Board of Governors of the Federal Reserve System

Figure 1. Changes in Standards for C&I Loans by Borrower Size

Left Panel: Changes in Standards for C&I Loans to Large and Middle-Market Firms

Right Panel: Changes in Standards for C&I Loans to Small Firms

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Figure 2. Changes in Standards and Demand for C&I and CRE Loans

Left Panel: Changes in Standards and Demand for C&I Loans

The black line in the left panel of Figure 2 represents weighted aggregate changes in standards for C&I loans.  The x-axis measures time and ranges from 1991 Q3 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Easing' and positive y-axis values are labeled 'Tightening.' The data are quarterly and end in Q1 of 2020.  The variable begins around 20 percent in 1991 and decreases to around -20 percent in 1994.  The line gradually increases to around zero until 1997 when it fall back to around -15 percent.  The line then gradually rises again until 1998 when it rises sharply to around 60 percent.  The line falls toward 10 percent in 1999 and then rises to around 80 percent in 2001.  The line gradually falls from 2001 to 2005, reaching around -55 percent. It gradually increases from 2005 to 2008, reaching its peak of around 80 percent near the end of 2008. It drops sharply in 2009, reaching around 0 percent by the end of the year. It gradually declines to around -20 percent in 2011 before increasing back to 0 percent in 2012. It decreases back to around -20 in 2013, slowly increases to around 10 percent from 2014 to 2016, then decreases back towards around -20 percent in the beginning of 2018. It then increases through 2018 to end at around -5 percent before dropping back to around -10 percent in Q1 of 2020.

The red dashed line in the left panel of Figure 2 represents weighted aggregate changes in demand for C&I loans.  The x-axis measures time and ranges from 1991 Q4 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Weaker' and positive y-axis values are labeled 'Stronger.' The variable begins at around -30 percent and then rises to around 45 percent in 1994.  It then falls gradually and hovers around 10 percent until 1997 when it increases to around 30 percent before falling in 1998 and eventually hitting a low of around 60 percent in 2001.  It then gradually rises, hitting its peak of around 50 percent in 2005, before declining to around -30 percent in 2007 and declining further to around -50 percent in 2009.   The line then increases steadily to around 35 percent in 2011 and then declines a bit and hovers around 20 percent until 2015.  The line then declines then hovers between -20 and -30 percent until Q1 of 2020 when it increases a bit to around -10 percent.

Right Panel: Changes in Standards and Demand for CRE Loans

The black line in the right panel of Figure 2 represents weighted aggregate changes in standards for CRE loans.  The x-axis measures time and ranges from 1996 Q2 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Easing' and positive y-axis values are labeled 'Tightening.' The data are quarterly and end in Q1 of 2020.  The variable begins around 10 percent in 1996 and decreases to around -10 percent in late 1997.  The line then rises sharply to reach around 45 percent in late 1998.  The line then declines to around 10 percent until it begins to rise again and reaches 50 percent in 2001.  The line then gradually declines, crossing zero in 2003 and reaching -25 percent in 2005.  It then gradually rises before spiking to around 90 percent in 2008 and early 2009.  The line then gradually declines, once again crossing zero in 2010 and thereafter hovers between -10 and -20 percent until it rises again in 2015 and 206 to around 25 percent before gradually falling and hitting around -15 percent in 2018.  The line then gradually rises and reaches around 15 percent in late 2019 before declining back to around zero in Q1 of 2020.

The red dashed line in the left panel of Figure 2 represents weighted aggregate changes in demand for CRE loans.  The x-axis measures time and ranges from 1995 Q2 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Weaker' and positive y-axis values are labeled 'Stronger.' The variable begins at around 20 percent, briefly dips to around -5 percent in 1996  and then rises to around 50 percent in early 1998.  It briefly dips to around -15 at the end of 1998 beffore hovering between zero  around 10 percent until the middle of 2000 begins to decline eventually reaching around -60 percent in late 2001. The line then gradually rises, turning positive in 2004 and reaching around 30 percent in 2005.  The line then begins a gradual descent which accelerates below zero in late 2006 and hits a low of around -80 percent in 2009.  The line moves up at a steady rate until it reaches around 55 percent in 2013 before gradually declining and going below zero in 2015 where it hovers around -10 percent until late 2019 and ends at around 10 percent in Q1 of 2020.

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Figure 3. Changes in Standards and Demand for RRE and Consumer Loans

Left Panel: Changes in Standards and Demand for RRE Loans

The black line in the left panel of Figure 3 represents weighted aggregate changes in standards for RRE loans.  The x-axis measures time and ranges from 1991 Q3 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Easing' and positive y-axis values are labeled 'Tightening.' The data are quarterly and end in Q1 of 2020.  The variable begins around 40 percent in 1991 and decreases to around -20 percent in 1993.  The line gradually increases to around zero until 1996 and then moves in a bank between -10 and 10 percent until 2005 when the line moves down to around -20 percent and falls further to around -40 percent in 2006.  The line then rises sharply to around 50 percent in 2007 and further to around 95 percent in late 2008.  The line declines but remains above 40 percent until early 2010 when it drops to around -10 percent.  The line ten moves in a band between zero and -15 percent until 2013 when it drops to around -50 and then hovers between -20 and -50 percent until gradually rising back to around zero in 2017.  The line then remains near zero and drops to around -30 percent in 2018 before returning to around zero percent.  The line moves to around 10 percent in late 2019 but then returns to around zero in Q1 of 2020.

The red dashed line in the left panel of Figure 3 represents weighted aggregate changes in demand for RRE loans.  The x-axis measures time and ranges from 1991 Q4 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Weaker' and positive y-axis values are labeled 'Stronger.' The variable begins at around zero and then rises to around 30 percent and fluctuates beween 10 and 50 percent until 1994 when it drops sharply to around -80 percent.  The line then rises sharply to around 50 percent in 1995 and remans around 25 percent until dropping to around -25 percent in late 1996.  The line rises sharply beginning in 1997 to hit around 75 percent in 1998.  It then begins to drop sharply in 1991 and hits around -65 percent in early 2000.  Thereafter the line fluctuates bewteen -15 and -35 percent until rising to 35 percent in 2001.  The lin then fluctuates bewteen 20 and 30 percent until late 2003 when the line begins to fall and hits -35 percent in 2004.  The line then fluctuates between 15 percent and -25 percent until declines to -70 percent in 2006.  The line then briefly rises toward zero in 2007 before falling sharply to -90 percent in 2008.  The line rebounds to 30 percent in 2009 but then falls and fluctatues bewteen zero and -40 percent until 2012 when the line moves to around 20 percent.  The line then falls sharply to nearly 70 percent in early 2014 and the moves in a wide band between 35 and -35 percent until 2019 when it spikes to nearly 70 percent.  The line falls to around -15 percent in Q1 of 2020.

Right Panel: Changes in Standards and Demand for Consumer Loans

The black line in the right panel of Figure 3 represents weighted aggregate changes in standards for consumer loans.  The x-axis measures time and ranges from 1996 Q1 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Easing' and positive y-axis values are labeled 'Tightening.' The data are quarterly and end in Q1 of 2020.  The variable begins around 10 percent in 1996 and then increases to round 50 percent in late 1996 before gradually declining to around 10 percent in 1998.  The line then fluctuates bewteen zero and 10 percent until rising to around 40 percent in 2001.  The line then moves bewteen 10 and 30 percent until 2003 when it begins to gradually decline.  The line fluctuates around zero in 2004 and 2005 rise to around 10 percent in early 2006 before moving down to around -10 percent for much of 2006 and 2007. The line then rises to around 20 percent in late 2007 and spike sharply in 2008 reaching a high of around 95 percent.  The line then remains high but declines, reaching around 30 percent in late 2009.  The lien falls further and turns negative in 2010.  The lines hits a low of -45 percent in 2011 and the fluctates bewteen zero and -20 percent until dipping to -30 briefly in 2014.  The line then hovers near zero until turning up in 2016 and hitting nearly 50 percent in 2017.  The line then falls, hitting zero in 2018.  The line gradually rises in 2019 and reaches around 25 percent in Q1 of 2020.

The red dashed line in the left panel of Figure 3 represents weighted aggregate changes in demand for consumer loans.  The x-axis measures time and ranges from 1992 Q1 to 2020 Q1. The y-axis ranges from -100 to 100, and measures net percentage of banks reporting. Negative y-axis values are labeled 'Weaker' and positive y-axis values are labeled 'Stronger.' The variable begins at around -45 percent, spikes to 20 percent and then moves back toward zero in early 1993.  The line then rises hitting nearly 50 percent in 1994 bewfore decling to zero in 1995.  The line then flutuates bewteen -10 and 30 percent until 1997 when it moves to -15 percent and stays there until increasing to around 10 percent in 1998.  The line the generally declines, hitting -40 percent in early 2001 and then moves between zero and 30 percent until2004.  The line then movvers near zero before declining sharply to to around 50 percent in 2005.  The line briefly bounces up to around 15 percent in the middle of 2005 but then declines to around 40 percent in 2006 and then moves in a range bewteen zero and 50 percent until late 2009.  The line jumps to nearly 25 percent in late 2009, then falls sharply to around -45 percent in 2010 before moving to around 20 percent in early 2011.  The line then generally moves in a band between 10 and 30 percent until 2016.  In 2016 the line begins to gradually decline to toward zero and hovers around -10 percent in 2018 and 2019.  The line moves back up to close to zero in Q1 of 2020.

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Figure 4. Changes in Standards and Demand for Business Loans

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Figure 5. Changes in Standards and Demand for Household Loans

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Figure 6. Changes in Standards and Demand Across Loan Categories

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