WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced support for The Small Business Technological Advancement Act (S. 2330), bipartisan legislation introduced by U.S. Senators Todd Young (R-IN), Jackie Rosen (D-NV), Ted Budd (R-NC), and Jeanne Shaheen (D-NH). This legislation would modernize the Small Business Administration’s 7(a) loan program to help more small business…
WASHINGTON, D.C. – At the Philadelphia Federal Reserve Bank’s Seventh Annual Fintech Conference, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra reiterated that the Bureau will issue a proposed rule this fall to establish a personal financial data right for consumers. This proposal is the next step under Section 1033 of the Dodd-Frank Act to…
WASHINGTON, D.C. – The Financial Technology Association (FTA) today issued a statement on newly released guidance by the Connecticut Department of Banking that could jeopardize access to Earned Wage Access (EWA) services for workers in that state: “EWA products help millions of Americans tap into their earned wages to make ends meet and manage bills…
“EWA products are not credit and should not be classified as loans – they simply give employees access to their already earned wages,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association (FTA).“EWA products help millions of Americans tap into their earned wages to make ends meet and manage bills.”
“The Financial Technology Association, with fintech members that include Block, Klarna, and Stripe, was quick to denounce the guidance, saying it “could jeopardize access” to EWA services for workers in Connecticut. “EWA products are not credit and should not be classified as loans – they simply give employees access to their already earned wages,” FTA President Penny…
“Industry groups have already started to push back on Gensler’s attempts to set guardrails around the use of artificial intelligence and predictive analytics. More than a dozen Washington industry groups, including representatives of the life insurance, private equity and hedge fund industries, blasted the agency’s July proposal as “unnecessary, inadequately reasoned and fatally flawed.” The letter, dated Sept.…
The FTA is pleased to assist members of the media with questions regarding the organization or the fintech industry.
