TESTIMONY OF

RICHARD SEARCH

PRESIDENT & CEO,

CONSUMER BANKERS ASSOCIATION

PRIOR TO THE USA SENATE SPECIAL COMMITTEE ON AGING

PAY DAY LOANS: SHORT-TERM SOLUTION OR LONG-TERM PROBLEM?

Chairman Nelson, Ranking Member Collins and people in the Committee, many thanks when it comes to possibility to talk about the short-term liquidity requirements of US customers and bank deposit advance items. I am Richard Hunt and I also am President and CEO of this 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 choices, making usage of fairly priced short-term liquidity services and products all that more important. Different credit that is entry-level occur to generally meet an array of requirements, including conventional charge cards, signature loans, as well as other kinds of credit.