The CFPB is expected to reconsider Trump-era guidance that exempted some earned-wage access products from federal lending laws, as states consider their own guardrails for the rapidly growing industry.
Consumer advocates have been pushing for the Consumer Financial Protection Bureau to rescind a November 2020 advisory opinion stating that earned-wage access (EWA) products—money advances on wages—aren’t loans or credit products subject to the Truth in Lending Act if they come without user fees and other characteristics.
The CFPB opinion only addressed a sliver of the industry. But industry lobbyists and some lawmakers in New Jersey nevertheless have been using the ...
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