The 2023 banking crisis causes credit crunch in the US.

The collapse of Silicon Valley Bank and two other institutions has led to banks tightening lending standards for consumers and businesses, making it tougher to obtain loans. The Federal Reserve's Senior Loan Officer Opinion Survey found that 42% of banks somewhat tightened lending standards for large and midsize companies over the past three months, while 45% somewhat toughened lending criteria for small firms. Banks also toughened lending standards for consumer, auto, and credit card loans, and expected to further toughen lending criteria for all types of loans for the rest of the year. The banking crisis has also led to reduced demand for loans by households and businesses, as well as concerns about customers' withdrawal of deposits, liquidity concerns, and funding costs.