Credit standards would be tightening up amid banking sector worries, experts have said.
A record share of consumers in March said credit standards were tighter than a year ago, according to a new look at consumer expectations that also showed people predicting their access to credit would only narrow in the year ahead.
After Silicon Valley Bank and Signature Bank failed in early March, experts and policymakers predicted one outcome would be tighter credit access from banks that were feeling the jitters about their lending approaches. NY Fed researchers design the survey of “consumer expectation” to hear from consumers throughout the month. Since 2013, researchers have been using this survey of consumer expectations to ask about credit availability.
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