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Banks tighten standards in first quarter and expect trend to continue, Fed survey finds

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Lending officers at banks reported that the tightened standards in loans to businesses and consumers in the first quarter, according to the Senior Loan survey.

The numbers: Lending officers at major banks told the Federal Reserve that in the first three months of the year they tightened standards and saw reduced demand. The banks said they expected the tightening trend to continue all year.

Key details: In the first quarter Senior Loan Officer Opinion Survey, respondents reported tighter standards and weaker demand for commercial and industrial loans to all sizes of firms. There were tighter standards for all forms commercial real estate loans. “Banks cited a less favorable or more uncertain economic outlook, reduced tolerance for risk, deterioration in collateral values, and concerns about banks’ funding costs and liquidity positions,” the survey said.

 

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