WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement applauding Wisconsin Assembly Bill 574, legislation that would regulate earned wage access (EWA) and create a licensing system for providers in the state. EWA is a critical service that gives workers access to their already-earned wages to manage expenses between pay cycles and have an alternative to traditional, high-cost products.
“We welcome efforts to put operating rules in place and provide regulatory clarity for Wisconsin’s Earned Wage Access industry and the Wisconsinites who rely on EWA to help make ends meet,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “These efforts will allow workers to safely access their hard-earned wages to meet their budget needs and help business owners offer innovative earned wage access products.”
The proposed Wisconsin legislation would create a new license for EWA providers to operate with certainty in the state. FTA has applauded similar state licensing developments in Nevada and Missouri and urged states to develop appropriate regulatory frameworks for EWA that protect workers’ access to the service. To learn more about Earned Wage Access and its value to workers, read FTA’s Just the Facts on Earned Wage Access.
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The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.