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 for the 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 regarding the Consumer

Bankers Association (“CBA”). 1