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"Credit conditions generally remained stable or improved. Widespread declines in
delinquency rates were seen in the New York and St. Louis Districts, and delinquencies edged
down in the Cleveland District from already low levels. Most bankers in the Philadelphia and
Kansas City Districts expressed continued confidence in the quality of their loan portfolios. The
Dallas District reported that default rates and charge-offs were at all-time lows, and consumer
credit quality improved slightly in the Chicago District.
Credit standards remained largely unchanged, with a few exceptions. The Philadelphia
and St. Louis Districts noted slight easing of credit standards for mortgages and C&I loans,
respectively. Competition among some lenders led to looser credit standards in the Atlanta
District, and contacts in the San Francisco District commented that some financial institutions
were relaxing lending standards or looking for new revenue sources in part due to downward
pressure on net interest margins. "
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