Proposed Extension of Small Business and Farm Lending Survey
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The Federal Reserve is proposing to extend and revise the Survey of Small Business and Farm Lending for another three years. This impacts banks that collect specific loan data for farmers and small businesses, asking them to provide detailed quarterly reports. New streamlined processes aim to reduce reporting burdens.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Extension of data collection for three more years
- Combination of report forms to reduce burden
- Revision of instructions to improve clarity
Obligations
What this law requires
Banks must provide quarterly average quantitative data on terms of small business loans and qualitative information on changes and reasons for changes in lending terms
Banks must report the prime interest rate for each day of the survey week as part of the combined FR 2028B form (effective August 3, 2026)
Banks must provide an email address in the respondent contact information section of the revised FR 2028B form (effective August 3, 2026)
Banks must indicate whether they have 'no loans to report' using the new indicator field on the revised FR 2028B form (effective August 3, 2026)
Public comments on the survey proposal must be submitted on or before June 9, 2026 to the Federal Reserve Board