California's consumer financial protection agency said on Wednesday that five companies that provide so-called "earned wage access" services have agreed to share information on their business practices so the state can weigh the costs and benefits of the fintech products.
The companies pledged to share data with regulators, abide by certain restrictions on pricing and submit to regular examinations. But the voluntary pacts stop short of placing restrictions on existing revenue models.
Californians want the vaccine + New rules for new consumer loans + Atkins endorses Weber
Sacramento Bee 1/28/2021 Andrew Sheeler, The Sacramento Bee
Jan. 28 Good morning and welcome to the A.M. Alert! As always, thank you for reading!
CALIFORNIANS WANT THE VACCINE, POLL SAYS
A majority, 71%, of Californians say that they will definitely or probably get the COVID-19 vaccine, according to a survey released Thursday.
The survey, from the California Health Care Foundation, also found that nearly a quarter, 23%, of Californians know somebody who has died of COVID-19. That number is higher for Black (32%), Latino (27%) and Asian American (26%) people, and lower for white people (17%), the survey found.
Branch Engages with California Department of Financial Protection and Innovation (DFPI) on Memorandum of Understanding
Share Article MINNEAPOLIS (PRWEB) January 28, 2021
Branch, the employer payments platform, announced it has proactively signed a memorandum of understanding (MOU) with the California Department of Financial Protection and Innovation (DFPI). Through the agreement, Branch will collaborate with the DFPI to balance consumer protection with financial innovation.
Branch is among five earned wage access (EWA) providers to enter this agreement, believed to be the first in the nation between earned wage access companies and a state regulator. Under the MOU, the companies have agreed to deliver quarterly reports intended to provide the department with a better understanding of the products and services being offered and their impact on California consumers.
The Centerpiece Battle Over Financial Reform Remains Unsettled
The choice of comptroller of the currency will help demonstrate which wing of the Democratic Party will wield influence in the Biden administration.
Graeme Sloan/Sipa USA via AP Images
Along with the Federal Reserve, the OCC is one of the nationâs top financial regulators, with direct authority over national banks.
An epic fight between the progressive wing of the Democratic coalition and the Wall Street wing is playing out over the appointment of who will run the Office of the Comptroller of the Currency (OCC). While it sounds obscure, along with the Federal Reserve, the OCC is one of the nationâs top financial regulators, with direct authority over national banks.