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

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

CUSTOMER BANKERS ASSOCIATION

PRIOR TO THE USA SENATE SPECIAL COMMITTEE ON AGING

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

Chairman Nelson, Ranking Member Collins and people in the Committee, thank you for the chance to discuss the short-term liquidity requirements of US customers and bank deposit advance services and products. I’m Richard Hunt and I also have always been President and CEO for the customer

Bankers Association (“CBA”). 1

Presently, a predicted 76% of all of the Americans reside paycheck to paycheck. 2 The economy has remained stagnant making customers with less pillow for emergencies, strained credit scores, and less credit choices, making use of fairly priced short-term liquidity items all that more important. Different entry-level credit services and products occur to satisfy a number of requirements, including old-fashioned bank cards, signature loans, along with other kinds of credit. Continue reading CBA PRESIDENT & CEO RICHARD SEARCH, TESTIMONY ‘DEPOSIT ADVANCE PRODUCTS’