WASHINGTON, D.C. – The Financial Technology Association (FTA) applauds Congressman Bryan Steil (WI-01) and Congressman Ritchie Torres (NY-15) on the release of draft legislation, “The Earned Wage Access Consumer Protection Act,” to establish a first-of-its-kind federal regulatory framework for Earned Wage Access (EWA) products. Tens of millions of Americans rely on EWA to manage routine or emergency expenses, and this critical legislation would protect workers’ access to their already earned wages.
“Getting paid once or twice a month doesn’t work for most Americans, which is why fintech products like EWA are such a lifeline for workers facing affordability challenges,” said Penny Lee, President and CEO of the Financial Technology Association. “These products allow workers to access wages already earned, not future pay, to manage their cash flow responsibly. We applaud Congressman Steil and Congressman Torres for their leadership in drafting bipartisan legislation to protect access to EWA at the federal level and look forward to formal introduction in the House.”
EWA products carry no interest, no mandatory fees, and no credit impact, making them a consumer-friendly, easy-to-use alternative to higher-cost legacy products. Critically, EWA is non-recourse, meaning that providers cannot compel a customer to repay, and customers do not face third-party collection activity in the event of non-repayment. While EWA has been regulated at the state level, federal action is needed to provide durable regulatory clarity for EWA as a non-credit product and to enshrine existing consumer disclosures and protections at the national level. Studies show that EWA reduces people’s reliance on high-cost credit and increases take-home pay by 11.5%, strengthening financial security.
To learn more, read FTA’s “Just the Facts: Earned Wage Access.” FTA also submitted a statement for the record before the House Financial Services Committee for the January 13, 2026, hearing on Delivering for American Consumers: A Review of FinTech Innovations and Regulations, highlighting how products like EWA enhance affordability.
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.