Today, while chatting with a banker familiar with BofA, I heard that they had just held a meeting and are now tightening approval standards for auto loans, mortgages, and other loans, and even for credit card applications.
The banker estimates that things will not return to previous levels until at least June, mainly because the bank is concerned that applicants’ financial stress could lead to bad debt.
If you are planning to apply for a Bank of America loan or credit card soon, it may be a good idea to consult a banker first and think carefully, so you do not waste a hard pull.
At the moment, it is still unclear whether other banks are doing the same, but I think similar moves elsewhere would be perfectly normal...