# Private Credit & NDFI Stress Tracker

Every analysis, live tool and dataset I have built on private credit, non-bank lending (NDFI) and insurance stress - default rates, US bank exposure, the regulatory reports, and the interactive trackers behind them. From primary sources (Fed, FDIC, NCUA, FSB, ECB), multi-layer validated, by a practitioner.

Source: https://www.tigzig.com/private-credit

## Live tools - track it yourself

Interactive trackers built on primary-source data. Filter, drill down by institution, and export. These are SPA apps inside Tremor - the analyses below explain what each one shows and why it matters.

- [US Bank Exposure to Non-Bank Lenders (NDFI)](https://tremor.tigzig.com/tools/us-ndfi) - How much US banks lend to non-banks, by institution. FDIC call-report data.
- [US Insurance Assets Tracker](https://tremor.tigzig.com/tools/us-insurance) - Life & P&C, 73 series, 25 years - including private-credit and offshore-reinsurance exposure.
- [Private Credit](https://tremor.tigzig.com/tools/private-credit) - The private-credit stress view inside Tremor.
- [BDC Stress](https://tremor.tigzig.com/tools/us-bdc) - Business Development Companies - discounts, withdrawals, gates.

## Default rates & the 'market for lemons'

- [Private Credit Default Rate Hits a Record 6.0% (2026): A Market for Lemons? Banks and Insurers Deep In It.](https://www.tigzig.com/post/private-credit-market-for-lemons-may2026) - May 2026
- [Banks Holding the Line.. But the 'Lemons' Sit Off the Chart - in Private Credit, Credit Unions and Non-Bank Consumer Lenders.](https://www.tigzig.com/post/banks-holding-line-lemons-off-chart-may2026) - May 2026
- [Private Credit - The $2.7 Trillion Shadow Lending Market Is Showing Cracks](https://www.tigzig.com/post/private-credit-shadow-lending-cracks-2026) - Mar 2026

## US bank exposure to non-banks (NDFI)

- [Banks Keep Funding the Non-Banks. $1.65T in Q1 2026, Up 42% in Five Quarters. US Banks NDFI Update.](https://www.tigzig.com/post/us-banks-ndfi-q1-2026-update-may2026) - May 2026
- [US Bank Exposure to Non-Bank Lenders - Now in an Interactive Analytics Tool](https://www.tigzig.com/post/us-bank-ndfi-interactive-analytics-tool) - Apr 2026 · tool launch
- [NDFI Analytics - US Bank Exposure to Non-Bank Lenders](https://www.tigzig.com/post/ndfi-analytics-us-bank-exposure-tool) - Mar 2026
- [US Banks & Non-Bank Lending - How Deep is the Exposure? Is there a Systemic Risk?](https://www.tigzig.com/post/us-banks-ndfc-lending-systemic-risk-2026) - Mar 2026

## Insurance & offshore reinsurance

- [Red Flag in US Life Insurance. $2.4T (7.5% of GDP) in Private Credit and Offshore Reinsurance.](https://www.tigzig.com/post/us-life-insurance-red-flag-private-credit-offshore) - May 2026
- [US Insurance Assets Tracker - 25 Years of Data, 73 Series, Life & P&C](https://www.tigzig.com/post/us-insurance-assets-tracker) - May 2026 · tool launch

## Regulatory & official reports

- [FSB Just Published 50 Pages on Private Credit. The Title: 'Vulnerabilities in Private Credit.'](https://www.tigzig.com/post/fsb-vulnerabilities-private-credit-report-may2026) - Jun 2026 · FSB
- [US Fed Financial Stability Report May 2026 - Same Stress Points, Now in the Fed’s Own Survey.](https://www.tigzig.com/post/fed-fsr-may2026-stress-points-match-analysis) - May 2026 · Fed FSR
- [ECB Stress-Tested Private Credit. Pensions Worst at 6% of Assets.](https://www.tigzig.com/post/ecb-stress-test-private-credit-may2026) - Jun 2026 · ECB
- [Private Credit and BDC Stress. Discounts at 13-Year Lows. Withdrawals Past the Gate. Regulators Now Arriving.](https://www.tigzig.com/post/private-credit-bdc-stress-regulators-jun2026) - Jun 2026

## Systemic risk & convergence

- [The Convergence Risk. Credit Stress Already Past 2007 Pre-Crisis. Five Aggravators Stacking On Top.](https://www.tigzig.com/post/convergence-risk-credit-stress-past-2007) - Apr 2026
- [Dimon Was Right. More Cockroaches Arrive. UK Lender MFS Collapses - $2.5B Across 12+ Global Banks.](https://www.tigzig.com/post/mfs-collapse-cockroaches-private-credit-may2026) - May 2026
- [Bank Loss Rates Look Calm. The Stuff Underneath - Consumer, Private Credit, Non-Banks - Says Otherwise.](https://www.tigzig.com/post/bank-loss-rates-look-calm-storm-brewing-may2026) - Jun 2026
- [Auto Losses Past the GFC Peak. Cards Almost There. Credit Unions Already at GFC Loss Rates.](https://www.tigzig.com/post/consumer-credit-stress-fed-ncua-jun2026) - Jun 2026 · NY Fed + NCUA

## Methodology, validation & data

How the numbers are built and checked, and the raw data behind the tools.

- [NDFI - methodology](https://www.tigzig.com/tremor/ndfi-methodology) - How the bank-NDFI series are built.
- [NDFI - validations](https://www.tigzig.com/tremor/ndfi-validations) - Tie-outs against the source filings.
- [Insurance - methodology](https://www.tigzig.com/tremor/insurance-methodology) - How the insurance-assets series are built.
- [Insurance - validations](https://www.tigzig.com/tremor/insurance-validations) - Tie-outs against the source filings.
- [Tremor data API - pull or download the datasets](https://www.tigzig.com/apis/tremor) - REST + MCP; single series or whole-dataset download.
- [TREMOR. Six Free Tools for Banking and Insurance Analysts.](https://www.tigzig.com/post/tremor-six-tools-banking-insurance-analysts-may2026) - May 2026 · the tools overview