The CFPB Says EWA is Credit

IPA Payments Pod

Innovative Payments Association द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Innovative Payments Association या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।

2M ago 19:57

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Workers may have a harder time getting access to money when they need it, if a new interpretive rule from the Consumer Financial Protection Bureau goes into effect.

The Bureau released an interpretive rule on Thursday that classifies all earned wage access products as credit and therefore subject to certain disclosures and underwriting rules.

I’m Ben Jackson and in this episode, I talk with Brian Tate, the IPA’s CEO, about what the proposed rule and what it might mean for the industry and workers.

This podcast was recorded on July 18, 2024. Things may have changed by the time you hear it.

You can find the text of the interpretive rule here: Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work | Consumer Financial Protection Bureau (consumerfinance.gov)

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