The Financial Technology Association (FTA) testified before the Indiana House Financial Institutions Committee in strong support of House Bill 1125, the Indiana Earned Wage Access Act.
“Earned Wage Access (EWA) is a lifeline for many hard-working people. Getting paid once or twice a month just doesn’t work for most Americans, and two in three people agree that the current pay cycle is broken. EWA fills this gap by allowing workers to tap into their already-earned wages between pay cycles. It helps people pay their bills on time, manage their cash flow, and handle emergency expenses like a doctor’s visit or an auto repair,” said Sarah Mamula, FTA’s Head of Government Affairs. “We support appropriate regulation – like HB 1125 – that is risk-based and tailored to the unique nature of these innovative products. This bill would create a durable regulatory framework for EWA providers, ensuring strong, clear consumer disclosure requirements and enshrine in the law the consumer protective features of the product such as no mandatory fees, no credit checks, no interest, and no impact on credit scores.”