A Broad U.S. Push to Ease Credit for Small Businesses
February 5, 2010, The New York Times

In a joint statement, the Federal Reserve and four other financial regulators called on the nation’s banks to ease their lending practices for small businesses. The regulators noted that small businesses across the country “are experiencing difficulty” in obtaining or renewing the credit they need to operate.

Ernest T. Patrikis, a former general counsel for the Federal Reserve Bank of New York, said of the new statement: “It’s overdue. This statement should have gone out earlier. We shouldn’t have waited until now, when it’s no secret that small businesses aren’t getting credit.”

Mr. Patrikis, a partner at the law firm of White & Case, said the statement indicated that “bank examiners will be instructed not to be overly critical in their evaluations of loans to small businesses.”

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