In this paper, we examine the relationship between small business loan growth and growth in core deposits and Federal Home Loan Banks (FHLBs) advances from 2010 to 2016. Controlling for other effects, we find that the relationships between small business loan growth is positively and significantly related to both FHLB advance growth and core deposit growth, with the coefficient on advance growth being significantly larger than the coefficient on core deposits over the entire sample period. We also tested whether this relationship changed after 2014:3 reflecting the Federal Reserve’s relaxation of the regulatory burden on smaller banks. We find that the relationship between loan growth and core deposit growth became more positive after the change, but the relationship between loan growth and FHLB advance growth did not. As a result, we could no longer reject the hypothesis that the coefficient on core deposit growth was equal to the coefficient on FHLB advance growth after 2014:3. This provides some empirical support that the regulatory changes in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (DFA) influenced small business lending by strengthening the impact of the growth in core deposits on the growth of small business lending, complementing the work of Bordo and Duca (2018) that changes in DFA had some unintended negative consequences for lending to small businesses. It also suggests that lowering the regulatory burden faced by community banks (which have a larger proportion of core deposits to total assets than non-community banks) could improve the incentive to increase small business lending. It also implies that FHLB advances remain an important funding tool at the margin to give commercial banking organizations greater liquidity and flexibility in funding their balance sheets.

中文翻译：

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联邦住房贷款银行（FHLB）垫款对社区银行小企业贷款的影响—2010–2016年

在本文中，我们研究了小企业贷款增长与核心存款增长之间的关系以及2010年至2016年联邦住房贷款银行（FHLBs）的预付款。在控制其他影响的同时，我们发现小企业贷款增长之间的关系是正的，并且与FHLB预付款增长和核心存款增长均显着相关，预付款增长系数显着大于整个样本期内核心存款的系数。我们还测试了这种关系在2014：3之后是否发生了变化，反映出美联储放松了对小银行的监管负担。我们发现，变更后贷款增长与核心存款增长之间的关系变得更加正，而贷款增长与FHLB预付款增长之间的关系却没有。结果是，我们再也不能拒绝以下假设：核心存款增长系数等于2014年之后FHLB提前增长系数：3。这提供了一些经验支持，即《 2010年多德-弗兰克华尔街改革和消费者保护法案》（DFA）的监管变化通过加强核心存款增长对小企业贷款增长的影响，对小企业贷款产生了影响。 Bordo和Duca（2018）的工作表明，DFA的变化会对向小企业的贷款产生一些意想不到的负面影响。这也表明，减轻社区银行（其核心存款在总资产中所占比例比非社区银行所占比例更大）所面临的监管负担，可以改善增加小企业贷款的动机。