Joint Trades Request Comment Deadline Extension for CFPB’s Proposed Interpretive Rule on Earned Wage Access
WASHINGTON, D.C. – The Financial Technology Association (FTA), a trade association representing leading fintech companies, joined the American Fintech Council in sending a letter to the Consumer Financial Protection Bureau (CFPB) requesting a 30-day extension of the comment deadline for the Proposed Interpretive Rule on Earned Wage Access (EWA). This extension would allow members of the public, including industry participants, to better determine the potential impacts of this rule.
“The Proposed Interpretive Rule represents a significant shift in the CFPB’s position that requires due consideration by the public to ensure that the comments put forth comprehensively reflect the potential ramifications of the Proposed Interpretive Rule should it be finalized,” the joint trades wrote. “The Proposed Interpretive Rule stands in stark contrast to the Bureau’s previous interpretation…which stated that some earned wage products are not “credit” because they would not constitute a “debt.” This replacement of an existing agency interpretation and expansion of the application of Regulation Z constitutes a significant change to the Bureau’s position and therefore requires additional time for consideration.”
The Financial Technology Association (FTA) represents 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.
Joint Trades Request Comment Deadline Extension for CFPB’s Proposed Interpretive Rule on Earned Wage Access
WASHINGTON, D.C. – The Financial Technology Association (FTA), a trade association representing leading fintech companies, joined the American Fintech Council in sending a letter to the Consumer Financial Protection Bureau (CFPB) requesting a 30-day extension of the comment deadline for the Proposed Interpretive Rule on Earned Wage Access (EWA). This extension would allow members of the public, including industry participants, to better determine the potential impacts of this rule.
“The Proposed Interpretive Rule represents a significant shift in the CFPB’s position that requires due consideration by the public to ensure that the comments put forth comprehensively reflect the potential ramifications of the Proposed Interpretive Rule should it be finalized,” the joint trades wrote. “The Proposed Interpretive Rule stands in stark contrast to the Bureau’s previous interpretation…which stated that some earned wage products are not “credit” because they would not constitute a “debt.” This replacement of an existing agency interpretation and expansion of the application of Regulation Z constitutes a significant change to the Bureau’s position and therefore requires additional time for consideration.”
Read the full comment letter here.
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The Financial Technology Association (FTA) represents 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.