Q1 2026 SLOOS Foreign Survey

OMB No. 7100-0058
Approval expires May 31, 2027

FR 2018

Senior Loan Officer Opinion Survey
on Bank Lending Practices
January 2026
Questionnaire for U.S. Branches and Agencies of Foreign
Banks

Table of Contents

Page

Commercial and Industrial (C&I) Lending

1

Commercial Real Estate (CRE) Lending

7

Special Questions: Outlook for Lending Standars
and Loan Demand over 2026

8

Special Questions: Outlook for Asset Quality over 2026

16

Special Questions: C&I Lending Standards To Firms with
Varying Exposure to AI

18

Optional Question

19

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January 2026 Senior Loan Officer Opinion Survey

Commercial and Industrial (C&I) Lending
Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions
1-3 deal with changes in your bank’s lending policies over the past three months. Questions
4-5 deal with changes in demand for C&I loans over the past three months. Question 6
asks about changes in prospective demand for C&I loans at your bank, as indicated by the
volume of recent inquiries about the availability of new credit lines or increases in existing
lines. If your bank’s lending policies have not changed over the past three months, please
report them as unchanged even if the policies are either restrictive or accommodative relative
to longer-term norms. If your bank’s policies have tightened or eased over the past three
months, please so report them regardless of how they stand relative to longer-term norms.
Also, please report changes in enforcement of existing policies as changes in policies.

1. Over the past three months, how have your bank’s credit standards for approving applications for C&I loans or credit lines—other than those to be used to finance mergers
and acquisitions—changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate C&I loans or credit lines

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2. For applications for C&I loans or credit lines—other than those to be used to finance
mergers and acquisitions—that your bank currently is willing to approve, how have the
terms of those loans changed over the past three months? (Please assign each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened
somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)
a. Maximum size of credit lines
b. Maximum maturity of loans or credit lines
c. Costs of credit lines
d. Spreads of loan rates over your bank’s cost of funds (wider spreads=tightened,
narrower spreads=eased)
e. Premiums charged on riskier loans
f. Loan covenants
g. Collateralization requirements
h. Use of interest rate floors (more use=tightened, less use=eased)
i. Other (please specify)

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3. If your bank has tightened or eased its credit standards or its terms for C&I loans or
credit lines over the past three months (as described in questions 1 and 2), how important
have the following possible reasons been for the change? (Please respond to either A, B,
or both as appropriate and rate each possible reason using the following scale: 1=not
important, 2=somewhat important, 3=very important.)
A. Possible reasons for tightening credit standards or loan terms:
a.
b.
c.
d.
e.
f.
g.
h.
i.

Deterioration in your bank’s current or expected capital position
Less favorable or more uncertain economic outlook
Worsening of industry-specific problems (please specify industries)
Less aggressive competition from other banks or nonbank lenders (other financial intermediaries or the capital markets)
Reduced tolerance for risk
Decreased liquidity in the secondary market for these loans
Deterioration in your bank’s current or expected liquidity position
Increased concerns about the effects of legislative changes, supervisory actions, or accounting standards
Other (please specify)

B. Possible reasons for easing credit standards or loan terms:
a.
b.
c.
d.
e.
f.
g.
h.
i.

Improvement in your bank’s current or expected capital position
More favorable or less uncertain economic outlook
Improvement in industry-specific problems (please specify industries)
More aggressive competition from other banks or nonbank lenders (other
financial intermediaries or the capital markets)
Increased tolerance for risk
Increased liquidity in the secondary market for these loans
Improvement in your bank’s current or expected liquidity position
Reduced concerns about the effects of legislative changes, supervisory actions,
or accounting standards
Other (please specify)

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4. Apart from normal seasonal variation, how has demand for C&I loans changed over the
past three months? (Please consider only funds actually disbursed as opposed to requests
for new or increased lines of credit.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate C&I loans or credit lines

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5. If demand for C&I loans has strengthened or weakened over the past three months (as
described in question 4), how important have the following possible reasons been for the
change? (Please respond to either A, B, or both as appropriate and rate each possible
reason using the following scale: 1=not important, 2=somewhat important, 3=very
important.)
A. If stronger loan demand (answer 1 or 2 to question 4), possible reasons:
a.
b.
c.
d.
e.
f.

Customer inventory financing needs increased
Customer accounts receivable financing needs increased
Customer investment in plant or equipment increased
Customer internally generated funds decreased
Customer merger or acquisition financing needs increased
Customer borrowing shifted to your bank from other bank or nonbank sources
because these other sources became less attractive
g. Customer precautionary demand for cash and liquidity increased
h. Other (please specify)
B. If weaker loan demand (answer 4 or 5 to question 4), possible reasons:
a.
b.
c.
d.
e.
f.

Customer inventory financing needs decreased
Customer accounts receivable financing needs decreased
Customer investment in plant or equipment decreased
Customer internally generated funds increased
Customer merger or acquisition financing needs decreased
Customer borrowing shifted from your bank to other bank or nonbank sources
because these other sources became more attractive
g. Customer precautionary demand for cash and liquidity decreased
h. Other (please specify)

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6. At your bank, apart from normal seasonal variation, how has the number of inquiries
from potential business borrowers regarding the availability and terms of new credit lines
or increases in existing lines changed over the past three months? (Please consider only
inquiries for additional or increased C&I lines as opposed to the refinancing of existing
loans.)
1. The number of inquiries has increased substantially
2. The number of inquiries has increased moderately
3. The number of inquiries has stayed about the same
4. The number of inquiries has decreased moderately
5. The number of inquiries has decreased substantially
6. My bank does not originate C&I lines of credit

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Commercial Real Estate (CRE) Lending
Questions 7-8 ask about commercial real estate (CRE) loans at your bank, including
construction and land development loans and loans secured by nonfarm nonresidential properties. Question 7 deals with changes in your bank’s standards over the past three months.
Question 8 deals with changes in demand. If your bank’s lending standards or terms have
not changed over the relevant period, please report them as unchanged even if they are either restrictive or accommodative relative to longer-term norms. If your bank’s standards
or terms have tightened or eased over the relevant period, please so report them regardless
of how they stand relative to longer-term norms. Also, please report changes in enforcement
of existing standards as changes in standards.

7. Over the past three months, how have your bank’s credit standards for approving applications for CRE loans or credit lines changed?
1. Tightened considerably
2. Tightened somewhat
3. Remained basically unchanged
4. Eased somewhat
5. Eased considerably
6. My bank does not originate CRE loans
8. Apart from normal seasonal variation, how has demand for CRE loans or credit lines
changed over the past three months? (Please consider the number of requests for new
spot loans, for disbursement of funds under existing loan commitments, and for new or
increased credit lines.)
1. Substantially stronger
2. Moderately stronger
3. About the same
4. Moderately weaker
5. Substantially weaker
6. My bank does not originate CRE Loans

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Special Questions: Outlook for Lending Standards
and Loan Demand over 2026
Questions 9 - 10 ask how your bank expects its lending standards for select categories
of C&I and commercial real estate loans to change over 2026. Question 11 asks
about the reasons why your bank expects lending standards to change.

9. Assuming that economic activity progresses in line with consensus forecasts, how does
your bank expect its lending standards for the following C&I loan categories to
change over 2026 compared to its current standards, apart from normal seasonal variation?
A. Compared to my bank’s current lending standards, over 2026, my bank expects its
lending standards for approving applications for C&I loans or credit lines to
large and middle-market firms to:
1.
2.
3.
4.
5.
6.

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
My bank does not originate C&I loans or credit lines to large and middle-market
firms

B. Compared to my bank’s current lending standards, over 2026, my bank expects its
lending standards for approving applications for C&I loans or credit lines to
small firms to:
1.
2.
3.
4.
5.
6.

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
My bank does not originate C&I loans or credit lines to small firms

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10. Assuming that economic activity progresses in line with consensus forecasts, how does
your bank expect its lending standards for the following commercial real estate
loan categories to change over 2026 compared to its current standards, apart from normal
seasonal variation?
A. Compared to my bank’s current lending standards, over 2026, my bank expects its
lending standards for approving applications for construction and land development loans or credit lines to:
1.
2.
3.
4.
5.
6.

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
My bank does not originate construction and land development loans or credit
lines

B. Compared to my bank’s current lending standards, over 2026, my bank expects its
lending standards for approving applications for loans secured by nonfarm
nonresidential properties to:
1.
2.
3.
4.
5.
6.

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
My bank does not originate loans secured by nonfarm nonresidential properties

C. Compared to my bank’s current lending standards, over 2026, my bank expects its
lending standards for approving applications for loans secured by multifamily
residential properties to:
1.
2.
3.
4.
5.
6.

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
My bank does not originate loans secured by multifamily residential properties

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11. If your bank expects to tighten or ease its lending standards for any of the loan categories
reported in questions 9-10, how important are the following possible reasons for the
expected change in standards? (Please respond to either A, B or both as appropriate
and rate each possible reason using the following scale: 1=not important, 2=somewhat
important, 3=very important.)
A. Possible reasons for expecting to tighten lending standards:
a. Less favorable or more uncertain economic outlook
b. Expected deterioration in, or desire to improve, your bank’s capital or liquidity position
c. Expected deterioration in customers’ collateral values
d. Expected reduction in competition from other banks or nonbank lenders
e. Expected reduction in risk tolerance
f. Expected reduction in ease of selling loans in the secondary market
g. Expected deterioration in credit quality of loan portfolio
h. Increased concerns about your bank’s funding costs
i. Increased concerns about the adverse effects of legislative changes, supervisory actions, or changes in accounting standards
j. Other (please specify)

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B. Possible reasons for expecting to ease lending standards:
a.
b.
c.
d.
e.
f.
g.
h.
i.

More favorable or less uncertain economic outlook
Expected improvement in your bank’s capital or liquidity position
Expected improvement in customers’ collateral values
Expected increase in competition from other banks or nonbank lenders
Expected increase in risk tolerance
Expected increase in ease of selling loans in the secondary market
Expected improvement in credit quality of loan portfolio
Reduced concerns about your bank’s funding costs
Reduced concerns about the adverse effects of legislative changes, supervisory
actions, or changes in accounting standards
j. Other (please specify)

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January 2026 Senior Loan Officer Opinion Survey
Questions 12 - 13 ask how your bank expects demand for select categories of C&I
and commercial real estate loans from your bank to change over 2026. Question
14 asks about the reasons why your bank expects demand from your bank to change.

12. Assuming that economic activity progresses in line with consensus forecasts, how does
your bank expect demand for the following categories of C&I loans from your bank to
change over 2026 compared to its current level, apart from normal seasonal variation?
A. Compared to its current level, over 2026, my bank expects demand for C&I loans
or credit lines to large and middle-market firms from my bank to:
1.
2.
3.
4.
5.

Strengthen substantially
Strengthen somewhat
Remain basically unchanged
Weaken somewhat
Weaken substantially

B. Compared to its current level, over 2026, my bank expects demand for C&I loans
or credit lines to small firms from my bank to:
1.
2.
3.
4.
5.

Strengthen substantially
Strengthen somewhat
Remain basically unchanged
Weaken somewhat
Weaken substantially

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13. Assuming that economic activity progresses in line with consensus forecasts, how does
your bank expect demand for the following categories of commercial real estate
loans from your bank to change over 2026 compared to its current level, apart from
normal seasonal variation?
A. Compared to its current level, over 2026, my bank expects demand for construction and land development loans or credit lines from my bank to:
1.
2.
3.
4.
5.

Strengthen substantially
Strengthen somewhat
Remain basically unchanged
Weaken somewhat
Weaken substantially

B. Compared to its current level, over 2026, my bank expects demand for loans secured by nonfarm nonresidential properties from my bank to:
1.
2.
3.
4.
5.

Strengthen substantially
Strengthen somewhat
Remain basically unchanged
Weaken somewhat
Weaken substantially

C. Compared to its current level, over 2026, my bank expects demand for loans secured by multifamily residential properties from my bank to:
1.
2.
3.
4.
5.

Strengthen substantially
Strengthen somewhat
Remain basically unchanged
Weaken somewhat
Weaken substantially

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14. If your bank expects demand from your bank to change over 2026 compared to its current
level and apart from normal seasonal variation for any of the loan categories reported
in Questions 12 - 13, how important are the following possible reasons for the
expected change in demand? (Please respond to either A, B or both as appropriate
and rate each possible reason using the following scale: 1=not important, 2=somewhat
important, 3=very important.)
A. Possible reasons for expecting stronger loan demand:
a. Customers are expected to face higher spending or investment needs due to
more favorable or less uncertain income prospects
b. Customer precautionary demand for cash and liquidity is expected to increase
c. Interest rates are expected to decline, strengthening loan demand
d. More favorable terms other than interest rates are expected to increase loan
demand
e. Customer spending or investment needs are expected to increase for reasons
not listed above
f. Customer borrowing is expected to shift to your bank from other bank sources
because these other sources become less attractive
g. Customer borrowing is expected to shift to your bank from other nonbank
sources because these other sources become less attractive
h. Other (please specify)

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B. Possible reasons for expecting weaker loan demand:
a. Customers are expected to face lower spending or investment needs due to
less favorable or more uncertain income prospects
b. Customer precautionary demand for cash and liquidity is expected to decrease
c. Interest rates are expected to increase, weakening loan demand
d. Less favorable terms other than interest rates are expected to reduce loan
demand
e. Customer spending or investment needs are expected to decrease for reasons
not listed above
f. Customer borrowing is expected to shift from your bank to other bank sources
because these other sources become more attractive
g. Customer borrowing is expected to shift from your bank to other nonbank
sources because these other sources become more attractive
h. Other (please specify)

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Special Questions: Outlook for Asset Quality over
2026
Questions 15 - 16 ask about your bank’s expectations for the behavior of loan delinquencies and charge-offs on selected categories of C&I and commercial real estate loans in
2026.

15. Assuming that economic activity progresses in line with consensus forecasts, what is your
outlook for delinquencies and charge-offs on your bank’s C&I loans in the following
categories in 2026?
A. The quality of my bank’s C&I loans to large and middle-market firms over
2026, as measured by my bank’s outlook for delinquencies and charge-offs on these
loans, is likely to:
1.
2.
3.
4.
5.

Improve substantially
Improve somewhat
Remain around current levels
Deteriorate somewhat
Deteriorate substantially

B. The quality of my bank’s C&I loans to small firms over 2026, as measured by my
bank’s outlook for delinquencies and charge-offs on these loans, is likely to:
1.
2.
3.
4.
5.

Improve substantially
Improve somewhat
Remain around current levels
Deteriorate somewhat
Deteriorate substantially

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16. Assuming that economic activity progresses in line with consensus forecasts, what is
your outlook for delinquencies and charge-offs on your bank’s commercial real estate
loans in the following categories in 2026?
A. The quality of my bank’s construction and land development loans over 2026,
as measured by my bank’s outlook for delinquencies and charge-offs on these loans,
is likely to:
1.
2.
3.
4.
5.

Improve substantially
Improve somewhat
Remain around current levels
Deteriorate somewhat
Deteriorate substantially

B. The quality of my bank’s loans secured by nonfarm nonresidential properties
over 2026, as measured by my bank’s outlook for delinquencies and charge-offs on
these loans, is likely to:
1.
2.
3.
4.
5.

Improve substantially
Improve somewhat
Remain around current levels
Deteriorate somewhat
Deteriorate substantially

C. The quality of my bank’s loans secured by multifamily residential properties
over 2026, as measured by my bank’s outlook for delinquencies and charge-offs on
these loans, is likely to:
1.
2.
3.
4.
5.

Improve substantially
Improve somewhat
Remain around current levels
Deteriorate somewhat
Deteriorate substantially

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Special Questions: C&I Lending Standards to Firms
with Varying Exposure to AI
Question 17 asks about any changes in your bank’s likelihood of approving C&I loan applications from borrowers in sectors with varying exposures to AI. Question 18 asks you to
assess how AI affects different sectors. Answer both questions based on your best judgment
of borrowers’ exposure to AI.

17. Relative to January 2025, how much more or less likely is your bank to
approve a C&I loan application from borrowers in sectors with varying levels
of AI exposure? In each case, assume that all other borrower characteristics are typical
for C&I loan applications from borrowers in that sector. (Please assign each borrower
category a number using the following scale: 1=much more likely, 2=somewhat more
likely, 3=about as likely, 4=somewhat less likely, 5=much less likely.)
A. C&I loans to firms in sectors benefiting from high AI exposure.
B. C&I loans to firms in sectors adversely affected by high AI exposure.
C. C&I loans to firms in sectors with little AI exposure.
18. How do you rate the impact of AI on your borrowers operating in the following sectors? (Please use the following scale: 1=very beneficial, 2=somewhat beneficial,
3=no impact, 4=somewhat harmful, 5=very harmful, 6=my bank does not lend to firms
in these sectors.)
A. Firms in digital infrastructure and hardware manufacturing sectors (including data processing, software development, telecommunications, computational hardware).
B. Firms in energy and utility sectors (including electricity generation and distribution).
C. Firms in knowledge-intensive business and professional services sectors
(including finance, insurance, scientific, and administrative services).
D. Firms in transportation, logistics, and commerce sectors (including transportation and warehousing, wholesale, and retail trade).
E. Firms in traditional manufacturing and construction sectors (including
machinery, textiles, chemicals, and building construction).
F. Firms in personal and community service sectors (including education,
healthcare, accommodation, and food services).

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Optional Question
Question 19 requests feedback on any other issues you judge to be important but are not
addressed in this survey.

19. Are there any other recent developments in lending practices not addressed in this survey
that you find particularly significant? Your response will help us stay abreast of breaking
issues and in choosing questions for future surveys. There is no need to reply if you have
nothing you would like to add.

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