Join PayrollOrg for “Redefining Earned Wage Access: Navigating Regulatory Shifts” on Wednesday, March 5, at 1:00 p.m. ET. This webinar, sponsored by rapid!, will explore the evolving earned wage access (EWA) landscape, focusing on the current administration’s regulatory approach and the Department of Government Efficiency’s (DOGE) efforts to streamline oversight.
The webinar will address the financial challenges faced by low- to moderate-income employees and the impact of the Consumer Financial Protection Bureau's (CFPB) proposed interpretive rule on EWA products. The current regulatory environment, influenced by DOGE's initiatives, suggests broader definitions of "credit," which could increase oversight and compliance for EWA providers while aiming to improve efficiency. The proposed rule marks a significant departure from the CFPB's 2020 advisory opinion, which stated that EWA products did not constitute "credit" under the Truth in Lending Act (TILA) if certain conditions were met.
The following will be explored during the webinar:
- Implications of the CFPB's reversal from its 2020 advisory opinion and the Trump administration's influence on these changes
- How the proposed rule redefines "credit" under TILA and the potential ramifications for the EWA industry
- Debate over classifying optional tips and expedited funds fees as finance charges
- Role of the DOGE in reshaping regulatory frameworks for financial services
- Broader industry impacts, such as the ripple effects on EWA providers, employees, and the overall financial services ecosystem
Sean Tait Bircher is the Writer and Editor of Membership Publications for PayrollOrg.
