The Board of Governors of the Federal Reserve System is extending, without any changes, its Senior Loan Officer Opinion Survey on Bank Lending Practices for three years. The survey, conducted up to six times a year, collects information from senior loan officers at major banks to monitor credit availability and lending practices in the U.S. The information helps the Federal Reserve fulfill its responsibilities under the Federal Reserve Act by keeping track of how lending practices affect the economy and credit markets. The survey is voluntary, maintaining confidentiality for individual responses, while aggregate data is made public.
Simple Explanation
The Federal Reserve Board collects feedback from top bank officials a few times a year to see how easy or hard it is for people to get loans. They do this to understand what's happening in the economy and make smart choices, but they promise to keep each person's answers secret.