The Financial Technology Association (FTA) testified before the Washington State Senate Business, Financial Services, and Trade Committee in strong support of Senate Bill 5328, the Washington State Earned Wage Access Services Act. FTA also joined a joint trades letter in support of the legislation.
“We support appropriate regulation – like SB 5328 – that is risk-based and tailored to the unique nature of these innovative products,” said FTA’s Head of Government Affairs, Sarah Mamula. “This bill would create a durable regulatory framework for EWA providers, ensuring strong, clear consumer disclosure requirements and codifying the aforementioned protective consumer features of the product.”
“In the face of rising living costs and financial uncertainty, many Washingtonians are struggling to make ends meet. With approximately 35% of residents living paycheck-to-paycheck, the need for accessible and affordable financial solutions has never been more urgent. EWA offers workers a much-needed lifeline by allowing working families to access wages they’ve already earned before their scheduled payday, for low fees or no fees,” said the joint trades. “EWA has already become an invaluable tool for over 250,000 workers in Washington, with more than 1,500 employers offering this service as an employee benefit – including hundreds of small businesses.” Read the full joint trades letter here.