The Financial Technology Association (FTA) submitted testimony opposing North Dakota House Bill 1393, which would effectively prohibit consumers from accessing much-needed Earned Wage Access (EWA) services without evidence of consumer harm.
EWA products allow workers access to their already-earned wages without interest or credit obligations, providing critical financial support. FTA advocates for a balanced regulatory approach, suggesting a registration and disclosure framework like those in Kansas, Missouri, and other states. This alternative ensures strong consumer protections while fostering innovation and competition in the financial services industry.
This testimony was submitted during the North Dakota House Committee on Industry, Business & Labor hearing on January 20, 2025.