PRESIDENT & CEO,
CONSUMER BANKERS ASSOCIATION
BEFORE 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 of the Committee, thank you for the possibility to talk about the short-term liquidity requirements of US customers and bank deposit advance products. I am Walton online payday loans Richard search and I also have always been President and CEO associated with 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 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 a number of requirements, including old-fashioned charge cards, unsecured loans, along with other types of credit.