CBA PRESIDENT & CEO RICHARD SEARCH, TESTIMONY ‘DEPOSIT ADVANCE PRODUCTS’

CBA PRESIDENT & CEO RICHARD SEARCH, TESTIMONY ‘DEPOSIT ADVANCE PRODUCTS’

CUSTOMER BANKERS ASSOCIATION

BEFORE THE UNITED STATES OF AMERICA SENATE SPECIAL COMMITTEE ON AGING

“PAYDAY LOANS: SHORT-TERM SOLUTION OR LONG-TERM PROBLEM?”

Chairman Nelson, Ranking Member Collins and people of the Committee, thank you when it comes to possibility to talk about the short-term liquidity requirements of American customers and bank deposit advance items. I’m Richard search and I am President and CEO associated with the Consumer

Bankers Association (“CBA”). 1

Currently, an approximated 76% of all of the Americans reside paycheck to paycheck. 2 The economy has remained stagnant making consumers with less pillow for emergencies, strained credit scores, and less credit choices, making use of fairly priced short-term liquidity services and products all of that more important. Different entry-level credit items occur to generally meet an array of requirements, including old-fashioned charge cards, unsecured loans, along with other kinds of credit. Continue reading →