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

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

TESTIMONY OF

RICHARD SEARCH

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 in the Committee, many thanks when it comes to chance to talk about the short-term liquidity needs of US customers and bank deposit advance services and products. I’m Richard Hunt and I also am President and CEO associated with the customer

Bankers Association (“CBA”). 1

Presently, an approximated 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 options, making use of fairly priced short-term liquidity services and products all of that more important. Various entry-level credit items occur to generally meet a number of requirements, including conventional credit cards, unsecured loans, as well as other kinds of credit. Unfortuitously, numerous customers try not to be eligible for them.

Having to pay multiple dues during the time that is same place additional burden on your own finances.

Having to pay multiple dues during the time that is same place additional burden on your own finances.

An additional benefit that you could get from such versatile financing policies is the enhancement in your credit profile. In the one hand, it is simple to lower your debts in the comparatively low interest as well as on one other hand, you can easily enhance your credit history by simply making the prompt payment associated with lent quantity.