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…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Ruth R. Culp