Banking and Finance Law Daily Wrap Up, FEDERAL RESERVE SYSTEM—Dallas, New York Federal Reserve Banks plan survey of private credit market, (Aug 6, 2026)
Organizations Mentioned:Federal Reserve Bank of Dallas | Federal Reserve Bank of New York
Aggregate findings are expected in the first quarter of 2027, and the survey findings will not be used for supervisory purposes.
The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York have announced a forthcoming pilot survey to track lending trends in the United States private credit direct lending market, which is estimated at more than $1.3 trillion. The announcement comes after a period of rapid growth in private credit lending activity. The voluntary survey is expected to launch after the end of the third quarter of 2026 and aggregate findings are anticipated in the first quarter of 2027.
The U.S. direct lending market has grown rapidly in recent years, is estimated at more than $1.3 trillion, and is comparable in size to both the high-yield bond and broadly syndicated loan markets. The pilot focuses on private direct lending, where the banks said market visibility is more limited than in public credit markets.
The survey is intended to provide insights into credit availability and credit provision in private credit markets, as well as the evolution of lending standards. Additionally, the stated purpose includes questions about the broader economy and monetary policy.
The direct lending market will be segmented into upper middle market, middle market, and lower middle market categories, with the bands defined by earnings before interest, taxes, depreciation, and amortization (EBITDA): more than $100 million for upper middle market, $30 million to $100 million for middle market, and less than $30 million for lower middle market.
The project is being run jointly by the Dallas Fed Research Department and the New York Fed Open Market Trading Desk. The survey will be part of ongoing market intelligence gathering efforts and the findings will not be used for supervisory purposes.
RegulatoryActivity: BankingOperations FederalReserveSystem Loans