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Earned Wage Access - Now with Fees: A Low-Cost Credit Alternative or State Regulatory Minefield? | Hudson Cook, LLP

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We recently wrote about the Consumer Financial Protection Bureau s November 2020 advisory opinion regarding earned wage access (EWA) programs. In that opinion, the CFPB determined that earned wage access programs when structured properly are not credit under the Truth in Lending Act and Regulation Z (collectively, TILA ). The CFPB has further illustrated its interest in EWA programs by issuing a compliance assistance sandbox (CAS) approval order to PayActiv related to certain aspects of its EWA products. Unlike the Bureau s EWA advisory opinion, this one actually contemplates charging fees.
The Bureau s CAS Policy offers certain limited safe harbors to approved programs, subject to good faith compliance with the Bureau s approval order. PayActiv s approval order protects the company from liability under TILA. ....

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CFPB Taskforce Report (Part 2): The 19 Focus Areas and 102 Recommendations of Volume 2

CFPB Taskforce Report (Part 2): The 19 Focus Areas and 102 Recommendations of Volume 2
Published on:
7 January 2021 at 11:00 a.m. ET
Jan. 7, 2021, 11 a.m.
March 5, 2021, 9:56 p.m.
insideARM.com
The iA Institute
http://www.insidearm.com/news/00046966-cfpb-taskforce-report-part-2-19-focus-are/
Editor s Note: Read Part 1, A Deep Dive Into the 4 Main Debt Collection-Related Topics of Volume 1,
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to the CFPB, not mandates or recommendations
from, (although they may become mandates at some point in the future if acted on by the Bureau s director).
Alternative Data
The Taskforce is interested but worried.
Alternative Data are pieces of consumer information not traditionally incorporated into a consumer s credit report: rent payments, for example, or utility bill payments. Deepening the pool of information available to creditors can help both the creditor and the consumer. So, as far ....

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CFPB Grants Historic Approval to Payactiv, Approving Payactiv's Earned Wage Access (EWA) Program under Regulatory Sandbox Policy | McGuireWoods LLP

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On December 30, 2020, the Consumer Financial Protection Bureau (“CFPB”) granted approval to Payactiv, Inc. (“Payactiv”) to offer its earned wage access (“EWA”) program under the CFPB’s Policy on the Compliance Assistance Sandbox, among the first approvals under the CFPB’s regulatory sandbox.
In its approval order, the CFPB granted approval to various aspects of Payactiv’s EWA program and grants Payactiv a safe harbor from liability under the Truth in Lending Act (“TILA”) and Regulation Z.
Payactiv’s EWA program allows employees to access wages they have already earned, but have not yet been paid by their employer. Such programs provide critical short-term monetary flexibility to meet needs that may arise between paychecks and help employees avoid more costly alternatives like payday loans and high-interest credit card debt. The CFPB’s order confirms that Payactiv’s EWA program ....

Consumer Financial Protection Bureau , Payactiv Inc , Compliance Assistance Sandbox , Lending Act , நுகர்வோர் நிதி ப்ரொடெக்ஶந் பணியகம் , இணக்கம் உதவி சாண்ட்பாக்ஸ் , கடன் நாடகம் ,

CFPB's Fee-Free Model Requirement Set Forth In Its Wage Access Advisory Opinion Raises More Questions | McGuireWoods LLP

CFPB's Fee-Free Model Requirement Set Forth In Its Wage Access Advisory Opinion Raises More Questions | McGuireWoods LLP
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