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The Federal Reserve's October 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices shows that just a "modest net fraction" of banks have loosened standards for commercial and industrial loans.

The survey included responses from 76 domestic banks and 22 U.S. branches of foreign banks. It showed that more banks had relaxed pricing and non-price terms, as well as standards for construction and land development loans.

NAFCU Chief Economist and Director of Research Curt Long noted that while it looks like lending standards are beginning to loosen, "credit is still tight, particularly in the real estate market."

The survey also showed that most banks have not changed standards and terms for most household loans, although some have relaxed standards for closed-end mortgages.