WASHINGTON, D.C. – The Financial Technology Association released the following statement on the Consumer Financial Protection Bureau’s Advisory Opinion on earned wage access:
“Millions of workers rely on Earned Wage Access (EWA) to manage expenses by accessing the pay they have already earned,” said Penny Lee, President and CEO of the Financial Technology Association. “These products are not loans, and we appreciate the CFPB’s recognition of that, as well as its withdrawal of a flawed 2024 proposed interpretive rule that had previously mischaracterized EWA products. We look forward to engaging further with the CFPB to ensure parity for the different EWA business models (direct to consumer and employer-sponsored) so all workers can access their already earned wages.”
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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.