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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 of the Committee, many thanks when it comes to chance to talk about the short-term liquidity requirements of US customers and bank deposit advance services and products. I am Richard search and I also have always been President and CEO associated with Consumer

Bankers Association (“CBA”). 1

Currently, an 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 reasonably priced short-term liquidity services and products all of that more important.