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Illustration: Eniola Odetunde/Axios

Loan growth at U.S. banks declined in the third quarter, as banks tightened lending standards and demand from businesses fell.

Why it matters: It's the latest piece of evidence showing that the Fed's programs are helping prop up Wall Street but aren't trickling down to help most everyday Americans.

  • Banks cited the poor economic outlook and a reduced risk tolerance for their decisions to further tighten loan standards. Some banks also pointed to less aggressive competition from other lenders.

Driving the news: Gross loans at the 15 largest U.S. banks, excluding Paycheck Protection Program loans, fell 1% quarter over quarter in Q3, and overall lending saw a 0.9% decline, S&P Global announced Monday.

  • Commercial and industrial loans fell as 14 of the 15 largest U.S. banks reported a decrease.

The big picture: The news followed the Fed's latest survey of senior loan officers on Nov. 9 that showed banks continued to tighten standards for lending despite the Fed's QE4ever program and hundreds of billions of dollars in financing via its special purpose vehicles.

  • For consumers, banks are requiring higher minimum credit scores for credit cards and auto loans.
  • Small businesses are seeing higher collateralization requirements and higher premiums on loans as well as the use of interest rate floors, the survey found.

Go deeper

ServiceNow launches $100M racial equity fund

Photo: Smith Collection/Gado/Getty Images

ServiceNow will create a $100 million racial equity fund that aims to promote more lending within Black communities.

Why it matters: It’s the latest move by corporate America to dedicate resources to fighting systemic racism and inequality.

Robert Costa: Gen. Mark Milley "was not going rogue" with China calls

Washington Post journalist Robert Costa on Monday said in an interview with ABC's Good Morning America that Joint Chiefs Chairman Mark Milley "was not going rogue" when told his Chinese counterpart that the U.S. would not launch a surprise attack.

Driving the news: President Biden last week expressed "great confidence" in Milley after excerpts released from Costa's and Bob Woodward's book "Peril" revealed calls where Milley admits he would let China know ahead of time if former President Trump decided to attack.

Delta variant fears curb fall flying

Travelers in the Miami International Airport. Photo: by Joe Raedle/Getty Images

Continued worries about the Delta variant are derailing fall travel plans.

Driving the news: Thanksgiving domestic flight bookings in August were 18% lower this year compared with 2019, according to a new Adobe Digital Economy Index report out Monday morning.