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Authorized for public release by the FOMC Secretariat on 2/3/2021
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
September 23,
1975
CONFIDENTIAL (FR)
CLASS II FOMC
TO:
FROM:
Federal Open Market Committee
Arthur L. Broida
Attached for your information is a copy of a report
on the August 15 survey of changes in bank lending practices.
Attachment
Authorized for public release by the FOMC Secretariat on 2/3/2021
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Office Correspondence
To
Mr.
Ettin
Date:
Subject:
September 18, 1975
August 15 Survey of Changes
in Bank Lending Practices
M. Pruitt
Eleanor
From
Responses to the Survey of Bank Lending Practices conducted on
August 15, 1975 suggest that a modest firming of business loan demand may
be under way. About 46 per cent of the 123 large commercial banks which
responded to the mid-August survey reported that they anticipated moderately
stronger demand for commercial and industrial loans over the next three
months. An almost equal number of banks expected little or no change in
business loan demand, and about 9 per cent believed that demand would
weaken further.
The majority of the respondents reported that business loan
demand, after due allowance for seasonal variation, was unchanged or
moderately weaker during the period between the mid-May and mid-August
surveys.
When a comparison is made with the expectations of banks in
the mid-May survey, the results of the August questionnaire suggest that
loan demand over the survey period was weaker than many banks had anticipated. Only 23 per cent of the banks had expected last May that demand
would moderate; but, in mid-August, 45 per cent reported that their
borrowing demands were somewhat weaker.
Over one-third of the respondents to the August survey indicated
a moderate tightening in their interest rate practices with respect to loans
to nonfinancial businesses, and about 60 per cent reported no change in
price terms. The prime rate charged by most banks rose 50 basis points
over the interval between surveys; but, in view of the general increase
in short-term interest rates over that period, most banks undoubtedly
viewed a rise in the prime rate as consistent with maintenance of bank
price practices relative to other financing sources.
In August, as in both of the surveys made earlier in 1975, most
banks reported no change in their nonprice terms of lending, which had been
tightened considerably during 1974 at nearly all of the reporting banks
and, therefore, remain quite restrictive. Indeed, a minority of banks
indicated that they had moved toward firmer nonprice policies. As of midAugust, 16 per cent of the banks reported moderately firmer policies with
respect to compensating balances; 11 per cent indicated further tightening
on standards of credit worthiness; and about 11 per cent also reported that
they were giving more weight to the applicant's value as a source of deposits
or collateral business. There was little or no change reported with respect
to practices relating to the reviewing of credit lines. Nor did there
appear to be any significant difference between the May and August surveys
Authorized for public release by the FOMC Secretariat on 2/3/2021
Mr. Ettin
- 2 -
in the willingness of banks to make term loans, consumer loans, mortgage
loans, or loans to brokers. Some banks stated that they were more willing
to make consumer or real estate loans; however, in their market areas, at
least, either demand was still weak or they could not find borrowers that
met their credit standards.
The maintenance of a relatively restrictive posture on nonprice
lending terms this year, given the decline in business borrowing on balance
thus far, suggests a considerable degree of caution at many banks. Indeed,
a number of those banks which made comments on their questionnaires indicated that recent weakness in loan demand had made them eager to make new
loans but they were interested only in sound credits.
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
(STATUS
TABLE 1
PAGE 01
QUARTERLY SURVEY OF CHANGES IN BANK LENDING PRACTICES
AT SELECTED LARGE BANKS IN THE U.S.¹
OF POLICY ON
AUGUST 15, 1975 COMPARED TO THREE MONTHS
(NUMBER OF BANKS & PERCENT OF TOTAL BANKS REPORTING)
MUCH
STRONGER
TOTAL
BANKS
PCT
BANKS
PCT
EARLIER)
MODERATELY
STRONGER
ESSENTIALLY
UNCHANGED
MODERATELY
WEAKER
BANKS
BANKS
BANKS
PCT
PCT
PCT
MUCH
WEAKER
BANKS
PCT
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
COMPARED TO THREE MONTHS AGO
123
100.0
ANTICIPATED DEMAND IN NEXT 3 MONTHS
123
100.0
ANSWERING
QUESTION
BANKS
PCT
MUCH
FIRMER
POLICY
BANKS
PCT
9
7.3
59
48.0
52
42.3
57
46.3
55
44.8
11
8.9
MODERATELY
FIRMER
POLICY
ESSENTIALLY
UNCHANGED
POLICY
BANKS
BANKS
PCT
PCT
MODERATELY
EASIER
POLICY
BANKS
PCT
LENDING TO NONFINANCIAL BUSINESSES
TERMS AND
CONDITIONS:
INTEREST RATES CHARGEd
100.0
46
37.4
58.6
COMPENSATING OR SUPPORTING BALANCES
100.0
20
16.3
82.1
STANDARDS OF CREDIT WORTHINESS
100.0
14
11.4
85.3
MATURITY OF TERM LOANS
100.0
8
6.5
91.1
REVIEWING CREDIT LINES CR LOAN APPLICATIONS
ESTABLISHED CUSTOMERS
100.0
87.0
8.9
NEW CUSTOMERS
100.0
74.9
15.4
LOCAL SERVICE AREA CUSTOMERS
100.0
86.0
10.7
NONLOCAL SERVICE AREA CUSTOMERS
100.0
83.7
9.0
¹ SURVEY OF LENDING PRACTICES AT 123 LARGE BANKS REPORTING IN THE FEDERAL RESERVE
AS OF
AUGUST 15, 1975.
QUARTERLY INTEREST RATE SURVEY
MUCH
EASIER
POLICY
BANKS
PCT
Authorized for public release by the FOMC Secretariat on 2/3/2021
TABLE 1
NOT FOR QUOTATION OR PUBLICATION
ANSWERING
QUESTION
BANKS
PCT
MUCH
FIRMER
POLICY
BANKS
PAGE 02
(CONTINUED)
PCT
MODERATELY
FIRMER
POLICY
ESSENTIALLY
UNCHANGED
POLICY
BANKS
BANKS
PCT
PCT
MODERATELY
EASIER
POLICY
BANKS
PCT
MUCH
EASIER
POLICY
BANKS
PCT
FACTORS RELATING TO APPLICANT ²
VALUE AS DEPOSITOR OR
SOURCE OF COLLATERAL BUSINESS
123
100.0
14
11.4
103
83.8
0.0
INTENDE
123
100.0
5
4.1
110
89.4
0.0
USE OF THE LOAN
LENDING TO "NONCAPTIVE" FINANCE COMPANIES
TERMS AND CONDITIONS
INTEREST RATES CHARGED
100.0
18.7
98
79.7
0.0
COMPENSATING OR SUPPORTING BALANCES
100.0
6.5
115
93.5
0.0
ENFORCEMENT OF BALANCE REQUIREMENTS
100.0
11.4
109
88.6
0.0
ESTABLISHING NEW OR LARGER CREDIT LINES
100.0
13.8
96
78.0
0.0
O.O
ANSWERING
QUESTION
BANKS
PCT
CONSIDERABLY
LESS
WILLING
BANKS
PCT
MODERATELY
LESS
WILLING
ESSENTIALLY
UNCHANGED
MODERATELY
MORE
WILLING
BANKS
BANKS
BANKS
PCT
PCT
PCT
CONSIDERABLY
MORE
WILLING
BANKS
PCT
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
²
TERM LOANS T0 BUSINESSES
123
100.0
92
74.8
16.3
0.8
CONSUMER
122
100.0
89
72.9
23.8
3.3
SINGLE FAMILY MORTGAGE LOANS
121
100.0
101
83.4
8.3
0.0
MULTI-FAMILY MORTGAGE LOANS
120
100.0
108
90.0
0.0
0.0
ALL OTHER MORTGAGE LOANS
121
100.0
101
83.4
5.8
0.0
PARTICIPATION LOANS WITH
CORRESPONDENT bANKS
121
100.0
105
86.8
15
12.4
0.0
LOANS TO BROKERS
120
100.0
109
90.8
8
INSTALMENT LOANS
FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT IN MAKING DECISIONS FOR APPROVING
CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.
6.7
0.0
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
TABLE 2
PAGE 03
LOMPARISON OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DEPOSITS ¹
(STATUS OF POLICY ON
AUGUST 15, 1975, COMPARED TO THREE MONTHS EARLIER)
(NUMBER OF BANKS IN EACH COLUMN AS PER CENT OF TOTAL BANKS ANSWERING QUESTION)
SIZE
TOTAL
$1 &
OVER
UNDER
$1
COMPARED TO THREE MONTHS AGO
100
10O
ANTICIPATED DEMAND IN NEXT 3 MONTHS
100
OF BANK
MUCH
STRONGER
$1 &
OVER
UNDER
$1
-
TOTAL DEPOSITS IN BILLIONS
MODERATELY
STRONGER
ESSENTIALLY
UNCHANGED
MODERATELY
WEAKER
$1
OVER
$1 &
OVER
$1 &
OVER
UNDER
$1
UNDER
$1
UNDER
$1
MUCH
WEAKER
$1 &
OVER
UNDER
$1
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
100
TOTAL
$1 &
OVER
UNDER
$1
INTEREST RATES CHARGED
100
100
COMPENSATING OR SUPPORTING BALANCES
100
100
STANDARDS OF CREDIT WORTHINESS
100
100
MATURITY OF TERM LOANS
100
100
ESTABLISHED CUSTOMERS
10O
100
NEW CUSTOMERS
100
100
LOCAL SERVICE AREA CUSTOMERS
100
100
NONLOCAL SERVICE AREA CUSTOMERS
100
100
MUCH
FIRMER
$l &
OVER
UNDER
$1
MOCERATELY
FIRMER
$1 &
OVER
UNDER
$1
ESSENTIALLY
UNCHANGED
$1 &
OVER
UNDER
$1
MODERATELY
EASIER
$1 &
OVER
UNDER
$1
MUCH
EASIER
$1 &
OVER
LENDING TO NONFINANCIAL BUSINESSES
TERMS AND CONDITIONS:
REVIEWING CREDIT LINES OR LOAN APPLICATIONS
¹
SURVEY OF LENDING PRACTICES AT
53 LARGE BANKS (DEPOSITS OF $1 BILLION OR MORE) AND
$1 BILLION) REPORTING IN THE FEDERAL RESERVE QUARTERLY INTEREST RATE SURVEY AS OF
70 SMALL BANKS (DEPOSITS OF LESS THAN
AUGUST 15, 1975.
UNDER
$1
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
PAGE 04
TABLE 2 (CONTINUED)
OF BANK
MUCH
FIRMER
POLICY
SIZE
NUBER
ANSWERING
QUESTION
$1 &
OVER
UNDER
$1
VALUE AS DEPOSITOR OR
SOURCE OF COLLATERAL BUSINESS
100
100
INTENDED USE OF THE LOAN
100
100
$1 &
OVER
UNDER
$I
-TOTAL DEPOSITS IN BILLIONS
MODERATELY
ESSENTIALLY
MODERATELY
FIRMER
UNCHANGED
EASIER
POLICY
POLICY
POLICY
$1 &
OVER
UNDER
$1
$1 &
OVER
UNDER
$1
$1 &
OVER
UNDER
$1
MUCH
EASIER
POLICY
$1 &
OVER
UNDER
$1
FACTORS RELATING TO APPLICANT 2/
LENDING TO
"NONCAPTIVE" FINANCE COMPANIES
TERMS AND CONDITIONS:
INTEREST RATES CHARGED
COMPENSATING OR SUPPORTING BALANCES
ENFORCEMENT OF BALANCE REQUIREMENTS
ESTABLISHING NEW OR LARGER CREDIT LINES
NUMBER
ANSWERING
QUESTION
$1 &
OVER
UNDER
$1
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
100
100
LOANS TO
100
100
CONSIDERABLY
LESS
WILLING
$1 &
OVER
UNDER
$1
MODERATELY
LESS
WILLING
ESSENTIALLY
UNCHANGED
$1 &
OVER
$1 &
OVER
UNDER
$1
UNDER
$1
MODERATELY
MORE
WILLING
$1 &
OVER
UNDER
$1
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
TERM LOANS TO BUSINESSES
CONSUMER INSTALLMENT LOANS
SINGLE FAMILY MOKTGAGE LOANS
MULTI-FAMILY MORTGAGE LOANS
ALL OTHER MORTGAGE LOANS
2/
BROKERS
FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT
CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.
IN MAKING DECISIONS
FOR APPROVING
CONSIDERABLY
MORE
WILLING
$1 &
OVER
UNDER
$1
Authorized for public release by the FOMC Secretariat on 2/3/2021
PAGE 05
TABLE 3
NOT FOR QUOTATION OR PUBLICATION
QUARTERLY SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S.
TO THREE MONTHS EARLIER
AUGUST 15, 1975 COMPARED
STATUS OF POLICY ON
(NUMBER OF BANKS)
ALL
DSTS
B0STON
NEW YORK
TOTAL CITY OUTSIDE
PHILADEL.
CLEVELAND
RICHMOND
ATLANTA
CHICAGO
ST.
LOUIS
¹
MINNEAPOLIS
KANS.
CITY
DALLAS
SAN
FRAN
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
COMPARED TO 3 MONTHS AGO
123
MUCH STRONGER
MODERATELY STRONGER
ESSENTIALLY UNCHANGED
MODERATELY WEAKER
MUCH WEAKER
0
9
59
52
3
ANTICIPATED DEMAND NEXT
THREE MONTHS
123
MUCH STRONGER
MODERATELY STRONGER
ESSENTIALLY UNCHANGED
MODERATELY WEAKER
MUCH WEAKER
0
57
55
11
0
0
0
2
6
0
0
1
11
4
2
0
0
5
4
0
0
1
6
0
2
0
0
2
4
0
0
0
5
5
1
0
2
6
4
0
0
0
9
1
0
0
3
1
11
0
0
1
4
4
0
0
0
1
2
0
0
0
6
3
0
0
0
5
4
0
0
2
7
4
0
0
2
5
1
0
0
11
6
-1
0
5
3
1
0
0
4
2
0
0
0
6
3
2
0
0
9
3
0
0
0
5
3
2
0
0
6
8
0
0
6
3
0
0
0
0
3
4
2
0
0
1
2
0
0
0
3
4
2
0
0
2
7
0
0
0
5
8
0
0
0
3
5
0
0
0
7
11
0
0
0
2
7
0
0
0
5
4
0
0
0
6
6
0
0
2
9
0
0
0
6
5
1
0
0
4
6
0
0
1
6
8
0
0
1
2
5
1
0
0
1
1
1
0
0
4
5
0
0
0
5
4
0
0
0
6
7
0
0
O
0
8
0
0
0
4
13
1
0
0
0
9
0
0
0
4
4
1
O
0
0
6
0
0
0
2
9
0
0
0
3
9
0
0
C
2
8
0
0
0
2
13
0
0
0
2
6
1
0
0
0
3
0
0
0
1
8
0
0
0
2
7
0
0
0
2
11
0
0
2
LENDING TO NONFINANCIAL
BUSINESSES
TERMS AND CONDITIONS
INTEREST RATES CHARGED
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
COMPENSATING BALANCES
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
¹
123
2
46
72
3
0
0
123
0
20
101
2
0
SURVEY OF LENDING PRACTICES AT 123 LARGE BANKS REPORTING IN
AS OF
AUGUST 15, 1975.
THE
FEDERAL RESERVE
QUARTERLY INTEREST RATE SURVEY
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
PAGE 06
3 (CONTINUED)
7AELE 3
ALL
DSTS
BOSNEW YORK
TON
TOTAL CITY OUTSIDE
PHILADEL.
CLEVE- RICHLAND MOND
ST.
ATLAN- CHICTA
AGO LOUIS
MINNE- KANS.
APOLIS
CITY
DALLAS
SAN
FRAN
LENDING TO NONFINANCIAL
BUSINESSES
TERMS AND CONDITIONS
STANDARDS OF CREDIT WORTHINESS
123
MUCH FIRMER POLICY
MODERATELY FIRMER
POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
4
14
105
MATURITY OF TERM LOANS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
0
0
8
0
0
0
2
0
0
9
0
0
6
0
0
1
2
8
0
0
0
2
10
0
0
1
1
8
0
0
0
0
2
1
6
0
0
0
0
18
0
0
0
0
9
0
0
0
0
9
0
0
0
0
6
0
0
0
1
10
0
0
0
1
10
1
0
0
0
8
0
0
2
8
0
0
0
1
14
0
0
0
1
7
1
0
0
0
3
0
0
0
0
9
0
0
0
1
8
0
0
0
1
11
1
0
0
0
0
2
0
0
9
0
0
0
2
56
1
0
0
0
0
1
1
0
1
0
0
0
12
0
0
0
1
9
0
0
0
0
12
3
0
0
0
8
1
0
0
0
1
2
0
0
1
6
2
0
0
0
9
O
0
0
0
13
0
0
0
4
4
1
0
0
0
4
2
0
0
2
8
1
0
0
0
10
2
0
1
1
8
0
0
0
0
12
3
0
0
0
8
1
0
0
0
1
2
0
0
1
6
2
0
0
1
8
0
0
2
8
3
0
0
0
2
6
1
0
0
O
5
1
0
1
9
1
0
0
0
12
0
0
1
9
0
0
0
0
12
3
0
0
0
8
1
0
0
0
0
3
0
0
0
6
2
0
0
0
9
0
0
0
0
12
1
0
1
15
0
0
0
2
13
0
0
3
6
0
0
0
3
0
0
0
2
7
0
0
0
1
8
0
0
0
0
13
0
0
123
0
8
112
3
0
REVIEWING CREDIT LINES OR LOANS
ESTABLISHED CUSTOMERS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
NEW CUSTOMERS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
LOCAL SERVICE AREA CUSTOMERS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
123
0
5
107
11
0
8
15
0
0
1
0
0
0
6
2
0
0
4
13
1
0
0
0
9
0
0
0
O
8
0
0
0
2
15
1
O
0
0
9
0
0
9
123
1
11
92
19
0
122
0
4
105
13
O
0
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
PAGE 07
TABLE 3 (CONTINUED)
ALL
DSTS
805NEW YORK
TUN TOTAL CITY OUTSIDE
PHILADEL.
CLEVELAND
RICHNOND
ATLANTA
CHICAGO
ST.
LOUIS
MINNEAPOLIS
KANS*
CITY
DALLAS
SAN
FRAN
LENDING TO NONFIMANC1AL
BUSINESSES
REVIEWING CREDIT LINES OR LOANS
NONLOCAL SERVICE AREA CUST
122
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MCOERATELY EASIER POLICY
MUCH EASIER POLICY
2
7
102
11
0
0
0
6
2
0
0
2
16
0
0
0
0
9
0
0
0
2
7
0
0
0
5
1
1
1
8
1
0
0
0
12
0
1
0
9
0
0
0
1
13
1
0
0
1
7
1
0
0
2
1
0
0
0
6
2
0
0
1
8
0
0
0
1
10
2
0
0
1
7
0
0
1
1
15
1
O
0
0
9
0
0
1
1
6
1
O
0
0
6
0
C
0
2
9
0
C
1
11
0
0
O
3
7
0
0
1
0
14
1
0
7
1
O
0
0
2
1
O
0
3
6
0
O
0
2
7
0
O
0
1
12
0
0
0
0
7
1
O
1
1
14
2
C
0
0
8
1
0
1
1
6
1
C
0
5
0
0
0
]
10
0
0
0
0
12
0
C
0
1
9
0
O
0
0
14
1
0
0
1
7
1
0
0
0
3
0
0
0
0
9
0
0
1
0
8
0
O
0
0
12
1
O
0
2
6
0
O
0
4
14
C
0
0
C
2
7
0
0
O
C
6
0
0
0
0
11
O
0
C
3
8
1
0
0
3
9
0
0
1
1
13
0
0
0
3
6
0
0
0
1
2
0
0
0
2
7
0
0
0
2
7
0
0
0
4
9
0
0
FACTORS RELATING TO APPLICANT 2/
VALUE AS DEPOSITOR OR SOURCE
OF CCLLATERAL BUSINESS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNLHANGED POLICY
MODERATELY EASIFR POLICY
MUCH EASIER POLICY
INTENDED USE OF LOAN
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER PPLICY
MUCH EASIER POLICY
123
3
i4
1C3
3
U
&
0
123
2
5
110
6
G
2
LENDING TO "NONCAFTIVEW
FINANCE COMPANIES
TERMS AND
CONDITIONS
INTEREST RATES CHARGED
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
2/
123
1
23
98
1
6
2
7
0
0
FOR THESE FACTORS, FIRNER
EANS THE FALTORS MERE CONSIDERED MORE IMPORTANT
CREDIT RtQlUESTS. AND EASIER MEANS THEY WERE LESS IMPORTANT.
IN MAKING DECISIONS FOR APPROVING
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR
QUDTATION
TABLE
OR PUbLICATION
ALL
OSTS
EDSTON
NEW YORK
TOTAL CITY OUTSIDE
PAGE 08
3 (CONTINUED)
PHILADEL.
CLEVE- RICHLAND MOND
ATLAN- CHICST.
TA
AGO
LOUIS
MINNE- KANS.
APOLIS
CITY
DALLAS
SAN
FRAN4
LENDING TO *NGNCAPTIVE"
FINANCE COMPANIES
TERMS AND CONDITIONS:
SIZE OF CNOMPENSATING
BALANCES
iULh FIRMER POLICY
MOERATELY FIRMIR POLICY
ESSENTIALLY UNCHANGED POLICY
MODCERATcLY EASIER ICLIC.Y
MUCH EASIER POLICY
EN-ORCEMENT OF
BALANCE REQUIkEMkNT
MULH FIRMER POLILY
MODERATELY FkRMER POLICY
ESSENTIALLY UNCANGECt POLICY
MODERAELY EASIER PGLICY
RUCH tASIER POLICY
ESTAELISING NEW OR LARGER
CREDIT LINES
ftti
FIRMER POLICY
MODERTkLY FIRMER POLICY
ESSENTIALLY UNCHANGtCt FOLICY
MODERATrLY EASIER PCLICY
MUCH EASIER POLICY
WILLINGNESS TO
TYPES OF LIANS
MAKE
123
C
6
IL5
0
C
0
0
8
0
3
17
0
0
0
0
9
0
0
0
1
8
0
C
0
O
t
C
&
a
2
9
0
0
0
O
12
0
0
0
2
8
0
0
0
1
14
0
0
0
C
1
5
0
0
0
1
10
0
0
0
0
0
c
3
6
0
0
12
0
0
0
3
7
0
0
0
1
14
0
1
2
14
1
0
C
0
8
1
0
1
2
6
0
0
5
b
0
0
3
8
C
0
2
2
7
1
0
0
3
12
3
0
0
7
1
0
C
2
5
2
0
0
0
5
1
0
0
0
9
2
0
0
0
0
0
8
0
0
0
0
3
6
0
0
0
0
0
1
8
0
0
0
0
3
0
0
0
0
9
0
0
0
0
9
0
0
0
1
12
0
0
0
6
0
0
9
0
0
0
8
0
0
0
1
2
0
0
0
0
2
11
0
0
1
1
8
0
0
0
4
11
0
0
1
0
8
0
0
0
0
2
1
0
0
2
6
1
0
0
1
8
0
0
0
a
11
0
4
0
0
10
2
0
2
2
5
1
0
0
0
14
1
0
0
1
5
3
0
0
0
2
5
1
1
0
0
0
9
4
0
0
0
a
4
0
0
0
7
3
0
0
0
0
6
2
1
123
0
14
&9
C
0
L
0
8
0
0
3
15
0
0
0
1
1
8
0
123
6
17
94
4
0
0
6
0
1
0
CTHER
TERM LOIANS T3 BUSINESSES
CONSICERAbLY LESS WILLING
MOVERATELY LESS WILLING
ESSENTILLY UNCHANGED
MDzRATbLY MORE WILLING
CCNSIDERABLY MORE W1LLING
CONSJMtR INSTALMENT LOANS
CONSICERALLY LESS WlLLING
MOCRAITELY LESS WILLING
ESSENTIALLY UNChANGED
MODERATELY MORE WILLING
CONSIDERAbLY MOKE WILLING
L23
2
8
0
92
20
1
7
1
0
1
0
2
1
0
0
9
0
0
122
u
C
69
29
4
0
0
6
2
O
11
6
O
0
4
1
1
8
3
0
0
11
4
0
0
0
3
0
0
0
0
7
0
2
a
0
7
2
0
0
0
ii
2
0
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOK CUOTATION OR PUELICATION
PAGE 09
TABLE 3 (CONTINUED)
ALL
DSTS
80SION
NEW YORK
TOTAL CITY OUTSIDE
PHILADEL*
CLEVELAND
RICHMOND
ATLANTA
CHICAGO
ST.
LOUIS
NINNEAPOLIS
KANS.
CITY
DALLAS
SAN
FRAN
WILLINGNESS TO MAKE OTHER
TYPES OF LOANS
SINGLE FAMILY MORT6AGE LOANS
CONSIEERABLY LESS WILLING
MOOERAT6LY LESS WILLING
ESSkNTIALLY UNCHANGED
MOCERATELY MORE WILLING
CONSIDERABLY MORE WILLING
MULTIFAMILY MORTGAGE LOANS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDEkASLY MORE WILLING
ALL OTHER MORTGAGE LOANS
CONSIDEAABLY LES WILLING
MODERATELY LESS WILLING
ESSbNIIALLY UNCHANGED
MODERATELY MORE WILLING
CCNSIDEABLY MORE WILLING
PARTICIPATION LOANS WITH
COkRESPONDENT BANKS
CONS1DEkRALY LESS WILLING
MODERATtLY LESS WILLING
ESSENTIALLY UNCHANGED
MODFRATELY MORE WILLING
CONSILcRAELY MORE WILLING
LOANS TO BROKERS
CONSILRABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
NUMBER OF BANKS
121
2
8
101
10
0
1
1
6
0
0
0
1
14
1
0
0
0
7
0
0
0
1
7
1
0
0
0
6
0
0
0
0
10
1
0
0
0
9
3
0
1
2
7
0
O
0
0
12
3
O
0
0
8
1
O
0
0
3
0
O
0
2
7
0
0
0
0
9
0
0
0
2
10
1
0
1
2
5
0
O
b
1
14
0
a
0
1
6
0
0
0
0
8
0
0
0
0
6
0
0
0
11
0
0
0
0
12
0
0
1
2
7
0
O
0
1
14
0
O
0
1
8
0
O
0
0
3
0
O
0
2
7
0
O
0
0
9
0
O
0
1
12
0
O
1
2
4
1
0
0
1
13
2
0
0
1
6
0
O
0
0
7
2
0
0
1
5
0
b
0
0
11
0
O
0
0
11
1
O
1
3
6
0
O
0
O
14
1
O
0
1
7
1
0
0
0
3
0
O
0
1
7
1
O
0
1
8
0
O
0
1
12
0
O
O
0
6
2
O
0
0
15
3
O
0
0
8
1
0
0
0
7
2
0
0
0
5
1
0
0
0
11
0
0
0
0
12
U
0
1
0
8
0
0
0
0
12
3
0
0
0
7
2
0
0
0
3
0
0
0
0
6
3
0
0
O
8
0
"0
0
O
12
1
0
0
G
6
1
0
0
O
17
1
0
0
O
8
1
0
0
O
9
0
0
C
C
6
0
0
0
11
0
C
0
0
11
1
0
1
1
7
0
0
0
0
13
2
0
0
1
8
0
0
0
0
2
1
0
0
0
9
0
0
0
0
8
0
0
0
0
11
2
0
120
2
1i
108
0
O
121
2
11
101
1
O
121
i
0
1C5
15
O
]20
1
Z
1C9
8
0
Authorized for public release by the FOMC Secretariat on 2/3/2021
PAGE 10
TABLE 4
NOT FOR COOTATION OR PUbLICATION
MAY
COMPARISON OF SELECTED RESPONSES IN THE
NAY 15, 1975
NUMBER
CF BANKS
STRENGTH OF DEMANi
INDUSTRIAL LGANS
LOMPARb
AND
AUGUST SURVEYS
AUGUST 15, 1975
NUMBER OF BANKS
STRONGER UNCHANGED
WEAKER
FOR COMMERCIAL AND
10 THREE MONTHS AGO
STRONGER
UNCHANGED
WEAKER
12
43
68
2
2
5
6
23
30
4
18
33
DLMANt THREE MONTHS HENCE
STRONGER
UNCHANGED
WEAKER
17
77
25
10
36
11
7
37
11
0
4
7
ANTILIPATED DEMAND THREE MONTHS HENCE
STRONGER
UNCHANGED
WEAKER
17
77
29
ANTICIPATE
LENDING TO NONFINLNLIAL BUSINESSES
INTEREST RATES CHARGED
FIRMER
UNCHANGED
EASIER
COMPENSATING OR SUPPORTING BALANCES
FIRMER
UNCHANGED
EASIER
STANDARDS OF CRLUIT WORTHINESS
FIRMER
UNCHANGED
EASIER
MATURITY OF TERM LOANS
FIRMER
UNCHANGED
EASIER
COMPARED
3
4
2
FIRMER
TO THREE MONTHS AGO
7
7
41
32
16
11
UNCHANGED
EASIER
Authorized for public release by the FOMC Secretariat on 2/3/2021
TABLE 4 (CONTINUED)
NOT FOR QUOTATION OR PUBLICATION
MAY
15,
1975
NUMBER
OF BANKS
PAGE 11
AUGUST 15,
1975
NUNBER OF BANKS
FIRMER
UNCHANGED
EASIER
REVIEWING CREDIT LINES OR LOAN APPLICATION
ESTABLISHED CUSTOMERS
FIRMER
UNCHANGED
EASIER
6
97
20
1
4
0
5
87
15
0
6
5
19
80
24
4
8
0
15
63
14
0
9
10
LOCAL SERVICE AREA CUSTOMERS
FIRMER
UNCHANGED
EASIER
7
95
21
0
4
0
7
85
13
0
5
8
NONLOCAL SERVICE AREA CUSTOMERS
FIRMER
UNCHANGED
EASIER
18
94
11
5
4
0
13
80
9
0
9
2
26
93
4
12
5
0
14
86
3
0
2
1
12
104
7
3
3
1
9
96
5
0
5
1
INTEREST PATES CHARGED
FIRMER
UNCHANGED
EASIER
2
104
17
1
12
11
1
92
5
0
0
1
COMPENSATING OR SUPPORTING BALANCES
FIRMER
UNCHANGED
EASIER
7
116
0
2
6
0
5
110
0
0
0
0
NEW CUSTOMERS
FIRMER
UNCHANGED
EASIER
FACTORS RELATING 10 APPLICANT
VALUE AS DEPOSITOk OR
SOURCE OF COLLATERAL BUSINESS
FIRMER
UNCHANGED
EASIER
INTENDED USE OF THE LOAN
FIRMER
UNCHANGED
EASIER
LENDING TO ONONCAPTIVE* FINANCE COMPANIES
TERMS AND CONDITIONS:
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QGOTATION OR PUbLICAION
TABLE 4
(CONTINUEDI
NAY 15,
1075
NUMBER
OF BANKS
LtNDING TO "NONCAPTIVL*
PAGE 12
AUGUST 15, 1975
NUMBER OF BANKS
FIRMER
EASIER
UNCHANGED
FINANCE COMPANIES
TEMS AND CONDITIONS:
ENFORCEMENT OF BALANCE REQUIREMENTS
FIRMER
UNCHANGED
EASIER
15
108
0
0
0
0
26
88
9
0
1
3
EsTAbLISHING NEM OR LARGER CREDIT LINES
FIRMER
UNCHANGED
EASIbR
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
LESS
TeRM LOANS TO BUSINESSES
LESS
UNCHANGED
MORE
8
93
22
LONSUMER INSTALENT LOANS
LESS
UNCHANGED
MORE
3
85
34
SINGLt FAMILY MORTGAGE LOANS
LESS
UNCHANGED
MORE
8
103
10
MULTI-FAMILY MORTGAGE LOANS
LESS
UNC ANGED
MORE
17
102
1
ALL OTHER MORTGAGE LOANS
LESS
UNCHANGED
MORE
FARTICIPATION LOANS WITH CORRESPONDENT
LESS
UNCHANGED
MORE
LOANS TO BROKERS
LESS
UNCHANGED
MORE
16
97
6
BANKS
6
1C1
16
UNCHANGED
MORE
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUELICATION
TABLE 5
PAGE 13
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
AUG* 15, 1975
NUMBER
OF BANKS
AUGUST SURVEY
AUGUST 15, 1975
NUMBER OF BANKS
ESSENTIALLY
FIRMER
UNCHANGED
EASIER
LEENDING TO NONFINANCIAL BUSINESSES
INTEREST RATES CHARGED
FIRMER
ESSENTIALLY UNCHANGED
EASIER
48
72
3
COMPENSATING OR SUPPORTING BALANCES
17
31
0
3
68
1
0
2
1
12
92
19
ESTABLISHED CUSTOMERS
5
7
O
91
0
9
NEW CUSTOMERS
FIRMER
ESSENTIALLY UNCHANGED
EASIER
VALUE AS DEPOSITOR OR
SOURCE OF COLLATERAL BUSINESS
FIRMER
ESSENTIALLY UNCHANGED
EASIER
0
1
10
INTENDED USE OF THE LOAN
5
12
95
2
0
3
LEENDING TO "NONCAPTIVEU FINANCE COMPANIES
INTEREST RATES CHARGED
FIRMER
ESSENTIALLY UNCHANGED
EASIER
COMPENSATING OR SUPPORTING BALANCES
3
21
0
5
93
C
0
1
0
COMPENSATING
ENFORCEMENT
7
7
0
OR SUPPORTING BALANCES
FIRMER
ESSENTIALLY UNCHANGED
EASIER
COMPENSATING OR SUPPORTING bALANCES
FIRMER
ESSENTIALLY UNCHANGED
EASIER
OF BALANCE REQUIREMENTS
1
6
108
0
O
0
ESTABLISHING NEW OR LARGER CREDIT LINES
5
3
0
18
93
4
0
0
0
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION Ok PUBLICATION
PAGE 14
TABLE 5 (CONTINUED)
A LROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
AUG.
15
1975
NUMBER
OF BANKS
AUGUST SURVEY
AUGUST 15, 1975
NUMBER OF BANKS
ESSENTIALLY
LESS
UNCHANGED
MORE
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
TERM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MORE
MATURITY OF TERM LOANS
3
7
5
87
0
18
SINGLE FAMILY MORTGAGE LOANS
LESS
ESSENTIALLY UNCHANGED
MORE
MULTI-FAMILY MORTGAGE LOANS
8
2
O
4
96
0
0
10
0
SINGLE FAMILY MORTGAGE LOANS
LESS
ESSENTIALLY UNCHANGED
MORE
ALL OTHER MORTGAGE LOANS
7
3
0
4
91
6
0
7
3
TE.M LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MOAE
CONSUMER
0
O
0
TERM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MORE
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
1
8
0
6
85
0
0
12
9
TERM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MORE
LOANS TO BROKERS
3
5
0
86
O
18
O
0
3
INSTALMENT LOANS
3
7
74
17
13
8
1
4
3
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR CUOTATION OR PUBLICA1ION
TABLE
5
(CONTINUED)
PAGE 15
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
AUG. 15, 1975
NUMBER
OF BANKS
AUGUST SURVEY
AlUGUST 15,
1975
NUMBER OF BANKS
ESSENTIALLY
F 1RI ER
UNCHANGED
EASIER
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS
COMPARED TC THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
INTEREST RATES CHARGED
TO NONFINANCIAL BUSINESSES
6
3
0
27
32
0
15
37
3
COMPENSATING OR SUPPORTING BALANCES
1
8
0
15
44
0
4
49
2
CUMPARED TO 1HREE KONTHS AGO
STPONGER
ESSENTIALLY UNCHANGED
WEAKER
STANDARDS
2
10
6
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
MATURITY OF TERM LOANS
1
7
5
53
52
2
COMPARED 10
THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
OF CREDIT WORTHINESS
7
0
49
O
49
0
Ntk CUSTOMERS
COMPAkED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
('NONCAPTIVE FINANCE COMPANIES")
ENFORCEMENT OF BALANCE REQUIREMENTS
2
7
0
9
50
0
3
52
0
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
(*NONCAPTIVE
ESTABLISHING
5
9
9
FINANCE COMPANIESR)
NEW OR LARGER CREDIT LINES
4
0
48
2
44
2
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FCR QUOTATION 04 PU6L1LATION
TABLE !
(CONTINUED)
PAGE 16
A CROSS-LLASSIFICATION OF SELECTED RESPCNSES IN THE
AUG. 159 1975
NUMBER
OF BANKS
AUGUST SURVEY
A UGUST 15, 1975
NUMBER OF EANKS
ESSENTIALLY
LESS
UNCHANGED
MORE
ST1ENGTH OF DEMAND FOR COMMERCIAL AND
INkUSTKIAL LOANS
COPARED TO
THREE MONTHS AGO
STRONGER
ESSENTIALLY UNGCANGEC
WEAKER
WILLINGNESS TO MAKE
TERM LOANS TO BUSINESSES
1
5
7
42
1
45
2
COMPARED TC THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
CONSUMER INSTALMENT LOANS
0
5
4
44
0
14
41
0
14
COMPARkL TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
SINGLE FAMILY MORTGAGE LOANS
2
5
2
49
5
3
47
5
COMPAREC
TO ThREF MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
MULTI-FAMILY MORTGAGE LOANS
0
9
0
6
50
0
6
49
0
CCMPARED
TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
ALL OTHER MORTGAGE LOANS
0
8
1
5
45
7
6
48
1
TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
2
7
C
1
51
5
0
47
8
CUMFARiL
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
LOANS TO BROKERS
o
1
2
52
U
51
2
3
3
Authorized for public release by the FOMC Secretariat on 2/3/2021
NOT FOR QUOTATION OR PUBLICATION
TABLE 5 (CONTINUED)
PAGE 17
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
AUG.
15,
1975
NUMBER
OF BANKS
AUGUST
AUGUST 15,
SURVEY
1975
NUMbER OF BANKS
ESSENTIALLY
FIRMER
UNCHANGED
EASIER
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS
ANTICIPAIED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPENSATING OR SUPPORTING BALANCES
10
46
1
0
47
8
2
8
1
ANTICIPATED LEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
STANDARDS OF CREDIT WORTHINESS
8
49
0
7
48
0
3
8
0
ANTICIPATEL LEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
MATURITY OF TERM LOANS
5
51
2
52
1
9
1
1
1
ANTICIFAED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
NEW CUSTOMERS
44
7
43
3
2
5
6
9
4
ANTICIPAltD DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
(NONCAPTIVE
ESTABLISHING
14
7
2
LESS
ANTICIPATEL otMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
FINANCE COMPANIES")
NEW OR LARGER CREDIT LINES
41
2
46
2
9
0
ESSENTIALLY
UNCHANGED
MORE
WILLINGNESS TO MAKE
TERM LOANS TO BUSINESSES
6
42
9
2
43
10
2
7
2
@FedFRASER