CUSTOMER BANKERS ASSOCIATION
PRIOR TO THE UNITED STATES OF AMERICA SENATE SPECIAL COMMITTEE ON AGING
вЂњPAYDAY LOANS: SHORT-TERM SOLUTION OR LONG-TERM PROBLEM?вЂќ
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 (вЂњCBAвЂќ). 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.