Fed Banks Plan Pilot Survey of Private Credit Markets

Private credit has become an increasingly important source of financing outside the traditional banking system, with the US direct-lending market exceeding $1.3 trillion. Yet limited public disclosure around pricing, leverage and borrower risk has left policymakers with gaps in assessing the sector. The Federal Reserve Banks of Dallas and New York aim to improve market intelligence and transparency through a new data-gathering initiative.

The Dallas Fed and New York Fed plan to launch a pilot survey after the third quarter of 2026, seeking voluntary participation from private-credit firms and other market participants. The exercise is intended for information gathering rather than supervision or regulation. Aggregated findings are scheduled for release in the first quarter of 2027, with responses reported in a way that does not identify individual institutions.