Table 1

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Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected Large Banks in the United States ¹

(Status of Policy as of September 2020)

This survey asks about your bank's lending policies with respect to, and borrower demand for, commercial and industrial (C&I) loans in the context of the Main Street Lending Program (MSLP). The survey refers to the time interval since mid-June, when MSLP lender registration began. The set of 14 questions ask about the C&I loan inquiries and approvals at your bank; the considerations regarding your bank's or borrowers' participation in the MSLP; and your bank's outlook on future MSLP demand and participation. For the purpose of this survey, we define "borrowers of an eligible size for the MSLP" as U.S. businesses with at most 15,000 employees in the previous 12 months or at most $5 billion in annual revenues in 2019. For details on the MSLP, see https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm.

Questions 1 to 6 solicit information on C&I loan inquiries by business borrowers, the characteristics, and the rate of C&I loan approvals at your bank.

1. At your bank, apart from seasonal variation, how has the total number of C&I loan inquiries from borrowers of an eligible size for the MSLP changed since mid-June, regardless of whether those borrowers specifically inquired about an MSLP loan? Please consider informal inquiries as well as formal loan applications. (For the purpose of this survey, we define "borrowers of an eligible size for the MSLP" as U.S. businesses with at most 15,000 employees in the previous 12 months or at most $5 billion in annual revenues in 2019.)

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Increased substantially	8	10.1	3	9.7	5	10.4
Increased somewhat	17	21.5	5	16.1	12	25.0
Stayed about the same	30	38.0	11	35.5	19	39.6
Decreased somewhat	18	22.8	11	35.5	7	14.6
Decreased substantially	6	7.6	1	3.2	5	10.4
Total	79	100	31	100	48	100

For this question, 5 respondents answered "My bank has not received any inquiries from borrowers of an eligible size for the MSLP."

2. At your bank, apart from seasonal variation, how has the number of C&I loan inquiries from borrowers that are small enough to qualify for the Paycheck Protection Program (PPP) changed since mid-June, regardless of whether those borrowers specifically inquired about PPP or MSLP loans? Please consider informal inquiries as well as formal loan applications. (For the purpose of this survey, the borrowers small enough to qualify for the PPP are U.S. businesses with at most 500 employees. For details on the PPP, see https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.)

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Increased substantially	6	7.2	0	0.0	6	11.3
Increased somewhat	9	10.8	3	10.0	6	11.3
Stayed about the same	26	31.3	9	30.0	17	32.1
Decreased somewhat	20	24.1	11	36.7	9	17.0
Decreased substantially	22	26.5	7	23.3	15	28.3
Total	83	100	30	100	53	100

For this question, 1 respondent answered "My bank has not received any inquiries from borrowers that are small enough to qualify for the PPP."

3. At your bank, apart from seasonal variation, how has the number of C&I loan inquiries from borrowers that are too large to be eligible for the MSLP changed since mid-June? Please consider informal inquiries as well as formal loan applications.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Increased substantially	0	0.0	0	0.0	0	0.0
Increased somewhat	1	2.2	1	3.7	0	0.0
Stayed about the same	24	53.3	11	40.7	13	72.2
Decreased somewhat	15	33.3	12	44.4	3	16.7
Decreased substantially	5	11.1	3	11.1	2	11.1
Total	45	100	27	100	18	100

For this question, 39 respondents answered "My bank has not received any inquiries from borrowers that are too large for the MSLP."

4. For borrowers of an eligible size for the MSLP that made a C&I loan inquiry at your bank, how common were the following characteristics? (Please rate each possible characteristic using the following scale: 1=not common (e.g., less than 30 percent), 2=somewhat common (e.g., between 30 percent and 70 percent), 3=very common (more than 70 percent).)

A. The borrower was a new client at my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not common	35	42.2	15	50.0	20	37.7
Somewhat common	34	41.0	11	36.7	23	43.4
Very common	14	16.9	4	13.3	10	18.9
Total	83	100	30	100	53	100

B. The borrower suffered significant reductions in revenue or employment due to the COVID-19 crisis that go beyond seasonal or trend changes.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not common	9	11.0	2	6.9	7	13.2
Somewhat common	44	53.7	19	65.5	25	47.2
Very common	29	35.4	8	27.6	21	39.6
Total	82	100	29	100	53	100

C. The borrower had access to alternative sources of funds other than bilateral loans, such as equity, corporate bonds, commercial paper, or syndicated loans.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not common	48	58.5	15	51.7	33	62.3
Somewhat common	31	37.8	13	44.8	18	34.0
Very common	3	3.7	1	3.4	2	3.8
Total	82	100	29	100	53	100

D. The borrower had access to bank credit products other than C&I loans, such as commercial real estate loans, home equity lines of credit, or credit cards.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not common	30	36.6	12	41.4	18	34.0
Somewhat common	43	52.4	14	48.3	29	54.7
Very common	9	11.0	3	10.3	6	11.3
Total	82	100	29	100	53	100

E. The borrower could also qualify for PPP loans.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not common	14	17.1	5	17.2	9	17.0
Somewhat common	30	36.6	15	51.7	15	28.3
Very common	38	46.3	9	31.0	29	54.7
Total	82	100	29	100	53	100

5. What share of borrowers that are of an eligible size for the MSLP and made a C&I loan inquiry were approved for credit at your bank since mid-June? (Please consider approval for both MSLP loans and other types of loans.)

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
More than 60%	17	21.0	9	31.0	8	15.4
Between 40% and 60%	21	25.9	10	34.5	11	21.2
Between 20% and 40%	12	14.8	4	13.8	8	15.4
Between 10% and 20%	9	11.1	0	0.0	9	17.3
Less than 10%	22	27.2	6	20.7	16	30.8
Total	81	100	29	100	52	100

6. Of the total number of C&I loans your bank approved for borrowers of an eligible size for the MSLP, what share were MSLP loans, as opposed to other types of loans?

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
More than 20%	2	8.7	0	0.0	2	18.2
Between 10% and 20%	1	4.3	0	0.0	1	9.1
Between 5% and 10%	1	4.3	1	8.3	0	0.0
Between 2.5% and 5%	2	8.7	2	16.7	0	0.0
Less than 2.5% but above 0%	17	73.9	9	75.0	8	72.7
Total	23	100	12	100	11	100

For this question, 62 respondents answered "My bank has not approved any loans intended for the MSLP or is not a registered MSLP lender."

Questions 7 to 12 solicit information on considerations regarding your bank's or borrowers' participation in the MSLP.

7. What best describes your bank's operational MSLP status? ("Registered" refers to whether your bank is a registered lender at the MSLP or not. For details on MSLP lender registration, see https://www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program/information-for-lenders)

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
My bank is now underwriting MSLP loans and submitting them to the program for purchase.	24	33.8	14	51.9	10	22.7
My bank is registered and working to operationalize the program in the expectation of making loans in coming weeks.	22	31.0	8	29.6	14	31.8
My bank is registered but still evaluating the program and how it works.	13	18.3	0	0.0	13	29.5
My bank is registered but will likely only make loans if financial conditions deteriorate.	7	9.9	3	11.1	4	9.1
My bank is not registered, but will likely register in the coming weeks.	2	2.8	1	3.7	1	2.3
My bank is not registered, but would likely register if financial conditions deteriorate.	3	4.2	1	3.7	2	4.5
Total	71	100	27	100	44	100

For this question, 13 respondents answered " My bank is not registered and will likely not register in the future."

8. If your bank is not registered for the MSLP, how important were the following reasons in your bank's decision to not register for the MSLP? (Please rate each possible reason using the following scale: 1=not important, 2=somewhat important, 3=very important.)

A. My bank was able to address the credit needs of most borrowers of an eligible size for the MSLP without MSLP participation.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	1	5.9	1	16.7	0	0.0
Somewhat important	5	29.4	0	0.0	5	45.5
Very important	11	64.7	5	83.3	6	54.5
Total	17	100	6	100	11	100

B. My bank judged that participation in the PPP was sufficient to address the credit needs of most of our borrowers of an eligible size for the MSLP.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	5	27.8	3	50.0	2	16.7
Somewhat important	10	55.6	3	50.0	7	58.3
Very important	3	16.7	0	0.0	3	25.0
Total	18	100	6	100	12	100

C. MSLP registration requirements were too burdensome.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	8	47.1	3	50.0	5	45.5
Somewhat important	6	35.3	3	50.0	3	27.3
Very important	3	17.6	0	0.0	3	27.3
Total	17	100	6	100	11	100

D. Typical borrowers at my bank would not qualify for MSLP loans for reasons other than size, or would not be interested in MSLP loans.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	7	41.2	4	66.7	3	27.3
Somewhat important	7	41.2	2	33.3	5	45.5
Very important	3	17.6	0	0.0	3	27.3
Total	17	100	6	100	11	100

E. Key loan terms under the MSLP were not attractive enough for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	5	27.8	3	50.0	2	16.7
Somewhat important	9	50.0	3	50.0	6	50.0
Very important	4	22.2	0	0.0	4	33.3
Total	18	100	6	100	12	100

9. For borrowers of an eligible size for the MSLP that made a C&I loan inquiry and to which your bank did not approve an MSLP loan, even though your bank was registered for the MSLP, how important were the following reasons in preventing participation in the MSLP? (Please rate each possible reason using the following scale: 1=not important, 2=somewhat important, 3=very important.)

A. The firm was already in poor financial condition before the COVID-19 crisis, such that the firm would likely be unable to repay the loan.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	6	10.5	1	4.5	5	14.3
Somewhat important	12	21.1	4	18.2	8	22.9
Very important	39	68.4	17	77.3	22	62.9
Total	57	100	22	100	35	100

B. The firm was creditworthy before the COVID-19 crisis, but too severely impacted to remain viable and hence unable to repay the loan.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	13	22.8	2	9.1	11	31.4
Somewhat important	22	38.6	7	31.8	15	42.9
Very important	22	38.6	13	59.1	9	25.7
Total	57	100	22	100	35	100

C. My bank approved a PPP loan instead, which was considered a better option than an MSLP loan.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	38	69.1	18	90.0	20	57.1
Somewhat important	10	18.2	1	5.0	9	25.7
Very important	7	12.7	1	5.0	6	17.1
Total	55	100	20	100	35	100

D. The firm's planned use of an MSLP bank loan was not financially sound.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	18	31.6	8	36.4	10	28.6
Somewhat important	13	22.8	4	18.2	9	25.7
Very important	26	45.6	10	45.5	16	45.7
Total	57	100	22	100	35	100

E. The borrower did not qualify for MSLP loans for reasons other than size or was not interested in an MSLP loan.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	8	13.8	1	4.8	7	18.9
Somewhat important	19	32.8	6	28.6	13	35.1
Very important	31	53.4	14	66.7	17	45.9
Total	58	100	21	100	37	100

F. Key loan terms under the MSLP were not attractive enough to make participation profitable for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	35	63.6	19	90.5	16	47.1
Somewhat important	10	18.2	2	9.5	8	23.5
Very important	10	18.2	0	0.0	10	29.4
Total	55	100	21	100	34	100

10. If your bank did not approve an MSLP loan or has not registered for the MSLP because the borrowers would not qualify or not be interested in MSLP loans, how important were the following considerations? (Please rate each possible consideration using the following scale: 1=not important, 2=somewhat important, 3=very important.)

A. The borrower's debt-to-adjusted EBITDA was too high to meet the requirements for an MSLP loan.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	11	19.3	1	4.8	10	27.8
Somewhat important	13	22.8	4	19.0	9	25.0
Very important	33	57.9	16	76.2	17	47.2
Total	57	100	21	100	36	100

B. The interest rate was too high for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	44	78.6	16	76.2	28	80.0
Somewhat important	8	14.3	3	14.3	5	14.3
Very important	4	7.1	2	9.5	2	5.7
Total	56	100	21	100	35	100

C. The principal amortization schedule was too steep for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	19	33.9	11	52.4	8	22.9
Somewhat important	27	48.2	8	38.1	19	54.3
Very important	10	17.9	2	9.5	8	22.9
Total	56	100	21	100	35	100

D. The 5-year maturity term was too short for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	32	57.1	15	71.4	17	48.6
Somewhat important	17	30.4	5	23.8	12	34.3
Very important	7	12.5	1	4.8	6	17.1
Total	56	100	21	100	35	100

E. The minimum loan size was too high for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	38	67.9	17	81.0	21	60.0
Somewhat important	14	25.0	3	14.3	11	31.4
Very important	4	7.1	1	4.8	3	8.6
Total	56	100	21	100	35	100

F. The origination and transaction fees were too high for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	37	67.3	16	76.2	21	61.8
Somewhat important	15	27.3	3	14.3	12	35.3
Very important	3	5.5	2	9.5	1	2.9
Total	55	100	21	100	34	100

G. The expectation to retain employees during the term of the MSLP loan was too restrictive for the borrower.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	28	50.0	11	52.4	17	48.6
Somewhat important	22	39.3	8	38.1	14	40.0
Very important	6	10.7	2	9.5	4	11.4
Total	56	100	21	100	35	100

H. The required certifications and covenants were too restrictive for the borrower, such as those restricting debt repayments, compensation, or capital distributions.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	7	12.7	2	10.0	5	14.3
Somewhat important	20	36.4	6	30.0	14	40.0
Very important	28	50.9	12	60.0	16	45.7
Total	55	100	20	100	35	100

11. If your bank did not approve an MSLP loan or has not registered for the MSLP because key MSLP loan terms were not attractive enough for your bank, how important were the following considerations? (Please rate each possible consideration using the following scale: 1=not important, 2=somewhat important, 3=very important.)

A. The maximum loan size was too low for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	28	93.3	5	83.3	23	95.8
Somewhat important	2	6.7	1	16.7	1	4.2
Very important	0	0.0	0	0.0	0	0.0
Total	30	100	6	100	24	100

B. The origination and servicing fees were too low for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	24	80.0	6	100.0	18	75.0
Somewhat important	5	16.7	0	0.0	5	20.8
Very important	1	3.3	0	0.0	1	4.2
Total	30	100	6	100	24	100

C. The lender's retention share was too high for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	22	71.0	5	83.3	17	68.0
Somewhat important	6	19.4	1	16.7	5	20.0
Very important	3	9.7	0	0.0	3	12.0
Total	31	100	6	100	25	100

D. The loss-sharing with the MSLP in the event of a default was too uncertain.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	7	22.6	2	33.3	5	20.0
Somewhat important	12	38.7	3	50.0	9	36.0
Very important	12	38.7	1	16.7	11	44.0
Total	31	100	6	100	25	100

E. The required certifications and covenants were too restrictive for my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	14	46.7	2	33.3	12	50.0
Somewhat important	11	36.7	4	66.7	7	29.2
Very important	5	16.7	0	0.0	5	20.8
Total	30	100	6	100	24	100

12. For borrowers to whom your bank approved a C&I loan intended for the MSLP, how common were the following characteristics? (Please rate each possible borrower characteristic using the following scale: 1=not common (e.g., less than 30 percent), 2=somewhat common (e.g., 30 percent to 70 percent), 3=very common (more than 70 percent).)

A. The borrower was a new client at my bank.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	14	66.7	9	81.8	5	50.0
Somewhat important	2	9.5	1	9.1	1	10.0
Very important	5	23.8	1	9.1	4	40.0
Total	21	100	11	100	10	100

B. The borrower suffered significant reductions in revenue or employment due to the COVID-19 crisis that go beyond seasonal or trend changes.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	2	9.5	0	0.0	2	20.0
Somewhat important	2	9.5	1	9.1	1	10.0
Very important	17	81.0	10	90.9	7	70.0
Total	21	100	11	100	10	100

C. The borrower intended to use the proceeds to cover payroll and other expenditures for a few months.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	4	19.0	1	9.1	3	30.0
Somewhat important	8	38.1	5	45.5	3	30.0
Very important	9	42.9	5	45.5	4	40.0
Total	21	100	11	100	10	100

D. The borrower intended to use the proceeds to fund new capital expenditures.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	10	47.6	6	54.5	4	40.0
Somewhat important	10	47.6	4	36.4	6	60.0
Very important	1	4.8	1	9.1	0	0.0
Total	21	100	11	100	10	100

E. The borrower intended to use the proceeds to rollover maturing bank loans or other debt, or to offset a credit line cancellation.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	11	55.0	9	81.8	2	22.2
Somewhat important	6	30.0	1	9.1	5	55.6
Very important	3	15.0	1	9.1	2	22.2
Total	20	100	11	100	9	100

F. The borrower had access to alternative sources of funds other than bilateral loans, such as equity, corporate bonds, commercial paper, or syndicated loans.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	16	76.2	9	81.8	7	70.0
Somewhat important	3	14.3	0	0.0	3	30.0
Very important	2	9.5	2	18.2	0	0.0
Total	21	100	11	100	10	100

G. The borrower had access to other bank credit products such as commercial real estate loans, home equity loans, or credit cards.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	12	57.1	7	63.6	5	50.0
Somewhat important	6	28.6	1	9.1	5	50.0
Very important	3	14.3	3	27.3	0	0.0
Total	21	100	11	100	10	100

H. The borrower could also qualify for PPP loans.

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Not important	10	47.6	4	36.4	6	60.0
Somewhat important	8	38.1	6	54.5	2	20.0
Very important	3	14.3	1	9.1	2	20.0
Total	21	100	11	100	10	100

Finally, Questions 13-14 ask about your bank's outlook regarding future inquiries by eligible borrowers and your bank's future participation in the MSLP.

13. Looking forward over the next three months and assuming that economic activity progresses in line with consensus forecasts, how do you expect the number of C&I loan inquiries from borrowers of an eligible size for the MSLP to change at your bank compared to their current level, apart from seasonal variation? I expect the number of inquiries to:

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Increase substantially.	1	1.3	0	0.0	1	2.0
Increase somewhat.	25	31.6	8	26.7	17	34.7
Stay about the same	47	59.5	19	63.3	28	57.1
Decrease somewhat	5	6.3	2	6.7	3	6.1
Decrease substantially	1	1.3	1	3.3	0	0.0
Total	79	100	30	100	49	100

For this question, 7 respondents answered "My bank does not expect to receive any inquiries from borrowers of an eligible size for the MSLP."

14. Looking forward over the next three months and assuming that economic activity progresses in line with consensus forecasts, how do you expect your bank's willingness to extend MSLP loans to borrowers of an eligible size change compared to its current level? I expect my bank's willingness to:

	Banks	Percent	Banks	Percent	Banks	Percent
	All Respondents		Large Banks		Other Banks
Increase significantly.	0	0.0	0	0.0	0	0.0
Increase somewhat.	9	13.4	2	7.4	7	17.5
Stay about the same.	56	83.6	25	92.6	31	77.5
Decrease somewhat	0	0.0	0	0.0	0	0.0
Decrease significantly	2	3.0	0	0.0	2	5.0
Total	67	100	27	100	40	100

For this question, 19 respondents answered "My bank does not expect to participate in the MSLP."

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 March 31, 2020. The combined assets of the 29 large banks totaled $5.2 trillion, compared to $12.6 trillion for the entire panel of 86 banks, and $17.1 trillion for all domestically chartered, federally insured commercial banks. Return to text

Last Update: September 29, 2020

Senior Loan Officer Opinion Survey on Bank Lending Practices

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Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected Large Banks in the United States 1

(Status of Policy as of September 2020)

Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected Large Banks in the United States ¹