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 (вЂњCBAвЂќ). 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.