A Sign Of Things To Come: The California DFPI Exercises Its New Authority In Regulating Earned Wage Access Products | Morrison & Foerster LLP
To embed, copy and paste the code into your website or blog: The law creating a new California mini-CFPB took effect on January 1, 2021, and a few weeks later, the California Department of Financial Protection and Innovation (DFPI) entered into “first-of-their kind” memoranda of understanding (MOUs), by which the DFPI will regulate earned wage access (EWA) products offered by five companies in California. These MOUs follow the CFPB’s issuance of an advisory opinion for EWA products, but they go much further in imposing pricing limitations and reporting and examination obligations for pr...