WASHINGTON – In a shocking move, the Federal Deposit Insurance Corporation (FDIC) is set to launch a 2022 Small Business Lending Survey, targeting approximately 2,000 U.S. banks for details on their lending practices and volumes.
According to sources, the FDIC is seeking to fill gaps in the understanding of current bank lending to small businesses, which account for nearly all U.S. firms. Banks are the most common source of external financing for small businesses, making this investigation a high priority for the FDIC.
FDIC Acting Chairman Martin J. Gruenberg and U.S. Census Bureau Director Robert L. Santos formally invited the selected banks to participate in the nationally representative online survey. The survey aims to provide a comprehensive view of small business lending by banks and significantly expand the FDIC’s understanding of the impact banks have on the nation’s small businesses.
The selected banks include all FDIC-insured institutions with assets of $3 billion or more as well as a random sample of banks with assets of less than $3 billion. All survey responses will be confidential and anonymous, with the FDIC only reporting aggregated results.
Bankers are advised to attend informational sessions hosted by the FDIC, which will take place on May 11th, 12th, 16th, and 17th. The sessions aim to answer any questions bankers may have about the 2022 SBLS.
As the FDIC delves deeper into the world of small business lending, one thing is clear: the stakes are high, and the scrutiny will be intense. With millions of dollars at play, the FDIC’s investigation is a wake-up call for banks to come clean about their lending practices and volumes.
The FDIC’s move is a significant step towards transparency in the banking industry, and it remains to be seen how banks will respond to the increased scrutiny. One thing is certain, however: the FDIC will not be satisfied with anything less than the truth.
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Key Facts
- Agency: FDIC
- Category: Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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