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 (вЂњCBAвЂќ). 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.