The FR 2028A collects information on commercial and industrial (C&I) loans made by commercial banks and U.S. branches and agencies of foreign banks to domestic customers during a representative week of the quarter, including price and nonprice terms. The respondents provide information on stated rate of interest, frequency of interest compounding, loan size, maturity, collateralization, and loan risk ratings. The FR 2028S, a companion report, collects institutions' prime interest rates for the days reported. Together with the Survey of Terms of Bank Lending to Farmers (FR 2028B), these reports constitute the Survey of Terms of Lending (STBL) report series.
Purpose: The data provide measures of the cost of business credit and lending terms. Aggregate burden for this report is quite low because of the small sample size and the relatively infrequent (quarterly) reporting; however, individual respondents view reporting the detailed loan data as costly. While the complex and detailed nature of these data makes responding to the report demanding, it also makes the survey an invaluable source of information for analysis of the banking industry.
The Federal Reserve has collected information on lending practices since 1939. In 1977 the FR 2028A/B replaced the earlier Quarterly Interest Rate Survey (QIRS) and supplemental Interest Rates Charged on Selected Types of Loans (FR 835a). The FR 2028A expanded the data collection to a representative sample of commercial banks reporting all C&I loans over $1,000. Since 1977, it has been periodically revised to accommodate changes in lending practices. With the May 1997 survey, the respondent panel was expanded to include U.S. branches and agencies of foreign banks, interest rate adjustment and maturity items were added and redefined, commitment and participation items were deleted, and a risk-rating item was added. With the February 2009 survey, the minimum size of loans reported was increased to $7,500.
The panel consists of a stratified sample of insured commercial banks and U.S. branches and agencies of foreign banks. Participation is voluntary.
Quarterly, as of the first full business week of February, May, August, and November.
Aggregate data are published in the quarterly Survey of Terms of Business Lending (E.2) statistical release (http://www.federalreserve.gov/releases/) and in the Federal Reserve Bulletin. In addition, data may be used to help meet provisions of sections 122 and 477 of the FDIC Improvement Act (FDICIA) of 1991, which require collection and publication of information on commercial bank lending to small businesses and small farms.