CFPB Official Floats Revisit Earned Salary Access Guidelines

By Elise Hansen (January 19, 2022, 7:02 p.m. EST) – The Consumer Financial Protection Bureau may review a 2020 advisory opinion on earned wage access products, a CFPB official has said, citing “confusion on the reach of the agency. initial direction.

The CFPB’s existing advisory rulings on earned wage access products should be read carefully, Acting General Counsel Seth Frotman said in a letter to consumer groups Tuesday. The letter responded to attorneys’ concerns that a pending bill in New Jersey would improperly exempt certain earned wage access programs from various state loan laws.

“It is apparent from your account of the legislative history that the advisory opinion has caused confusion, as supporters of the bill seem…

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