A pending Consumer Financial Protection Bureau rule is exposing a rift among Democratic lawmakers and attorneys general over how to regulate earned-wage access products.
A group of 14 Democratic attorneys general—including the top law enforcement officers from Massachusetts, Michigan, New York, New Jersey, Oregon, and Pennsylvania— signed on to a letter supporting a CFPB proposal to treat earned-wage access products as credit under the Truth in Lending Act, a 1968 loan disclosure law.
Several Democratic state attorneys general, such as Wisconsin’s Josh Kaul and California’s Rob Bonta, didn’t sign on to the letter. Nevada’s Democratic Attorney General, Aaron Ford, blasted ...
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