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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 UNITED STATES OF AMERICA SENATE SPECIAL COMMITTEE ON AGING

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

Chairman Nelson, Ranking Member Collins and people in the Committee, many thanks for the possibility to discuss 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 associated with the customer

Bankers Association (“CBA”). 1

Presently, a calculated 76% of all of the Americans reside paycheck to paycheck. 2 The economy has remained stagnant leaving customers with less pillow for emergencies, strained credit scores, and less credit options, making usage of fairly priced short-term liquidity services and products all that more important. Different credit that is entry-level occur to fulfill an array of requirements, including conventional bank cards, unsecured loans, as well as other types of credit. Regrettably, numerous customers try not to be eligible for a them. As a result, some banking institutions have actually opted for to provide a deposit advance item to meet up with their clients’ need and interest in short-term, small-dollar credit. 3