CFPB issued an opinion that is advisory Earned Wage Access (EWA) on Monday afternoon. We have discussing gained wage access services and products before along with state initiatives that are legislative manage them. This new federal guidance mainly addresses the question of if/when an EWA system is included in the facts in Lending Act (TILA) and Regulation Z. It concludes that EWA programs that meet specific demands aren’t an expansion of credit and therefore are perhaps maybe not susceptible to TILA or Reg. Z.
The opinion that is advisory upon commentary within the Payday Lending laws issued method back 2017. Continue reading