imited access to credit sent the industry into a tailspin in 2009. From January through March, survey respondents provided financing for $10.8 billion of equipment purchases, up 34.5% from the same period in 2010. "The dramatic increase in new business volume is, in large measure, the result of strong demand in business equipment in various industries and markets, said William Sutton, president of the Washington-based leasing and finance association. "We see this trend continuing." Seventy-seven percent of the loan applications submitted during March were approved, up from 68% a year earlier and up one percentage point from February. The year-over-year improvement reflects easing credit standards as lenders displayed improved confidence in loan applicants' business outlooks. Credit quality indicators in the survey remained mixed, as the lingering effects of bad loans and tenuous credit of some loan recipients continue to be an overhang for the financing industry. Loans and leases past due by more than 30 days amounted to 3.5% of respondents' net receivables last month. While that's up slightly from February's 3.1%, it's down from 4.2% in March 2010. Loan charge-offs amounted to 1.3% of respondents' net receivables inin a year, she moved to shut down Santa Monica, Calif.-based Fremont Investment & Loan. The bank had been a major player in the troubled home-mortgage business, doling out high-interest loans to people with poor credit records or low incomes. It was the first of 365 banks closed during her time leading the agency. Bair also advocated for consumers and small banks during the financial crisis, when most other regulators focused primarily on helping the biggest Wall Street firms. After the housing bubble burst, she argued unsuccessfully for the government to force banks to reduce monthly payments for troubled homeowners facing foreclosure. Some, including Sen. Charles Schumer, D-N.Y., criticized Bair for moving too slowly to recognize problems with IndyMac Bank, a failed California savings and loan and one of the first large casualties of the housing bust. The agency took over IndyMac in 2008. But as part of the takeover, many borrowers' payments were lowered to a set percentage of their monthly incomes. The loan modification became a model for the government's later efforts to help those at risk of foreclosure. Bair often disagreed with members of the Bush and Obama administrations, as well as industry executives and other regulators. Most notably, she clashed with Treasury Secretary Timothy Geithner over a range of issues related to the Wall Street bailouts. For example, Bair wanted the government to force out Citigroup CEO Vikram Pandit after it extended billions in bailouts and guarantees to the financial services firm. Geithner disagreed. Pandit kept his job. Her reputation for taking on large banks was cemented during last year's debate over the financial regulatory overhaul. Bair pushed for a policy to wind down the biggest financial companies whose failure threatened the broader financial system. She fought successfully to have the FDIC run that process. Another provision forces big banks to pay a larger share of the fees that the agency charges to insure deposits.