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Mr. Martins said Erie had offered a gift card to loan applicants for evaluating the application process whether or not they ended up doing business with the company.
"Lenders set the rates and fees and all loan applicants participate in a financial education module as part of the online loan application process," Johnston says.
The bankruptcy of the solar company Solyndra last summer also hampered the efforts of auto loan applicants, according to executives of firms that have dropped their applications.
Nine out of ten loan applicants use a mobile phone.
So he kept notes on 5,100 loan applicants over 10 months.
The bank is ostracizing mortgage brokers because it wants the most suitable loan applicants.
Banks now require loan applicants to produce a CAR; beef companies will buy only from farms with a CAR.
But it is the plans to refer crisis loan applicants to food banks that will cause most controversy.
He urged banks to examine loan applicants' businesses thoroughly and to "avoid mechanical, automatic rejections" based solely on the companies' industry, location or other negative factors.
The Equal Credit Opportunities Act requires lenders to give loan applicants specific reasons in writing, within 30 days of their decision.
She argued that very little privacy is left, and that most of the information she has on customers, including loan applicants, could be found elsewhere by determined marketers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com