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

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

TESTIMONY OF

RICHARD HUNT

PRESIDENT & CEO,

CUSTOMER BANKERS ASSOCIATION

PRIOR TO THE UNITED STATES OF AMERICA SENATE SPECIAL COMMITTEE ON AGING

PAYDAY ADVANCES: SHORT-TERM SOLUTION OR LONG-TERM PROBLEM?

Chairman Nelson, Ranking Member Collins and people of the Committee, many thanks for the chance to talk about the short-term liquidity requirements of US customers and bank deposit advance items. I am Richard search 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 cushion for emergencies, strained credit scores, and less credit choices, making usage of fairly priced short-term liquidity items all of that more important. Different credit that is entry-level occur to meet up with a number of requirements, including conventional charge cards, signature loans, along with other types of credit.