Photo: A bird flies over the Lower Manhattan skyline on July 5, 2019. Photographer: Michael Nagle/Bloomberg A bird flies over the Lower Manhattan skyline on July 5, 2019. Photographer: Michael Nagle/Bloomberg

U.S. bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy.

Commercial bank lending dropped by nearly US$105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a drop in loans by small banks.

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