on riskier loans
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

5

7.0

1

3.0

4

10.5

60

84.5

26

78.8

34

89.5

6

8.5

6

18.2

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

71

100

33

100

38

100

f. Loan covenants
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

1

1.4

0

0.0

1

2.6

Tightened somewhat

1

1.4

0

0.0

1

2.6

Remained basically unchanged

56

78.9

21

63.6

35

92.1

Eased somewhat

13

18.3

12

36.4

1

2.6

Eased considerably
Total

0

0.0

0

0.0

0

0.0

71

100

33

100

38

100

g. Collateralization requirements
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

1

1.4

0

0.0

1

2.6

67

94.4

30

90.9

37

97.4

Eased somewhat

3

4.2

3

9.1

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

71

100

33

100

38

100

Remained basically unchanged

Total

h. Use of interest rate floors (more use=tightened, less use=eased)
All Respondents
Banks
Tightened considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Tightened somewhat

10

14.1

2

5.9

8

21.6

Remained basically unchanged

44

62.0

18

52.9

26

70.3

Eased somewhat

15

21.1

12

35.3

3

8.1

Eased considerably
Total

2

2.8

2

5.9

0

0.0

71

100

34

100

37

100

B. Terms for small firms (annual sales of less than $50 million):

a. Maximum size of credit lines
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

2.9

0

0.0

2

5.3

59

86.8

25

83.3

34

89.5

7

10.3

5

16.7

2

5.3

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

68

100

30

100

38

100

b. Maximum maturity of loans or credit lines
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

63

94.0

28

96.6

35

92.1

4

6.0

1

3.4

3

7.9

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

c. Costs of credit lines
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

1

1.5

0

0.0

1

2.6

Remained basically unchanged

54

80.6

23

79.3

31

81.6

Eased somewhat

12

17.9

6

20.7

6

15.8

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

Eased considerably
Total

d. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

4

6.0

1

3.4

3

7.9

Remained basically unchanged

48

71.6

20

69.0

28

73.7

Eased somewhat

14

20.9

8

27.6

6

15.8

1

1.5

0

0.0

1

2.6

67

100

29

100

38

100

Eased considerably
Total

e. Premiums charged on riskier loans
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

3.0

1

3.4

1

2.6

63

94.0

26

89.7

37

97.4

2

3.0

2

6.9

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

f. Loan covenants
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

2

3.0

0

0.0

2

5.3

61

91.0

27

93.1

34

89.5

4

6.0

2

6.9

2

5.3

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

g. Collateralization requirements
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

64

95.5

28

96.6

36

94.7

Eased somewhat

3

4.5

1

3.4

2

5.3

Eased considerably

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

Remained basically unchanged

Total

h. Use of interest rate floors (more use=tightened, less use=eased)
All Respondents
Banks
Tightened considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Tightened somewhat

11

16.4

4

13.3

7

18.9

Remained basically unchanged

50

74.6

21

70.0

29

78.4

6

9.0

5

16.7

1

2.7

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

67

100

30

100

37

100

3. If your bank has tightened or eased its credit standards or its terms for C&I loans or credit lines over the
past three months (as described in questions 1 and 2), how important have been the following possible
reasons for the change? (Please respond to either A, B, or both as appropriate.)
A. Possible reasons for tightening credit standards or loan terms:

a. Deterioration in your bank's current or expected capital position
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

14

93.3

3

100.0

11

91.7

1

6.7

0

0.0

1

8.3

0

0.0

0

0.0

0

0.0

15

100

3

100

12

100

b. Less favorable or more uncertain economic outlook
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Not important

3

18.8

0

0.0

3

25.0

Somewhat important

8

50.0

2

50.0

6

50.0

Very important

5

31.2

2

50.0

3

25.0

16

100

4

100

12

100

Total

c. Worsening of industry-specific problems (please specify industries)
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Not important

5

38.5

1

33.3

4

Somewhat important

5

38.5

2

66.7

3

30.0

Very important

3

23.1

0

0.0

3

30.0

13

100

3

100

10

100

Total

40.0

d. Less aggressive competition from other banks or nonbank lenders (other financial
intermediaries or the capital markets)
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

13

86.7

3

100.0

10

83.3

0

0.0

0

0.0

0

0.0

2

13.3

0

0.0

2

16.7

15

100

3

100

12

100

e. Reduced tolerance for risk
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Not important

7

46.7

2

66.7

5

41.7

Somewhat important

8

53.3

1

33.3

7

58.3

Very important

0

0.0

0

0.0

0

0.0

15

100

3

100

12

100

Total

f. Decreased liquidity in the secondary market for these loans
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

13

86.7

3

100.0

10

83.3

2

13.3

0

0.0

2

16.7

0

0.0

0

0.0

0

0.0

15

100

3

100

12

100

g. Deterioration in your bank's current or expected liquidity position
All Respondents
Banks
Not important

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

15

100.0

3

100.0

12

100.0

Somewhat important

0

0.0

0

0.0

0

0.0

Very important

0

0.0

0

0.0

0

0.0

15

100

3

100

12

100

Total

h. Increased concerns about the effects of legislative changes, supervisory actions, or
changes in accounting standards
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Not important

8

53.3

2

66.7

6

50.0

Somewhat important

6

40.0

1

33.3

5

41.7

Very important

1

6.7

0

0.0

1

8.3

15

100

3

100

12

100

Total

B. Possible reasons for easing credit standards or loan terms:
a. Improvement in your bank's current or expected capital position
All Respondents
Banks
Not important

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

30

85.7

20

90.9

10

76.9

Somewhat important

5

14.3

2

9.1

3

23.1

Very important

0

0.0

0

0.0

0

0.0

35

100

22

100

13

100

Total

b. More favorable or less uncertain economic outlook
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

5

13.9

2

9.1

3

21.4

24

66.7

16

72.7

8

57.1

7

19.4

4

18.2

3

21.4

36

100

22

100

14

100

c. Improvement in industry-specific problems (please specify industries)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Not important

16

47.1

12

54.5

4

33.3

Somewhat important

15

44.1

8

36.4

7

58.3

Very important
Total

3

8.8

2

9.1

1

8.3

34

100

22

100

12

100

d. More aggressive competition from other banks or nonbank lenders (other financial
intermediaries or the capital markets)
All Respondents
Banks
Not important

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

6

16.7

2

9.1

4

28.6

19

52.8

13

59.1

6

42.9

Very important

11

30.6

7

31.8

4

28.6

Total

36

100

22

100

14

100

Somewhat important

e. Increased tolerance for risk
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Not important

22

64.7

14

66.7

8

61.5

Somewhat important

12

35.3

7

33.3

5

38.5

0

0.0

0

0.0

0

0.0

34

100

21

100

13

100

Very important
Total

f. Increased liquidity in the secondary market for these loans
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

28

82.4

18

85.7

10

76.9

6

17.6

3

14.3

3

23.1

0

0.0

0

0.0

0

0.0

34

100

21

100

13

100

g. Improvement in your bank's current or expected liquidity position
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Not important

25

69.4

19

86.4

6

42.9

Somewhat important

10

27.8

3

13.6

7

50.0

1

2.8

0

0.0

1

7.1

36

100

22

100

14

100

Very important
Total

h. Reduced concerns about the effects of legislative changes, supervisory actions, or
changes in accounting standards
All Respondents
Banks
Not important

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

27

81.8

19

95.0

8

61.5

Somewhat important

6

18.2

1

5.0

5

38.5

Very important

0

0.0

0

0.0

0

0.0

33

100

20

100

13

100

Total

4. Apart from normal seasonal variation, how has demand for C&I loans changed over the past three
months? (Please consider only funds actually disbursed as opposed to requests for new or increased lines
of credit.)
A. Demand for C&I loans from large and middle-market firms (annual sales of $50 million or
more):
All Respondents
Banks
Substantially stronger

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

2

2.8

1

2.9

1

2.6

Moderately stronger

17

23.6

12

35.3

5

13.2

About the same

29

40.3

14

41.2

15

39.5

Moderately weaker

23

31.9

7

20.6

16

42.1

Substantially weaker
Total

1

1.4

0

0.0

1

2.6

72

100

34

100

38

100

B. Demand for C&I loans from small firms (annual sales of less than $50 million):
All Respondents
Banks
Substantially stronger

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

1

1.4

0

0.0

Moderately stronger

20

29.0

12

40.0

8

20.5

About the same

29

42.0

14

46.7

15

38.5

Moderately weaker

18

26.1

4

13.3

14

35.9

Substantially weaker
Total

1

2.6

1

1.4

0

0.0

1

2.6

69

100

30

100

39

100

5. If demand for C&I loans has strengthened or weakened over the past three months (as described in
question 4), how important have been the following possible reasons for the change? (Please respond to
either A, B, or both as appropriate.)
A. If stronger loan demand (answer 1 or 2 to question 4A or 4B), possible reasons:
a. Customer inventory financing needs increased
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Not important

10

41.7

8

57.1

Somewhat important

11

45.8

5

35.7

6

60.0

3

12.5

1

7.1

2

20.0

24

100

14

100

10

100

Very important
Total

2

20.0

b. Customer accounts receivable financing needs increased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

12

50.0

9

64.3

3

30.0

9

37.5

4

28.6

5

50.0

3

12.5

1

7.1

2

20.0

24

100

14

100

10

100

c. Customer investment in plant or equipment increased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

4

16.0

4

26.7

0

0.0

16

64.0

10

66.7

6

60.0

5

20.0

1

6.7

4

40.0

25

100

15

100

10

100

d. Customer internally generated funds decreased
All Respondents
Banks
Percent
Not important

Large Banks
Banks
Percent

Other Banks
Banks
Percent

16

66.7

11

73.3

5

55.6

Somewhat important

8

33.3

4

26.7

4

44.4

Very important

0

0.0

0

0.0

0

0.0

24

100

15

100

9

100

Total

e. Customer merger or acquisition financing needs increased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

10

43.5

4

28.6

6

66.7

7

30.4

5

35.7

2

22.2

6

26.1

5

35.7

1

11.1

23

100

14

100

9

100

f. Customer borrowing shifted to your bank from other bank or nonbank sources because
these other sources became less attractive
All Respondents
Banks
Not important

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

16

64.0

13

86.7

3

30.0

Somewhat important

8

32.0

2

13.3

6

60.0

Very important

1

4.0

0

0.0

1

10.0

25

100

15

100

10

100

Total

g. Customer precautionary demand for cash and liquidity increased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

20

83.3

13

86.7

7

77.8

3

12.5

2

13.3

1

11.1

1

4.2

0

0.0

1

11.1

24

100

15

100

9

100

B. If weaker loan demand (answer 4 or 5 to question 4A or 4B), possible reasons:
a. Customer inventory financing needs decreased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

12

54.5

5

83.3

7

43.8

9

40.9

1

16.7

8

50.0

1

4.5

0

0.0

1

6.2

22

100

6

100

16

100

b. Customer accounts receivable financing needs decreased
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Not important

10

45.5

4

66.7

6

37.5

Somewhat important

11

50.0

2

33.3

9

56.2

1

4.5

0

0.0

1

6.2

22

100

6

100

16

100

Very important
Total

c. Customer investment in plant or equipment decreased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

3

14.3

3

50.0

0

0.0

15

71.4

3

50.0

12

80.0

3

14.3

0

0.0

3

20.0

21

100

6

100

15

100

d. Customer internally generated funds increased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

6

26.1

2

28.6

4

25.0

11

47.8

3

42.9

8

50.0

6

26.1

2

28.6

4

25.0

23

100

7

100

16

100

e. Customer merger or acquisition financing needs decreased
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

13

61.9

5

83.3

8

53.3

7

33.3

1

16.7

6

40.0

1

4.8

0

0.0

1

6.7

21

100

6

100

15

100

f. Customer borrowing shifted from your bank to other bank or nonbank sources because
these other sources became more attractive
All Respondents
Banks
Not important
Somewhat important
Very important
Total

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

11

50.0

3

42.9

8

53.3

9

40.9

3

42.9

6

40.0

2

9.1

1

14.3

1

6.7

22

100

7

100

15

100

g. Customer precautionary demand for cash and liquidity decreased
All Respondents
Banks
Percent
Not important
Somewhat important
Very important
Total

Large Banks
Banks
Percent

Other Banks
Banks
Percent

5

23.8

1

14.3

4

28.6

11

52.4

3

42.9

8

57.1

5

23.8

3

42.9

2

14.3

21

100

7

100

14

100

6. At your bank, apart from seasonal variation, how has the number of inquiries from potential business
borrowers regarding the availability and terms of new credit lines or increases in existing lines changed
over the past three months? (Please consider only inquiries for additional or increased C&I lines as
opposed to the refinancing of existing loans.)
All Respondents
Banks

Percent

Large Banks
Banks

Other Banks

Percent

Banks

Percent

The number of inquiries has increased substantially

1

1.4

0

0.0

1

2.6

The number of inquiries has increased moderately

23

31.5

15

44.1

8

20.5

The number of inquiries has stayed about the same

34

46.6

15

44.1

19

48.7

The number of inquiries has decreased moderately

14

19.2

4

11.8

10

25.6

The number of inquiries has decreased substantially
Total

1

1.4

0

0.0

1

2.6

73

100

34

100

39

100

For this question, 1 respondent answered "My bank does not originate C&I lines of credit."

Questions 7-12 ask about changes in standards and demand over the past three months for three
different types of commercial real estate (CRE) loans at your bank: construction and land development
loans, loans secured by nonfarm nonresidential properties, and loans secured by multifamily residential
properties. Please report changes in enforcement of existing policies as changes in policies.
7. Over the past three months, how have your bank's credit standards for approving new applications for
construction and land development loans or credit lines changed?
All Respondents
Banks
Tightened considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Tightened somewhat

13

18.6

4

12.9

9

23.1

Remained basically unchanged

54

77.1

27

87.1

27

69.2

3

4.3

0

0.0

3

7.7

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

70

100

31

100

39

100

For this question, 4 respondents answered "My bank does not originate construction and
land development loans or credit lines."
8. Over the past three months, how have your bank's credit standards for approving new applications for
loans secured by nonfarm nonresidential properties changed?
All Respondents
Banks
Percent
Tightened considerably

1

Tightened somewhat

Large Banks
Banks
Percent

1.4

1

Other Banks
Banks
Percent

3.1

0

0.0

2

2.8

0

0.0

2

5.1

65

91.5

30

93.8

35

89.7

Eased somewhat

3

4.2

1

3.1

2

5.1

Eased considerably

0

0.0

0

0.0

0

0.0

71

100

32

100

39

100

Remained basically unchanged

Total

For this question, 2 respondents answered "My bank does not originate loans secured by
nonfarm nonresidential properties."
9. Over the past three months, how have your bank's credit standards for approving new applications for
loans secured by multifamily residential properties changed?
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

5

6.9

0

0.0

5

12.8

Remained basically unchanged

57

79.2

27

81.8

30

76.9

Eased somewhat

10

13.9

6

18.2

4

10.3

Eased considerably
Total

0

0.0

0

0.0

0

0.0

72

100

33

100

39

100

For this question, 2 respondents answered "My bank does not originate loans secured by
multifamily residential properties."
10. Apart from normal seasonal variation, how has demand for construction and land development

loans changed over the past three months? (Please consider the number of requests for new spot loans,
for disbursement of funds under existing loan commitments, and for new or increased credit lines.)
All Respondents
Banks
Substantially stronger

Large Banks

Percent
0

Banks
0.0

Other Banks

Percent

Banks

0

0.0

Percent
0

0.0

Moderately stronger

20

28.6

11

35.5

9

23.1

About the same

36

51.4

15

48.4

21

53.8

Moderately weaker

13

18.6

5

16.1

8

20.5

1

1.4

0

0.0

1

2.6

70

100

31

100

39

100

Substantially weaker
Total

11. Apart from normal seasonal variation, how has demand for loans secured by nonfarm
nonresidential properties changed over the past three months? (Please consider the number of requests
for new spot loans, for disbursement of funds under existing loan commitments, and for new or increased
credit lines.)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Substantially stronger

1

1.4

0

0.0

1

2.6

Moderately stronger

9

12.5

8

24.2

1

2.6

About the same

45

62.5

19

57.6

26

66.7

Moderately weaker

17

23.6

6

18.2

11

28.2

Substantially weaker
Total

0

0.0

0

0.0

0

0.0

72

100

33

100

39

100

12. Apart from normal seasonal variation, how has demand for loans secured by multifamily residential
properties changed over the past three months? (Please consider the number of requests for new spot
loans, for disbursement of funds under existing loan commitments, and for new or increased credit lines.)
All Respondents
Banks
Percent
Substantially stronger

1

Large Banks
Banks
Percent
1.4

1

Other Banks
Banks
Percent
3.0

0

0.0

Moderately stronger

18

25.4

8

24.2

10

26.3

About the same

45

63.4

20

60.6

25

65.8

Moderately weaker

6

8.5

4

12.1

2

5.3

Substantially weaker

1

1.4

0

0.0

1

2.6

71

100

33

100

38

100

Total

Note: Beginning with the January 2015 survey, the loan categories referred to in the questions regarding
changes in credit standards and demand for residential mortgage loans have been revised to reflect the
Consumer Financial Protection Bureau's qualified mortgage rules.
Questions 13-14 ask about seven categories of residential mortgage loans at your bank: GovernmentSponsored Enterprise eligible (GSE-eligible) residential mortgages, government residential mortgages,
Qualified Mortgage non-jumbo non-GSE-eligible (QM non-jumbo, non-GSE-eligible) residential mortgages,
QM jumbo residential mortgages, non-QM jumbo residential mortgages, non-QM non-jumbo residential
mortgages, and subprime residential mortgages. For the purposes of this survey, please use the following
definitions of these loan categories and include first-lien closed-end loans to purchase homes only. The
loan categories have been defined so that every first-lien closed-end residential mortgage loan used for
home purchase fits into one of the following seven categories:
The GSE-eligible category of residential mortgages includes loans that meet the underwriting
guidelines, including loan limit amounts, of the GSEs - Fannie Mae and Freddie Mac.
The government category of residential mortgages includes loans that are insured by the Federal
Housing Administration, guaranteed by the Department of Veterans Affairs, or originated under
government programs, including the U.S. Department of Agriculture home loan programs.
The QM non-jumbo, non-GSE-eligible category of residential mortgages includes loans that
satisfy the standards for a qualified mortgage and have loan balances that are below the loan limit
amounts set by the GSEs but otherwise do not meet the GSE underwriting guidelines.
The QM jumbo category of residential mortgages includes loans that satisfy the standards for a
qualified mortgage but have loan balances that are above the loan limit amount set by the GSEs.
The non-QM jumbo category of residential mortgages includes loans that do not satisfy the
standards for a qualified mortgage and have loan balances that are above the loan limit amount set
by the GSEs.
The non-QM non-jumbo category of residential mortgages includes loans that do not satisfy the
standards for a qualified mortgage and have loan balances that are below the loan limit amount set
by the GSEs. (Please exclude loans classified by your bank as subprime in this category.)
The subprime category of residential mortgages includes loans classified by your bank as
subprime. This category typically includes loans made to borrowers with weakened credit histories
that include payment delinquencies, charge-offs, judgements, and/or bankruptcies; reduced
repayment capacity as measured by credit scores or debt-to-income ratios; or incomplete credit
histories.
Question 13 deals with changes in your bank's credit standards for loans in each of the seven loan
categories over the past three months. If your bank's credit standards have not changed over the relevant
period, please report them as unchanged even if the standards are either restrictive or accommodative
relative to longer-term norms. If your bank's credit standards have tightened or eased over the relevant
period, please so report them regardless of how they stand relative to longer-term norms. Also, please
report changes in enforcement of existing standards as changes in standards. Question 14 deals with
changes in demand for loans in each of the seven loan categories over the past three months.

13. Over the past three months, how have your bank's credit standards for approving applications from
individuals for mortgage loans to purchase homes changed? (Please consider only new originations as
opposed to the refinancing of existing mortgages.)
A. Credit standards on mortgage loans that your bank categorizes as GSE-eligible residential
mortgages have:
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

Tightened somewhat

1

1.6

0

0.0

1

2.8

57

90.5

23

85.2

34

94.4

Eased somewhat

5

7.9

4

14.8

1

2.8

Eased considerably

0

0.0

0

0.0

0

0.0

63

100

27

100

36

100

Remained basically unchanged

Total

0.0

For this question, 8 respondents answered "My bank does not originate GSE-eligible
residential mortgages."
B. Credit standards on mortgage loans that your bank categorizes as government residential
mortgages have:
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

1

1.7

0

0.0

1

2.9

55

91.7

21

84.0

34

97.1

3

5.0

3

12.0

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

1

1.7

1

4.0

0

0.0

60

100

25

100

35

100

For this question, 12 respondents answered "My bank does not originate government
residential mortgages."
C. Credit standards on mortgage loans that your bank categorizes as QM non-jumbo, non-GSEeligible residential mortgages have:
All Respondents
Banks
Percent
Tightened considerably
Tightened somewhat

0

0.0

Large Banks
Banks
Percent
0

0.0

Other Banks
Banks
Percent
0

0.0

0

0.0

0

0.0

0

0.0

Remained basically unchanged

53

84.1

20

71.4

33

94.3

Eased somewhat

10

15.9

8

28.6

2

5.7

0

0.0

0

0.0

0

0.0

63

100

28

100

35

100

Eased considerably
Total

For this question, 8 respondents answered "My bank does not originate QM non-jumbo, nonGSE-eligible residential mortgages."

D. Credit standards on mortgage loans that your bank categorizes as QM jumbo residential
mortgages have:
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

1

1.6

0

0.0

1

2.8

Remained basically unchanged

49

77.8

17

63.0

32

88.9

Eased somewhat

12

19.0

9

33.3

3

8.3

1

1.6

1

3.7

0

0.0

63

100

27

100

36

100

Eased considerably
Total

For this question, 9 respondents answered "My bank does not originate QM jumbo
residential mortgages."
E. Credit standards on mortgage loans that your bank categorizes as non-QM jumbo residential
mortgages have:
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

1

1.6

0

0.0

1

2.9

Remained basically unchanged

50

79.4

18

64.3

32

91.4

Eased somewhat

11

17.5

9

32.1

2

5.7

Eased considerably
Total

1

1.6

1

3.6

0

0.0

63

100

28

100

35

100

For this question, 9 respondents answered "My bank does not originate non-QM jumbo
residential mortgages."
F. Credit standards on mortgage loans that your bank categorizes as non-QM non-jumbo
residential mortgages have:
All Respondents
Banks
Percent
Tightened considerably
Tightened somewhat

0

0.0

Large Banks
Banks
Percent
0

0.0

Other Banks
Banks
Percent
0

0.0

0

0.0

0

0.0

0

0.0

53

85.5

20

71.4

33

97.1

Eased somewhat

9

14.5

8

28.6

1

2.9

Eased considerably

0

0.0

0

0.0

0

0.0

62

100

28

100

34

100

Remained basically unchanged

Total

For this question, 9 respondents answered "My bank does not originate non-QM non-jumbo
residential mortgages."

G. Credit standards on mortgage loans that your bank categorizes as subprime residential
mortgages have:
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

NaN

0

0.0

Tightened somewhat

2

25.0

0

NaN

2

25.0

Remained basically unchanged

6

75.0

0

NaN

6

75.0

Eased somewhat

0

0.0

0

NaN

0

0.0

Eased considerably

0

0.0

0

NaN

0

0.0

Total

8

100

0

100

8

100

For this question, 64 respondents answered "My bank does not originate subprime
residential mortgages."
14. Apart from normal seasonal variation, how has demand for mortgages to purchase homes changed
over the past three months? (Please consider only applications for new originations as opposed to
applications for refinancing of existing mortgages.)
A. Demand for mortgages that your bank categorizes as GSE-eligible residential mortgages was:
All Respondents
Banks
Substantially stronger

Large Banks

Percent
1

Banks
1.6

Other Banks

Percent
1

Banks

Percent

3.7

0

0.0

Moderately stronger

18

28.6

4

14.8

14

38.9

About the same

33

52.4

16

59.3

17

47.2

Moderately weaker

11

17.5

6

22.2

5

13.9

0

0.0

0

0.0

0

0.0

63

100

27

100

36

100

Substantially weaker
Total

B. Demand for mortgages that your bank categorizes as government residential mortgages was:
All Respondents
Banks
Percent
Substantially stronger

Large Banks
Banks
Percent

Other Banks
Banks
Percent

1

1.7

1

4.0

0

0.0

Moderately stronger

12

20.3

3

12.0

9

26.5

About the same

37

62.7

19

76.0

18

52.9

Moderately weaker

9

15.3

2

8.0

7

20.6

Substantially weaker

0

0.0

0

0.0

0

0.0

59

100

25

100

34

100

Total

C. Demand for mortgages that your bank categorizes as QM non-jumbo, non-GSE-eligible
residential mortgages was:
All Respondents
Banks
Substantially stronger

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

2

3.1

1

3.6

1

2.8

Moderately stronger

11

17.2

2

7.1

9

25.0

About the same

42

65.6

21

75.0

21

58.3

8

12.5

3

10.7

5

13.9

Moderately weaker
Substantially weaker
Total

1

1.6

1

3.6

0

0.0

64

100

28

100

36

100

D. Demand for mortgages that your bank categorizes as QM jumbo residential mortgages was:
All Respondents
Banks
Substantially stronger

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

3

4.9

2

7.4

1

2.9

Moderately stronger

17

27.9

6

22.2

11

32.4

About the same

33

54.1

15

55.6

18

52.9

8

13.1

4

14.8

4

11.8

Moderately weaker
Substantially weaker
Total

0

0.0

0

0.0

0

0.0

61

100

27

100

34

100

E. Demand for mortgages that your bank categorizes as non-QM jumbo residential mortgages
was:
All Respondents
Banks
Substantially stronger

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Moderately stronger

14

22.2

6

21.4

8

22.9

About the same

44

69.8

19

67.9

25

71.4

5

7.9

3

10.7

2

5.7

Moderately weaker
Substantially weaker
Total

0

0.0

0

0.0

0

0.0

63

100

28

100

35

100

F. Demand for mortgages that your bank categorizes as non-QM non-jumbo residential mortgages
was:
All Respondents
Banks
Percent
Substantially stronger

Large Banks
Banks
Percent

Other Banks
Banks
Percent

0

0.0

0

0.0

0

0.0

Moderately stronger

12

19.0

4

14.3

8

22.9

About the same

45

71.4

21

75.0

24

68.6

5

7.9

2

7.1

3

8.6

Moderately weaker
Substantially weaker
Total

1

1.6

1

3.6

0

0.0

63

100

28

100

35

100

G. Demand for mortgages that your bank categorizes as subprime residential mortgages was:
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Substantially stronger

0

0.0

0

NaN

0

0.0

Moderately stronger

1

12.5

0

NaN

1

12.5

About the same

5

62.5

0

NaN

5

62.5

Moderately weaker

2

25.0

0

NaN

2

25.0

Substantially weaker

0

0.0

0

NaN

0

0.0

Total

8

100

0

100

8

100

Questions 15-16 ask about revolving home equity lines of credit at your bank. Question 15 deals with
changes in your bank's credit standards over the past three months. Question 16 deals with changes in
demand. If your bank's credit standards have not changed over the relevant period, please report them as
unchanged even if they are either restrictive or accommodative relative to longer-term norms. If your
bank's credit standards have tightened or eased over the relevant period, please so report them
regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of

existing standards as changes in standards.
15. Over the past three months, how have your bank's credit standards for approving applications for
revolving home equity lines of credit changed?
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

53

84.1

19

70.4

34

94.4

9

14.3

7

25.9

2

5.6

Remained basically unchanged
Eased somewhat
Eased considerably
Total

1

1.6

1

3.7

0

0.0

63

100

27

100

36

100

For this question, 9 respondents answered "My bank does not originate revolving home
equity lines of credit."
16. Apart from normal seasonal variation, how has demand for revolving home equity lines of credit
changed over the past three months? (Please consider only funds actually disbursed as opposed to
requests for new or increased lines of credit.)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Substantially stronger

0

0.0

0

0.0

0

0.0

Moderately stronger

8

12.7

3

11.1

5

13.9

About the same

39

61.9

13

48.1

26

72.2

Moderately weaker

15

23.8

10

37.0

5

13.9

Substantially weaker
Total

1

1.6

1

3.7

0

0.0

63

100

27

100

36

100

Questions 17-26 ask about consumer lending at your bank. Question 17 deals with changes in your
bank's willingness to make consumer installment loans over the past three months. Questions 18-23 deal
with changes in credit standards and loan terms over the same period. Questions 24-26 deal with changes
in demand for consumer loans over the past three months. If your bank's lending policies have not
changed over the past three months, please report them as unchanged even if the policies are either
restrictive or accommodative relative to longer-term norms. If your bank's policies have tightened or eased
over the past three months, please so report them regardless of how they stand relative to longer-term
norms. Also, please report changes in enforcement of existing policies as changes in policies.
17. Please indicate your bank's willingness to make consumer installment loans now as opposed to
three months ago.
All Respondents
Banks
Much more willing

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

3

4.6

3

10.3

0

0.0

Somewhat more willing

13

20.0

8

27.6

5

13.9

About unchanged

49

75.4

18

62.1

31

86.1

0

0.0

0

0.0

0

0.0

Somewhat less willing
Much less willing
Total

0

0.0

0

0.0

0

0.0

65

100

29

100

36

100

For this question, 8 respondents answered "My bank does not originate consumer
installment loans."
18. Over the past three months, how have your bank's credit standards for approving applications for
credit cards from individuals or households changed?
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

1

2.1

1

3.7

0

0.0

Remained basically unchanged

33

68.8

14

51.9

19

90.5

Eased somewhat

13

27.1

11

40.7

2

9.5

1

2.1

1

3.7

0

0.0

48

100

27

100

21

100

Eased considerably
Total

For this question, 24 respondents answered "My bank does not originate credit card loans to
individuals or households."
19. Over the past three months, how have your bank's credit standards for approving applications for auto
loans to individuals or households changed? (Please include loans arising from retail sales of passenger
cars and other vehicles such as minivans, vans, sport-utility vehicles, pickup trucks, and similar light trucks
for personal use, whether new or used. Please exclude loans to finance fleet sales, personal cash loans
secured by automobiles already paid for, loans to finance the purchase of commercial vehicles and farm
equipment, and lease financing.)

All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

1

1.8

0

0.0

1

2.9

Remained basically unchanged

45

78.9

13

59.1

32

91.4

Eased somewhat

11

19.3

9

40.9

2

5.7

Eased considerably
Total

0

0.0

0

0.0

0

0.0

57

100

22

100

35

100

For this question, 14 respondents answered "My bank does not originate auto loans to
individuals or households."
20. Over the past three months, how have your bank's credit standards for approving applications for
consumer loans other than credit card and auto loans changed?
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

1

1.6

0

0.0

1

2.9

Remained basically unchanged

50

79.4

19

67.9

31

88.6

Eased somewhat

12

19.0

9

32.1

3

8.6

0

0.0

0

0.0

0

0.0

63

100

28

100

35

100

Eased considerably
Total

For this question, 9 respondents answered "My bank does not originate consumer loans
other than credit card or auto loans."
21. Over the past three months, how has your bank changed the following terms and conditions on new or
existing credit card accounts for individuals or households?
a. Credit limits
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

39

81.2

21

77.8

18

85.7

Eased somewhat

9

18.8

6

22.2

3

14.3

Eased considerably

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

Remained basically unchanged

Total

b. Spreads of interest rates charged on outstanding balances over your bank's cost of funds
(wider spreads=tightened, narrower spreads=eased)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

2

4.2

2

7.4

0

0.0

43

89.6

25

92.6

18

85.7

Eased somewhat

3

6.2

0

0.0

3

14.3

Eased considerably

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

Remained basically unchanged

Total

c. Minimum percent of outstanding balances required to be repaid each month
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

47

97.9

27

100.0

20

95.2

1

2.1

0

0.0

1

4.8

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

d. Minimum required credit score (increased score=tightened, reduced score=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

1

2.1

1

3.7

0

0.0

38

79.2

18

66.7

20

95.2

9

18.8

8

29.6

1

4.8

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

e. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

47

97.9

27

100.0

20

95.2

Eased somewhat

1

2.1

0

0.0

1

4.8

Eased considerably

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

Remained basically unchanged

Total

22. Over the past three months, how has your bank changed the following terms and conditions on loans
to individuals or households to purchase autos?
a. Maximum maturity
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

55

94.8

21

91.3

34

97.1

3

5.2

2

8.7

1

2.9

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

58

100

23

100

35

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

0

0.0

0

0.0

0

0.0

Remained basically unchanged

47

81.0

16

69.6

31

88.6

Eased somewhat

11

19.0

7

30.4

4

11.4

0

0.0

0

0.0

0

0.0

58

100

23

100

35

100

Eased considerably
Total

c. Minimum required down payment (higher=tightened, lower=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

55

94.8

20

87.0

35

100.0

3

5.2

3

13.0

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

58

100

23

100

35

100

d. Minimum required credit score (increased score=tightened, reduced score=eased)
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

52

91.2

18

78.3

34

100.0

Eased somewhat

5

8.8

5

21.7

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

57

100

23

100

34

100

Remained basically unchanged

Total

e. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

0

0.0

0

0.0

0

0.0

57

100.0

22

100.0

35

100.0

Eased somewhat

0

0.0

0

0.0

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

57

100

22

100

35

100

Remained basically unchanged

Total

23. Over the past three months, how has your bank changed the following terms and conditions on
consumer loans other than credit card and auto loans?

a. Maximum maturity
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

0

0.0

0

0.0

0

0.0

61

95.3

27

96.4

34

94.4

3

4.7

1

3.6

2

5.6

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

64

100

28

100

36

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

0

0.0

0

0.0

0

0.0

Tightened somewhat

1

1.6

1

3.6

0

0.0

55

85.9

22

78.6

33

91.7

8

12.5

5

17.9

3

8.3

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

64

100

28

100

36

100

c. Minimum required down payment (higher=tightened, lower=eased)
All Respondents
Banks
Percent
Tightened considerably

0

Tightened somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

63

98.4

28

100.0

35

97.2

Eased somewhat

1

1.6

0

0.0

1

2.8

Eased considerably

0

0.0

0

0.0

0

0.0

64

100

28

100

36

100

Remained basically unchanged

Total

d. Minimum required credit score (increased score=tightened, reduced score=eased)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

1

1.6

0

0.0

1

2.8

55

85.9

22

78.6

33

91.7

Eased somewhat

8

12.5

6

21.4

2

5.6

Eased considerably

0

0.0

0

0.0

0

0.0

64

100

28

100

36

100

Remained basically unchanged

Total

e. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

Percent

0.0

0

0.0

0

0.0

0

0.0

0

0.0

62

98.4

27

100.0

35

97.2

Eased somewhat

1

1.6

0

0.0

1

2.8

Eased considerably

0

0.0

0

0.0

0

0.0

63

100

27

100

36

100

Remained basically unchanged

Total

24. Apart from normal seasonal variation, how has demand from individuals or households for credit card
loans changed over the past three months?
All Respondents
Banks
Substantially stronger
Moderately stronger

Large Banks

Percent

Banks

0

0.0

Other Banks

Percent
0

Banks
0.0

Percent
0

0.0

8

16.7

6

22.2

2

9.5

33

68.8

18

66.7

15

71.4

Moderately weaker

7

14.6

3

11.1

4

19.0

Substantially weaker

0

0.0

0

0.0

0

0.0

48

100

27

100

21

100

About the same

Total

25. Apart from normal seasonal variation, how has demand from individuals or households for auto loans
changed over the past three months?
All Respondents
Banks
Percent
Substantially stronger

Large Banks
Banks
Percent

2

3.4

Moderately stronger

11

19.0

7

30.4

4

11.4

About the same

38

65.5

15

65.2

23

65.7

Moderately weaker

7

12.1

0

0.0

7

20.0

Substantially weaker

0

0.0

0

0.0

0

0.0

58

100

23

100

35

100

Total

1

Other Banks
Banks
Percent
4.3

1

2.9

26. Apart from normal seasonal variation, how has demand from individuals or households for consumer
loans other than credit card and auto loans changed over the past three months?
All Respondents
Banks
Substantially stronger
Moderately stronger

Large Banks

Percent

Banks

0

0.0

Other Banks

Percent
0

Banks
0.0

Percent
0

0.0

8

12.5

5

17.9

3

8.3

About the same

45

70.3

22

78.6

23

63.9

Moderately weaker

11

17.2

1

3.6

10

27.8

0

0.0

0

0.0

0

0.0

64

100

28

100

36

100

Substantially weaker
Total

This first set of special questions, Questions 27-34, asks about changes in your bank's lending policies
for approving applications for loans compared to pre-pandemic levels (end of 2019). Questions 27-30 ask
about changes in your bank's lending policies for approving applications for C&I loans compared to prepandemic levels (end of 2019) to investment-grade (having an S&P rating of BBB or above, or the
equivalent) and below-investment-grade firms (having an S&P rating of BB or below, or the equivalent) .
Questions 31-34 ask about changes in your bank's lending policies for approving applications for
consumer loans compared to pre-pandemic levels (end of 2019) to borrowers that your bank rates as
prime (having a FICO score of 720 or above, or the equivalent), near-prime (having a FICO score in the
620-719 range, or the equivalent), and subprime (having a FICO score of 619 or below, or the equivalent).
27. Compared to the end of 2019, how have your bank's credit standards for approving applications for
C&I loans or credit lines (other than those to be used to finance mergers and acquisitions) to large and
middle-market firms (annual sales of $50 million or more) within the stated risk category changed? In
each case assume that all other firm characteristics are typical for C&I loan applications within that risk
category.
A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)
All Respondents
Banks
Percent
Tightened considerably
Tightened somewhat

0

0.0

Large Banks
Banks
Percent
0

0.0

Other Banks
Banks
Percent
0

0.0

8

12.1

4

12.1

4

12.1

51

77.3

22

66.7

29

87.9

Eased somewhat

7

10.6

7

21.2

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

66

100

33

100

33

100

Remained basically unchanged

Total

For this question, 7 respondents answered "My bank does not originate C&I loans to these
firms."
B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)
All Respondents
Banks
Percent
Tightened considerably

Large Banks
Banks
Percent

Other Banks
Banks
Percent

3

4.4

1

3.0

2

5.7

Tightened somewhat

15

22.1

9

27.3

6

17.1

Remained basically unchanged

46

67.6

20

60.6

26

74.3

4

5.9

3

9.1

1

2.9

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

68

100

33

100

35

100

For this question, 6 respondents answered "My bank does not originate C&I loans to these
firms."
28. Compared to the end of 2019, how have your bank's credit standards for approving applications for
C&I loans or credit lines (other than those to be used to finance mergers and acquisitions) to small firms
(annual sales of less than $50 million) within the stated risk category changed? In each case assume that
all other firm characteristics are typical for C&I loan applications within that risk category.

A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)
All Respondents
Banks

Large Banks

Percent

Tightened considerably

0

Banks

0.0

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

Tightened somewhat

14

20.9

7

24.1

7

18.4

Remained basically unchanged

50

74.6

20

69.0

30

78.9

Eased somewhat

3

4.5

2

6.9

1

2.6

Eased considerably

0

0.0

0

0.0

0

0.0

67

100

29

100

38

100

Total

For this question, 6 respondents answered "My bank does not originate C&I loans to these
firms."
B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)
All Respondents
Banks

Large Banks

Percent

Tightened considerably

Banks

Other Banks

Percent

Banks

Percent

4

6.1

2

6.9

2

5.4

Tightened somewhat

19

28.8

9

31.0

10

27.0

Remained basically unchanged

41

62.1

17

58.6

24

64.9

2

3.0

1

3.4

1

2.7

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

66

100

29

100

37

100

For this question, 6 respondents answered "My bank does not originate C&I loans to these
firms."
29. Compared to the end of 2019, how has your bank changed the following terms for C&I loans to large
and middle-market firms (annual sales of $50 million or more) within the stated risk category? In each
case assume that all other firm characteristics are typical for C&I loan applications within that risk
category. (Please assign each term a number between 1 and 5 using the following scale: 1=tightened
considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased
considerably.)
A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)
a. Maximum size of credit lines
All Respondents
Banks
Percent
Tightened Considerably
Tightened Somewhat

0

0.0

Large Banks
Banks
Percent
0

0.0

Other Banks
Banks
Percent
0

0.0

6

9.2

3

9.1

3

9.4

51

78.5

23

69.7

28

87.5

Eased Somewhat

8

12.3

7

21.2

1

3.1

Eased Considerably

0

0.0

0

0.0

0

0.0

65

100

33

100

32

100

Remained Basically Unchanged

Total

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Large Banks

Percent

Tightened Considerably

0

Tightened Somewhat

Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

5

7.7

3

9.1

2

6.2

Remained Basically Unchanged

43

66.2

20

60.6

23

71.9

Eased Somewhat

17

26.2

10

30.3

7

21.9

0

0.0

0

0.0

0

0.0

65

100

33

100

32

100

Eased Considerably
Total

c. Loan covenants
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

1

1.6

0

0.0

1

3.1

Tightened Somewhat

6

9.4

2

6.2

4

12.5

49

76.6

23

71.9

26

81.2

8

12.5

7

21.9

1

3.1

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

64

100

32

100

32

100

d. Collateralization requirements
All Respondents
Banks
Percent
Tightened Considerably

0

Tightened Somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

7

11.3

3

9.4

4

13.3

54

87.1

28

87.5

26

86.7

Eased Somewhat

1

1.6

1

3.1

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

62

100

32

100

30

100

Remained Basically Unchanged

Total

B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)
a. Maximum size of credit lines
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

3

4.6

1

3.0

2

6.2

Tightened Somewhat

6

9.2

1

3.0

5

15.6

53

81.5

29

87.9

24

75.0

3

4.6

2

6.1

1

3.1

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

65

100

33

100

32

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Large Banks

Percent

Tightened Considerably
Tightened Somewhat

0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

9

13.8

6

18.2

3

9.4

Remained Basically Unchanged

44

67.7

20

60.6

24

75.0

Eased Somewhat

12

18.5

7

21.2

5

15.6

0

0.0

0

0.0

0

0.0

65

100

33

100

32

100

Eased Considerably
Total

c. Loan covenants
All Respondents
Banks

Large Banks

Percent

Tightened Considerably

Banks

Other Banks

Percent

Banks

Percent

3

4.6

0

0.0

3

9.4

Tightened Somewhat

11

16.9

4

12.1

7

21.9

Remained Basically Unchanged

44

67.7

23

69.7

21

65.6

7

10.8

6

18.2

1

3.1

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

65

100

33

100

32

100

d. Collateralization requirements
All Respondents
Banks
Percent
Tightened Considerably

3

4.9

Tightened Somewhat

11

Remained Basically Unchanged

45

Eased Somewhat
Eased Considerably
Total

Large Banks
Banks
Percent
0

0.0

18.0

6

73.8

25

2

3.3

0

0.0

61

100

Other Banks
Banks
Percent
3

10.7

18.2

5

17.9

75.8

20

71.4

2

6.1

0

0.0

0

0.0

0

0.0

33

100

28

100

30. Compared to the end of 2019, how has your bank changed the following terms for C&I loans to small
firms (annual sales of less than $50 million) within the stated risk category? In each case assume that all
other firm characteristics are typical for C&I loan applications within that risk category. (Please assign each
term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened
somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)
a. Maximum size of credit lines
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

4

6.2

3

10.3

1

2.8

57

87.7

23

79.3

34

94.4

Eased Somewhat

4

6.2

3

10.3

1

2.8

Eased Considerably

0

0.0

0

0.0

0

0.0

65

100

29

100

36

100

Remained Basically Unchanged

Total

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Large Banks

Percent

Tightened Considerably
Tightened Somewhat

0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

7

10.8

5

17.2

2

5.6

Remained Basically Unchanged

46

70.8

21

72.4

25

69.4

Eased Somewhat

11

16.9

3

10.3

8

22.2

1

1.5

0

0.0

1

2.8

65

100

29

100

36

100

Eased Considerably
Total

c. Loan covenants
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

1

1.5

0

0.0

1

2.8

Tightened Somewhat

8

12.3

3

10.3

5

13.9

54

83.1

25

86.2

29

80.6

2

3.1

1

3.4

1

2.8

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

65

100

29

100

36

100

d. Collateralization requirements
All Respondents
Banks
Percent
Tightened Considerably

1

Tightened Somewhat

Large Banks
Banks
Percent

1.6

0

0.0

Other Banks
Banks
Percent
1

2.9

5

7.9

3

10.3

2

5.9

57

90.5

26

89.7

31

91.2

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

63

100

29

100

34

100

Remained Basically Unchanged

Total

B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)
a. Maximum size of credit lines
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

2

3.1

1

3.3

1

2.9

Tightened Somewhat

10

15.4

6

20.0

4

11.4

Remained Basically Unchanged

50

76.9

21

70.0

29

82.9

3

4.6

2

6.7

1

2.9

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

65

100

30

100

35

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent
0

Banks

0.0

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

Tightened Somewhat

10

15.4

7

23.3

3

8.6

Remained Basically Unchanged

46

70.8

20

66.7

26

74.3

Eased Somewhat

8

12.3

3

10.0

5

14.3

Eased Considerably

1

1.5

0

0.0

1

2.9

65

100

30

100

35

100

Total

c. Loan covenants
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

1

1.5

0

0.0

1

2.9

Tightened Somewhat

13

20.0

5

16.7

8

22.9

Remained Basically Unchanged

50

76.9

25

83.3

25

71.4

1

1.5

0

0.0

1

2.9

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

65

100

30

100

35

100

d. Collateralization requirements
All Respondents
Banks
Percent
Tightened Considerably

2

3.2

Tightened Somewhat

13

Remained Basically Unchanged

48

Eased Somewhat
Eased Considerably
Total

Large Banks
Banks
Percent
0

0.0

20.6

7

76.2

23

0

0.0

0

0.0

63

100

Other Banks
Banks
Percent
2

6.1

23.3

6

18.2

76.7

25

75.8

0

0.0

0

0.0

0

0.0

0

0.0

30

100

33

100

31. Compared to the end of 2019, how have your bank's credit standards for approving applications for
credit cards to borrowers within the stated risk category changed? In each case assume that all other
borrower characteristics are typical for credit card applications within that risk category.
A. Prime borrowers (having a FICO score of 720 or above, or the equivalent)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened considerably

1

2.2

1

3.8

0

0.0

Tightened somewhat

7

15.2

6

23.1

1

5.0

Remained basically unchanged

34

73.9

18

69.2

16

80.0

Eased somewhat

3

6.5

1

3.8

2

10.0

Eased considerably

1

2.2

0

0.0

1

5.0

46

100

26

100

20

100

Total

For this question, 23 respondents answered "My bank does not originate credit card loans to
these borrowers."

B. Near-prime borrowers (having a FICO score in the 620-719 range, or the equivalent)
All Respondents
Banks
Tightened considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

6

13.3

6

25.0

0

0.0

Tightened somewhat

13

28.9

10

41.7

3

14.3

Remained basically unchanged

23

51.1

6

25.0

17

81.0

3

6.7

2

8.3

1

4.8

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

45

100

24

100

21

100

For this question, 23 respondents answered "My bank does not originate credit card loans to
these borrowers."
C. Subprime borrowers (having a FICO score of 619 or below, or the equivalent)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

4

19.0

4

36.4

0

0.0

5

23.8

2

18.2

3

30.0

10

47.6

4

36.4

6

60.0

Eased somewhat

2

9.5

1

9.1

1

10.0

Eased considerably

0

0.0

0

0.0

0

0.0

21

100

11

100

10

100

Remained basically unchanged

Total

For this question, 47 respondents answered "My bank does not originate credit card loans to
these borrowers."
32. Compared to the end of 2019, how have your bank's credit standards for approving applications for
auto loans to borrowers within the stated risk category changed? In each case assume that all other
borrower characteristics are typical for auto loan applications within that risk category.
A. Prime borrowers (having a FICO score of 720 or above, or the equivalent)
All Respondents
Banks
Percent
Tightened considerably
Tightened somewhat

0

0.0

Large Banks
Banks
Percent
0

0.0

Other Banks
Banks
Percent
0

0.0

6

10.9

5

21.7

1

3.1

47

85.5

18

78.3

29

90.6

Eased somewhat

2

3.6

0

0.0

2

6.2

Eased considerably

0

0.0

0

0.0

0

0.0

55

100

23

100

32

100

Remained basically unchanged

Total

For this question, 14 respondents answered "My bank does not originate auto loans to these
borrowers."

B. Near-prime borrowers (having a FICO score in the 620-719 range, or the equivalent)
All Respondents
Banks
Tightened considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

4

7.8

4

19.0

0

0.0

Tightened somewhat

10

19.6

7

33.3

3

10.0

Remained basically unchanged

37

72.5

10

47.6

27

90.0

0

0.0

0

0.0

0

0.0

Eased somewhat
Eased considerably
Total

0

0.0

0

0.0

0

0.0

51

100

21

100

30

100

For this question, 17 respondents answered "My bank does not originate auto loans to these
borrowers."
C. Subprime borrowers (having a FICO score of 619 or below, or the equivalent)
All Respondents
Banks
Tightened considerably
Tightened somewhat

Large Banks

Percent
3

14.3

Banks

Other Banks

Percent
2

40.0

Banks

Percent
1

6.2

6

28.6

1

20.0

5

31.2

11

52.4

1

20.0

10

62.5

Eased somewhat

1

4.8

1

20.0

0

0.0

Eased considerably

0

0.0

0

0.0

0

0.0

21

100

5

100

16

100

Remained basically unchanged

Total

For this question, 48 respondents answered "6. My bank does not originate auto loans to
these borrowers."
33. Compared to the end of 2019, how has your bank changed the following terms on new or existing
credit card accounts for borrowers within the stated risk category? In each case assume that all other
borrower characteristics are typical for credit card applications within that risk category. (Please assign
each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened
somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
A. Prime borrowers (having a FICO score of 720 or above, or the equivalent)
a. Credit limits
All Respondents
Banks
Percent
Tightened Considerably
Tightened Somewhat

2

4.4

Large Banks
Banks
Percent
2

7.7

Other Banks
Banks
Percent
0

0.0

9

20.0

8

30.8

1

5.3

29

64.4

15

57.7

14

73.7

Eased Somewhat

5

11.1

1

3.8

4

21.1

Eased Considerably

0

0.0

0

0.0

0

0.0

45

100

26

100

19

100

Remained Basically Unchanged

Total

b. Spreads of interest rates charged on outstanding balances over your bank's cost of funds
(wider spreads=tightened, narrower spreads=eased)
All Respondents
Banks
Tightened Considerably

Percent
0

Tightened Somewhat

Large Banks
Banks

0.0

Other Banks

Percent
0

Banks

0.0

Percent
0

0.0

3

6.7

1

3.8

2

10.5

39

86.7

23

88.5

16

84.2

Eased Somewhat

3

6.7

2

7.7

1

5.3

Eased Considerably

0

0.0

0

0.0

0

0.0

45

100

26

100

19

100

Remained Basically Unchanged

Total

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

1

2.3

1

4.0

0

0.0

Tightened Somewhat

4

9.3

2

8.0

2

11.1

38

88.4

22

88.0

16

88.9

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

43

100

25

100

18

100

Remained Basically Unchanged

Total

B. Near-prime borrowers (having a FICO score in the 620-719 range, or the equivalent)
a. Credit limits
All Respondents
Banks
Percent
Tightened Considerably

4

9.1

Tightened Somewhat

12

Remained Basically Unchanged

25

Eased Somewhat
Eased Considerably
Total

Large Banks
Banks
Percent
4

16.7

27.3

9

56.8

10

3

6.8

0

0.0

44

100

Other Banks
Banks
Percent
0

0.0

37.5

3

15.0

41.7

15

75.0

1

4.2

2

10.0

0

0.0

0

0.0

24

100

20

100

b. Spreads of interest rates charged on outstanding balances over your bank's cost of funds
(wider spreads=tightened, narrower spreads=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

4

9.1

1

4.2

3

15.0

Remained Basically Unchanged

39

88.6

22

91.7

17

85.0

Eased Somewhat

1

2.3

1

4.2

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

44

100

24

100

20

100

Total

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
3

7.0

Banks

Other Banks

Percent
3

12.5

Banks

Percent
0

0.0

6

14.0

3

12.5

3

15.8

34

79.1

18

75.0

16

84.2

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

43

100

24

100

19

100

Remained Basically Unchanged

Total

C. Subprime borrowers (having a FICO score of 619 or below, or the equivalent)
a. Credit limits
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent

Banks

Other Banks

Percent

4

20.0

4

36.4

Banks

Percent
0

0.0

3

15.0

2

18.2

1

11.1

10

50.0

4

36.4

6

66.7

Eased Somewhat

3

15.0

1

9.1

2

22.2

Eased Considerably

0

0.0

0

0.0

0

0.0

20

100

11

100

9

100

Remained Basically Unchanged

Total

b. Spreads of interest rates charged on outstanding balances over your bank's cost of funds
(wider spreads=tightened, narrower spreads=eased)
All Respondents
Banks
Percent
Tightened Considerably
Tightened Somewhat

0

0.0

Large Banks
Banks
Percent
0

Other Banks
Banks
Percent

0.0

0

0.0

2

10.5

1

9.1

1

12.5

17

89.5

10

90.9

7

87.5

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

19

100

11

100

8

100

Remained Basically Unchanged

Total

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

2

10.5

2

18.2

0

0.0

Tightened Somewhat

2

10.5

1

9.1

1

12.5

Remained Basically Unchanged

15

78.9

8

72.7

7

87.5

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

19

100

11

100

8

100

Total

34. Compared to the end of 2019, how has your bank changed the following terms on loans to borrowers
within the stated risk category to purchase autos? In each case assume that all other borrower
characteristics are typical for auto loan applications within that risk category. (Please assign each term a

number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat,
3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
A. Prime borrowers (having a FICO score of 720 or above, or the equivalent)
a. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Percent
2

Tightened Somewhat

Large Banks
Banks

3.7

Other Banks

Percent
2

9.1

Banks

Percent
0

0.0

6

11.1

5

22.7

1

3.1

Remained Basically Unchanged

35

64.8

11

50.0

24

75.0

Eased Somewhat

10

18.5

4

18.2

6

18.8

1

1.9

0

0.0

1

3.1

54

100

22

100

32

100

Eased Considerably
Total

b. Minimum required down payment (higher=tightened, lower=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

3

5.6

3

13.6

0

0.0

50

92.6

19

86.4

31

96.9

1

1.9

0

0.0

1

3.1

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

54

100

22

100

32

100

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

2

3.8

0

0.0

2

6.5

51

96.2

22

100.0

29

93.5

0

0.0

0

0.0

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

53

100

22

100

31

100

B. Near-prime borrowers (having a FICO score in the 620-719 range, or the equivalent)
a. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

3

6.2

3

15.8

0

0.0

Tightened Somewhat

10

20.8

4

21.1

6

20.7

Remained Basically Unchanged

30

62.5

11

57.9

19

65.5

Eased Somewhat

4

8.3

1

5.3

3

10.3

Eased Considerably

1

2.1

0

0.0

1

3.4

48

100

19

100

29

100

Total

b. Minimum required down payment (higher=tightened, lower=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

1

2.0

1

5.3

0

0.0

Tightened Somewhat

6

12.2

3

15.8

3

10.0

42

85.7

15

78.9

27

90.0

0

0.0

0

0.0

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

49

100

19

100

30

100

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

3

6.1

3

15.8

0

0.0

Tightened Somewhat

5

10.2

0

0.0

5

16.7

41

83.7

16

84.2

25

83.3

0

0.0

0

0.0

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

49

100

19

100

30

100

C. Subprime borrowers (having a FICO score of 619 or below, or the equivalent)
a. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Percent
Tightened Considerably
Tightened Somewhat

Large Banks
Banks
Percent

0

0.0

0

0.0

Other Banks
Banks
Percent
0

0.0

3

14.3

2

40.0

1

6.2

15

71.4

2

40.0

13

81.2

Eased Somewhat

3

14.3

1

20.0

2

12.5

Eased Considerably

0

0.0

0

0.0

0

0.0

21

100

5

100

16

100

Remained Basically Unchanged

Total

b. Minimum required down payment (higher=tightened, lower=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

2

9.5

0

0.0

2

12.5

19

90.5

5

100.0

14

87.5

0

0.0

0

0.0

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

21

100

5

100

16

100

c. The extent to which loans are granted to some customers that do not meet credit scoring
thresholds (increased=eased, decreased=tightened)
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
3

Banks

Other Banks

Percent

14.3

1

20.0

Banks

Percent
2

12.5

1

4.8

0

0.0

1

6.2

17

81.0

4

80.0

13

81.2

Eased Somewhat

0

0.0

0

0.0

0

0.0

Eased Considerably

0

0.0

0

0.0

0

0.0

21

100

5

100

16

100

Remained Basically Unchanged

Total

The second set of special questions, Questions 35-37, asks how your bank has changed its lending
policies over the past year for three different types of commercial real estate (CRE) loans: construction
and land development loans, loans secured by nonfarm nonresidential properties, and loans secured by
multifamily residential properties.
35. Over the past year, how has your bank changed the following policies on construction and land
development loans?
A. Maximum loan size
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

1

1.5

0

0.0

1

2.7

Tightened Somewhat

10

14.7

3

9.7

7

18.9

Remained Basically Unchanged

55

80.9

27

87.1

28

75.7

2

2.9

1

3.2

1

2.7

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

B. Maximum loan maturity
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

5

7.4

2

6.5

3

8.1

61

89.7

29

93.5

32

86.5

2

2.9

0

0.0

2

5.4

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

C. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent
1

Banks

1.5

Other Banks

Percent
0

Banks

0.0

Percent
1

2.7
18.9

Tightened Somewhat

18

26.5

11

35.5

7

Remained Basically Unchanged

36

52.9

13

41.9

23

62.2

Eased Somewhat

12

17.6

7

22.6

5

13.5

Eased Considerably
Total

1

1.5

0

0.0

1

2.7

68

100

31

100

37

100

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent
0

0.0

Tightened Somewhat

25

Remained Basically Unchanged

43

Eased Somewhat
Eased Considerably
Total

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

36.8

9

29.0

16

43.2

63.2

22

71.0

21

56.8

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Tightened Somewhat

13

19.1

5

16.1

8

21.6

Remained Basically Unchanged

53

77.9

24

77.4

29

78.4

2

2.9

2

6.5

0

0.0

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

3

4.4

1

3.2

2

5.4

Tightened Somewhat

10

14.7

7

22.6

3

8.1

Remained Basically Unchanged

50

73.5

22

71.0

28

75.7

5

7.4

1

3.2

4

10.8

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks
Percent
Tightened Considerably

0

Tightened Somewhat

Large Banks
Banks
Percent

0.0

0

Other Banks
Banks
Percent

0.0

0

0.0

5

7.4

1

3.2

4

10.8

59

86.8

30

96.8

29

78.4

Eased Somewhat

4

5.9

0

0.0

4

10.8

Eased Considerably

0

0.0

0

0.0

0

0.0

68

100

31

100

37

100

Remained Basically Unchanged

Total

For this question, 4 respondents answered "My bank does not originate construction and
land development loans."
36. Over the past year, how has your bank changed the following policies on loans secured by nonfarmnonresidential properties?
A. Maximum loan size
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
1

1.4

Banks

Other Banks

Percent
0

0.0

Banks

Percent
1

2.7

6

8.7

2

6.2

4

10.8

58

84.1

29

90.6

29

78.4

Eased Somewhat

4

5.8

1

3.1

3

8.1

Eased Considerably

0

0.0

0

0.0

0

0.0

69

100

32

100

37

100

Remained Basically Unchanged

Total

B. Maximum loan maturity
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

4

5.8

2

6.2

2

5.4

60

87.0

30

93.8

30

81.1

5

7.2

0

0.0

5

13.5

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

69

100

32

100

37

100

C. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

1

1.5

0

0.0

1

2.8

Tightened Somewhat

18

26.5

12

37.5

6

16.7

Remained Basically Unchanged

35

51.5

15

46.9

20

55.6

Eased Somewhat

13

19.1

5

15.6

8

22.2

Eased Considerably
Total

1

1.5

0

0.0

1

2.8

68

100

32

100

36

100

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks
Percent
Tightened Considerably

1

1.4

Tightened Somewhat

16

Remained Basically Unchanged

51

Eased Somewhat
Eased Considerably
Total

Large Banks
Banks
Percent

Other Banks
Banks
Percent

0

0.0

1

2.7

23.2

6

18.8

10

27.0

73.9

26

81.2

25

67.6

1

1.4

0

0.0

1

2.7

0

0.0

0

0.0

0

0.0

69

100

32

100

37

100

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent
1

1.4

Tightened Somewhat

13

Remained Basically Unchanged

55

Eased Somewhat
Eased Considerably
Total

Banks

Other Banks

Percent
0

0.0

18.8

6

79.7

26

0

0.0

0

0.0

69

100

Banks

Percent
1

2.7

18.8

7

18.9

81.2

29

78.4

0

0.0

0

0.0

0

0.0

0

0.0

32

100

37

100

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

1

1.4

0

0.0

1

2.7

Tightened Somewhat

12

17.4

9

28.1

3

8.1

Remained Basically Unchanged

51

73.9

23

71.9

28

75.7

5

7.2

0

0.0

5

13.5

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

69

100

32

100

37

100

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

Tightened Considerably

0

0.0

0

0.0

0

0.0

Tightened Somewhat

7

10.1

3

9.4

4

10.8

58

84.1

29

90.6

29

78.4

3

4.3

0

0.0

3

8.1

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

1

1.4

0

0.0

1

2.7

69

100

32

100

37

100

For this question, 2 respondents answered "My bank does not originate nonfarmnonresidential loans."
37. Over the past year, how has your bank changed the following policies on loans secured by multifamily
residential properties?
A. Maximum loan size
All Respondents
Banks
Percent

Large Banks
Banks
Percent

Other Banks
Banks
Percent

Tightened Considerably

1

1.4

0

0.0

1

2.7

Tightened Somewhat

5

7.1

1

3.0

4

10.8

58

82.9

30

90.9

28

75.7

6

8.6

2

6.1

4

10.8

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

70

100

33

100

37

100

B. Maximum loan maturity
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

0

0.0

0

0.0

0

0.0

65

92.9

32

97.0

33

89.2

Eased Somewhat

5

7.1

1

3.0

4

10.8

Eased Considerably

0

0.0

0

0.0

0

0.0

70

100

33

100

37

100

Remained Basically Unchanged

Total

C. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent
1

Banks

1.4

Other Banks

Percent
0

Banks

0.0

Percent
1

2.7

Tightened Somewhat

17

24.3

11

33.3

6

16.2

Remained Basically Unchanged

37

52.9

16

48.5

21

56.8

Eased Somewhat

14

20.0

6

18.2

8

21.6

1

1.4

0

0.0

1

2.7

70

100

33

100

37

100

Eased Considerably
Total

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks
Tightened Considerably

Large Banks

Percent

Banks

Other Banks

Percent

Banks

Percent

0

0.0

0

0.0

0

0.0

Tightened Somewhat

14

20.0

3

9.1

11

29.7

Remained Basically Unchanged

54

77.1

29

87.9

25

67.6

2

2.9

1

3.0

1

2.7

Eased Somewhat
Eased Considerably
Total

0

0.0

0

0.0

0

0.0

70

100

33

100

37

100

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks
Percent
Tightened Considerably

0

0.0

Tightened Somewhat

11

Remained Basically Unchanged

54

Eased Somewhat
Eased Considerably
Total

Large Banks
Banks
Percent
0

0.0

15.7

4

77.1

27

5

7.1

0

0.0

70

100

Other Banks
Banks
Percent
0

0.0

12.1

7

18.9

81.8

27

73.0

2

6.1

3

8.1

0

0.0

0

0.0

33

100

37

100

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
0

0.0

Banks

Other Banks

Percent
0

0.0

Banks

Percent
0

0.0

8

11.4

4

12.1

4

10.8

57

81.4

28

84.8

29

78.4

Eased Somewhat

5

7.1

1

3.0

4

10.8

Eased Considerably

0

0.0

0

0.0

0

0.0

70

100

33

100

37

100

Remained Basically Unchanged

Total

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Large Banks

Percent
1

1.4

Banks

Other Banks

Percent
0

0.0

Banks

Percent
1

2.7

5

7.1

2

6.1

3

8.1

59

84.3

30

90.9

29

78.4

Eased Somewhat

5

7.1

1

3.0

4

10.8

Eased Considerably

0

0.0

0

0.0

0

0.0

70

100

33

100

37

100

Remained Basically Unchanged

Total

For this question, 2 respondents answered "My bank does not originate multifamliy loans."

1. The sample is selected from among the largest banks in each Federal Reserve District. In the table,
large banks are defined as those with total domestic assets of $50 billion or more as of December 31,
2020. The combined assets of the 35 large banks totaled $12.9 trillion, compared to $13.7 trillion for the
entire panel of 75 banks, and $18.6 trillion for all domestically chartered, federally insured commercial
banks.

Last Update: May 3, 2021

Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected
Branches and Agencies of Foreign Banks in the United States 1
(Status of Policy as of April 2021)
Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions 1-3 deal with
changes in your bank's lending policies over the past three months. Questions 4-5 deal with changes in
demand for C&I loans over the past three months. Question 6 asks about changes in prospective demand
for C&I loans at your bank, as indicated by the volume of recent inquiries about the availability of new
credit lines or increases in existing lines. If your bank's lending policies have not changed over the past
three months, please report them as unchanged even if the policies are either restrictive or
accommodative relative to longer-term norms. If your bank's policies have tightened or eased over the
past three months, please so report them regardless of how they stand relative to longer-term norms. Also,
please report changes in enforcement of existing policies as changes in policies.
1. Over the past three months, how have your bank's credit standards for approving applications for C&I
loans or credit lines—other than those to be used to finance mergers and acquisitions—changed?
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

0.0

1

4.8

18

85.7

Eased somewhat

2

9.5

Eased considerably

0

0.0

21

100

Remained basically unchanged

Total

2. For applications for C&I loans or credit lines—other than those to be used to finance mergers and
acquisitions—that your bank currently is willing to approve, how have the terms of those loans changed
over the past three months?
a. Maximum size of credit lines
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

3

15.0

16

80.0

1

5.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

20

100

b. Maximum maturity of loans or credit lines
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

2

10.5

17

89.5

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

19

100

c. Costs of credit lines
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

1

5.0

17

85.0

2

10.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

20

100

d. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks
Tightened considerably

Percent
0

Tightened somewhat

0.0

3

15.0

13

65.0

Eased somewhat

4

20.0

Eased considerably

0

0.0

20

100

Remained basically unchanged

Total

e. Premiums charged on riskier loans
All Respondents
Banks
Tightened considerably
Tightened somewhat

Percent
0

0.0

2

10.0

17

85.0

Eased somewhat

1

5.0

Eased considerably

0

0.0

20

100

Remained basically unchanged

Total

f. Loan covenants
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

2

10.0

16

80.0

2

10.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

20

100

g. Collateralization requirements
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

2

10.5

17

89.5

0

0.0

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

19

100

h. Use of interest rate floors (more use=tightened, less use=eased)
All Respondents
Banks

Percent

Tightened considerably

0

Tightened somewhat

0.0

2

10.0

14

70.0

Eased somewhat

4

20.0

Eased considerably

0

0.0

20

100

Remained basically unchanged

Total

3. If your bank has tightened or eased its credit standards or its terms for C&I loans or credit lines over the
past three months (as described in questions 1 and 2), how important have been the following possible
reasons for the change? (Please respond to either A, B, or both as appropriate.)
A. Possible reasons for tightening credit standards or loan terms:
a. Deterioration in your bank's current or expected capital position
Responses are not reported when the number of respondents is 3 or fewer.
b. Less favorable or more uncertain economic outlook
Responses are not reported when the number of respondents is 3 or fewer.
c. Worsening of industry-specific problems (please specify industries)
Responses are not reported when the number of respondents is 3 or fewer.
d. Less aggressive competition from other banks or nonbank lenders (other financial
intermediaries or the capital markets)
Responses are not reported when the number of respondents is 3 or fewer.

e. Reduced tolerance for risk
Responses are not reported when the number of respondents is 3 or fewer.
f. Decreased liquidity in the secondary market for these loans
Responses are not reported when the number of respondents is 3 or fewer.
g. Deterioration in your bank's current or expected liquidity position
Responses are not reported when the number of respondents is 3 or fewer.
h. Increased concerns about the effects of legislative changes, supervisory actions, or
changes in accounting standards
Responses are not reported when the number of respondents is 3 or fewer.
B. Possible reasons for easing credit standards or loan terms:
a. Improvement in your bank's current or expected capital position
All Respondents
Banks

Percent

Not important

4

66.7

Somewhat important

2

33.3

Very important

0

0.0

Total

6

100

b. More favorable or less uncertain economic outlook
All Respondents
Banks

Percent

Not important

0

0.0

Somewhat important

6

85.7

Very important

1

14.3

Total

7

100

c. Improvement in industry-specific problems (please specify industries)
All Respondents
Banks

Percent

Not important

2

33.3

Somewhat important

4

66.7

Very important

0

0.0

Total

6

100

d. More aggressive competition from other banks or nonbank lenders (other financial
intermediaries or the capital markets)
All Respondents
Banks

Percent

Not important

1

16.7

Somewhat important

2

33.3

Very important

3

50.0

Total

6

100

e. Increased tolerance for risk
All Respondents
Banks

Percent

Not important

3

50.0

Somewhat important

2

33.3

Very important

1

16.7

Total

6

100

f. Increased liquidity in the secondary market for these loans
All Respondents
Banks

Percent

Not important

5

83.3

Somewhat important

0

0.0

Very important

1

16.7

Total

6

100

g. Improvement in your bank's current or expected liquidity position
All Respondents
Banks

Percent

Not important

4

66.7

Somewhat important

2

33.3

Very important

0

0.0

Total

6

100

h. Reduced concerns about the effects of legislative changes, supervisory actions, or
changes in accounting standards
All Respondents
Banks

Percent

Not important

6

100.0

Somewhat important

0

0.0

Very important

0

0.0

Total

6

100

4. Apart from normal seasonal variation, how has demand for C&I loans changed over the past three
months? (Please consider only funds actually disbursed as opposed to requests for new or increased lines
of credit.)
All Respondents
Banks
Substantially stronger
Moderately stronger

Percent
1

4.8

4

19.0

16

76.2

Moderately weaker

0

0.0

Substantially weaker

0

0.0

21

100

About the same

Total

5. If demand for C&I loans has strengthened or weakened over the past three months (as described in
question 4), how important have been the following possible reasons for the change? (Please respond to

either A, B, or both as appropriate.)
A. If stronger loan demand (answer 1 or 2 to question 4), possible reasons:
a. Customer inventory financing needs increased
Responses are not reported when the number of respondents is 3 or fewer.
b. Customer accounts receivable financing needs increased
Responses are not reported when the number of respondents is 3 or fewer.
c. Customer investment in plant or equipment increased
Responses are not reported when the number of respondents is 3 or fewer.
d. Customer internally generated funds decreased
All Respondents
Banks

Percent

Not important

2

50.0

Somewhat important

1

25.0

Very important

1

25.0

Total

4

100

e. Customer merger or acquisition financing needs increased
All Respondents
Banks

Percent

Not important

1

25.0

Somewhat important

1

25.0

Very important

2

50.0

Total

4

100

f. Customer borrowing shifted to your bank from other bank or nonbank sources because
these other sources became less attractive
Responses are not reported when the number of respondents is 3 or fewer.
g. Customer precautionary demand for cash and liquidity increased
All Respondents
Banks

Percent

Not important

2

50.0

Somewhat important

1

25.0

Very important

1

25.0

Total

4

100

B. If weaker loan demand (answer 4 or 5 to question 4), possible reasons:
a. Customer inventory financing needs decreased
Responses are not reported when the number of respondents is 3 or fewer.
b. Customer accounts receivable financing needs decreased
Responses are not reported when the number of respondents is 3 or fewer.

c. Customer investment in plant or equipment decreased
Responses are not reported when the number of respondents is 3 or fewer.
d. Customer internally generated funds increased
Responses are not reported when the number of respondents is 3 or fewer.
e. Customer merger or acquisition financing needs decreased
Responses are not reported when the number of respondents is 3 or fewer.
f. Customer borrowing shifted from your bank to other bank or nonbank sources because
these other sources became more attractive
Responses are not reported when the number of respondents is 3 or fewer.
g. Customer precautionary demand for cash and liquidity decreased
Responses are not reported when the number of respondents is 3 or fewer.
6. At your bank, apart from seasonal variation, how has the number of inquiries from potential business
borrowers regarding the availability and terms of new credit lines or increases in existing lines changed
over the past three months? (Please consider only inquiries for additional or increased C&I lines as
opposed to the refinancing of existing loans.)
All Respondents
Banks

Percent

The number of inquiries has increased substantially

1

4.8

The number of inquiries has increased moderately

4

19.0

The number of inquiries has stayed about the same

16

76.2

The number of inquiries has decreased moderately

0

0.0

The number of inquiries has decreased substantially
Total

0

0.0

21

100

Questions 7-8 ask about commercial real estate (CRE) loans at your bank, including construction and
land development loans and loans secured by nonfarm nonresidential properties. Question 7 deals with
changes in your bank's standards over the past three months. Question 8 deals with changes in demand.
If your bank's lending standards or terms have not changed over the relevant period, please report them
as unchanged even if they are either restrictive or accommodative relative to longer-term norms. If your
bank's standards or terms have tightened or eased over the relevant period, please so report them
regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of
existing standards as changes in standards.
7. Over the past three months, how have your bank's credit standards for approving applications for CRE
loans or credit lines changed?
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

4

26.7

10

66.7

1

6.7

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

15

100

For this question, 4 respondents answered "My bank does not originate CRE loans."
8. Apart from normal seasonal variation, how has demand for CRE loans or credit lines changed over the
past three months? (Please consider the number of requests for new spot loans, for disbursement of funds
under existing loan commitments, and for new or increased credit lines.)
All Respondents
Banks

Percent

Substantially stronger

0

0.0

Moderately stronger

4

26.7

About the same

9

60.0

Moderately weaker

2

13.3

Substantially weaker

0

0.0

15

100

Total

This first set of special questions, Questions 9-10, asks about changes in your bank’s lending policies for
approving applications for loans compared to pre-pandemic levels (end of 2019). Specifically, these
questions ask about changes in your bank’s lending policies for approving applications for C&I loans
compared to pre-pandemic levels (end of 2019) to investment-grade (having an S&P rating of BBB or
above, or the equivalent) and below-investment-grade firms (having an S&P rating of BB or below, or the
equivalent).
9. Compared to the end of 2019, how have your bank's credit standards for approving applications for C&I
loans or credit lines (other than those to be used to finance mergers and acquisitions) within the stated risk
category changed? In each case assume that all other firm characteristics are typical for C&I loan
applications within that risk category.
A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)
All Respondents
Banks

Percent

Tightened considerably

0

0.0

Tightened somewhat

1

4.8

19

90.5

1

4.8

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

21

100

B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)
All Respondents
Banks

Percent

Tightened considerably

1

4.8

Tightened somewhat

6

28.6

12

57.1

2

9.5

Remained basically unchanged
Eased somewhat
Eased considerably
Total

0

0.0

21

100

10. Compared to the end of 2019, how has your bank changed the following terms for C&I loans within the
stated risk category? In each case assume that all other firm characteristics are typical for C&I loan
applications within that risk category. (Please assign each term a number between 1 and 5 using the
following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged,
4=eased somewhat, 5=eased considerably.)
A. Investment-grade firms (having an S&P rating of BBB or above, or the equivalent, or unrated
firms of similar creditworthiness)

a. Maximum size of credit lines
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

2

10.0

18

90.0

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

20

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Percent

Tightened Considerably

1

4.8

Tightened Somewhat

2

9.5

16

76.2

2

9.5

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

21

100

c. Loan covenants
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Percent
0

0.0

2

10.0

17

85.0

Eased Somewhat

1

5.0

Eased Considerably

0

0.0

20

100

Remained Basically Unchanged

Total

d. Collateralization requirements
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Percent
0

0.0

1

5.0

19

95.0

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

20

100

Remained Basically Unchanged

Total

B. Below-investment-grade firms (having an S&P rating of BB or below, or the equivalent, or
unrated firms of similar creditworthiness)

a. Maximum size of credit lines
All Respondents
Banks

Percent

Tightened Considerably

1

5.0

Tightened Somewhat

2

10.0

16

80.0

1

5.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

20

100

b. Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Percent

Tightened Considerably

1

4.8

Tightened Somewhat

5

23.8

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

10

47.6

4

19.0

1

4.8

21

100

c. Loan covenants
All Respondents
Banks
Tightened Considerably

Percent
1

Tightened Somewhat

5.0

1

5.0

14

70.0

Eased Somewhat

4

20.0

Eased Considerably

0

0.0

20

100

Remained Basically Unchanged

Total

d. Collateralization requirements
All Respondents
Banks
Tightened Considerably
Tightened Somewhat

Percent
1

5.0

1

5.0

18

90.0

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

20

100

Remained Basically Unchanged

Total

The second set of special questions, Questions 11-13, asks how your bank has changed its lending
policies over the past year for three different types of commercial real estate (CRE) loans: construction
and land development loans, loans secured by nonfarm nonresidential properties, and loans secured by
multifamily residential properties.
11. Over the past year, how has your bank changed the following policies on construction and land
development loans?
A. Maximum loan size
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

2

22.2

Remained Basically Unchanged

7

77.8

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

B. Maximum loan maturity
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

1

11.1

Remained Basically Unchanged

8

88.9

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

C. Spread of loan rates over your bank's cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

33.3

Remained Basically Unchanged

5

55.6

Eased Somewhat

1

11.1

Eased Considerably

0

0.0

Total

9

100

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

33.3

Remained Basically Unchanged

6

66.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

2

22.2

Remained Basically Unchanged

7

77.8

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks

Percent

Tightened Considerably

1

11.1

Tightened Somewhat

2

22.2

Remained Basically Unchanged

6

66.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

1

11.1

Remained Basically Unchanged

8

88.9

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

For this question, 9 respondents answered "My bank does not originate construction and
land development loans."
12. Over the past year, how has your bank changed the following policies on loans secured by nonfarmnonresidential properties?
A. Maximum loan size
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

25.0

Remained Basically Unchanged

9

75.0

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

12

100

Total

B. Maximum loan maturity
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

1

8.3

11

91.7

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

12

100

C. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

25.0

Remained Basically Unchanged

8

66.7

Eased Somewhat

1

8.3

Eased Considerably
Total

0

0.0

12

100

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

5

41.7

Remained Basically Unchanged

7

58.3

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

12

100

Total

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

27.3

Remained Basically Unchanged

8

72.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

11

100

Total

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

4

33.3

Remained Basically Unchanged

8

66.7

Eased Somewhat

0

0.0

Eased Considerably
Total

0

0.0

12

100

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

2

16.7

10

83.3

0

0.0

Remained Basically Unchanged
Eased Somewhat
Eased Considerably
Total

0

0.0

12

100

For this question, 6 respondents answered "My bank does not originate nonfarmnonresidential loans."
13. Over the past year, how has your bank changed the following policies on loans secured by multifamily
residential properties?
A. Maximum loan size
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

0

0.0

Remained Basically Unchanged

9

100.0

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

B. Maximum loan maturity
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

0

0.0

Remained Basically Unchanged

9

100.0

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

C. Spread of loan rates over your bank’s cost of funds (wider spreads=tightened, narrower
spreads=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

33.3

Remained Basically Unchanged

6

66.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

D. Loan-to-value ratios (lower ratios=tightened, higher ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

2

22.2

Remained Basically Unchanged

7

77.8

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

E. Debt service coverage ratios (higher ratios=tightened, lower ratios=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

33.3

Remained Basically Unchanged

6

66.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

F. Market areas served (reduced market areas=tightened, expanded market areas=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

3

33.3

Remained Basically Unchanged

6

66.7

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

9

100

G. Length of interest-only payment period (shorter interest-only periods=tightened, longer
interest-only periods=eased)
All Respondents
Banks

Percent

Tightened Considerably

0

0.0

Tightened Somewhat

1

12.5

Remained Basically Unchanged

7

87.5

Eased Somewhat

0

0.0

Eased Considerably

0

0.0

Total

8

100

For this question, 10 respondents answered "My bank does not originate multifamliy loans."

1. As of December 31, 2020, the 21 respondents had combined assets of $1.4 trillion, compared to $2.5
trillion for all foreign-related banking institutions in the United States. The sample is selected from among
the largest foreign-related banking institutions in those Federal Reserve Districts where such institutions
are common.

Last Update: May 3, 2021