WASHINGTON (AP) — The Treasury Department says new lending plummeted in January at the nine largest banks that have yet to repay their taxpayer bailouts.
Treasury's monthly survey of bank lending shows overall new loan origination dropped 35 percent from December's level. Treasury says the drop "may be partially explained by large increases" in late 2009.
The survey also shows that average loan balances at the nine banks were 2 percent higher than in December — bringing them to their highest level since September.
The nine banks are: Citigroup Inc., Comerica Inc., Fifth Third Bancorp, Hartford Financial Services Group Inc., KeyCorp, Marshall & Ilsley Corp., PNC Financial Services Group Inc., Regions Financial Corp. and Suntrust Banks Inc.
