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The Standards Are in the Mail: Comparing Credit Card Supply Indicators

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Abstract

We provide the first lender-level analysis linking two independently constructed credit supply measures: the Federal Reserve's Senior Loan Officer Opinion Survey (SLOOS) and credit card mail offers from Mintel Comperemedia. Using a matched panel of 73 banks from 2000 to 2019, we find that quarterly mail volume growth was 18 percent lower when banks reported tightening credit card lending standards, a relationship robust to including credit demand indicators. In addition, SLOOS responses on credit limits and interest rate spreads are also correlated with these terms observed in mail offers. Our findings validate both measures as informative credit supply indicators.

Suggested Citation

  • John C. Driscoll & Benjamin S. Kay & Geng Li & Cindy M. Vojtech, 2026. "The Standards Are in the Mail: Comparing Credit Card Supply Indicators," Finance and Economics Discussion Series 2026-048, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:103518
    DOI: 10.17016/FEDS.2026.048
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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