The CFPB proposed a rule to treat earned wage products as consumer loans
HR Brew
JULY 25, 2024
The Consumer Financial Protection Bureau (CFPB) is seeking to crack down on earned wage products, arguing that many should be considered consumer loans, and thus subject to US lending laws. The rise of EWA. Earned wage access (EWA) is a growing trend in the total rewards space, with employers such as the Nashville Predators and Valor Hospitality offering their employees advance access to their paychecks as a benefit.
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