Finance

Banks say they are tightening lending standards even as demand for money falls

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A man takes shelter from the rain inside of a Bank of America branch in the financial district, during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, April 23, 2020.

Eduardo Munoz | Reuters

Banks are tightening lending standards across the board even as they’re being urged to get money to those who have been hit by the coronavirus pandemic, according to a Federal Reserve survey Monday.

From commercial real estate to credit cards and autos, institutions are getting tougher on giving out money compared to the second quarter, even though demand also has decreased across most categories.

The Fed’s senior loan officer survey also showed that foreign banks also are…



Source cnbc.com

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